Novak says that Russia is playing ball when it comes to OPEC+ compliance
That is comforting but it could be some give before they try and push forward with the proposal to increase output further in the months ahead. As prices threaten to break higher, the urge to pump more is getting harder to resist for OPEC+.
WTI is trading back above $69 currently, as it keeps with the break above $68. There isn’t much resistance until the $70 level but we could just sail by that if the landscape in the oil market and inflation debate remains as it is at the moment.