Looking at OECD stocks, and expecting them to stay static, when over 80% of demand growth is in developing countries, paints a misleading global supply/demand picture.

At a series of industry events last week in Abu Dhabi, UAE Energy Minister and Opec President Suhail al-Mazrouei stuck to a clear narrative: Opec is not going to change course due to recent price gains that have propelled Brent towards $70/B. Short term price trends are not indicative of market fundamentals, and Opec’s...