OPEC has successfully managed to reachrnits oil inventory target, but whether it will bernable to achieve its ambitious ‘investment’rngoal remains questionable. OPEC chiefsrnhave been signalling that increasedrninvestment in the industry is what theyrnwant eventually. The market has alreadyrntightened since the beginning of cuts. Twornkey indicators of the market - inventoriesrnand forward curves- signal prevailingrntightness in the market. Commercialrninventories of crude and oil products inrnthe OECD countries for February, whenrncompared with five-year running average,rnwere lowest since August 2014. Forwardrncurve, has been in backwardation and isrngetting deeper, with demand surpassingrnsupply with every passing month.
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