Opec output fell for the second straight month in March to 32.24mn b/d, but those hoping for a swift oil market rebalance  shouldn’t get too excited. Iran notched up its largest rise since sanctions were lifted, while the key driver of last month’s fall was maintenance work in the UAE. With this work preparing the way for a planned production capacity hike, the fall is just a temporary blip.

Oil markets are currently on tenterhooks ahead of the planned 17 April Doha meeting...