The IEA is seeing signs that the global oil market is overheating, with recent price gains towards $80/B Brent potentially dampening demand growth. Opec meanwhile is sticking to the line it pursued in January when prices edged above $70/B for the first time since December 2014, that short-term price movements will not impinge its strategy (MEES, 12 January).

There is certainly a lot of market volatility ahead of Opec’s next meeting in Vienna on 22 June. Recent price gains have been...