But restrictions on Russian oil exports will be tightened further as the European Union’s ban on refined products comes into effect next week. In our view, oil appears to have reached an inflection point. Since its low point in early January, Brent has already risen by around 13.5% to USD 88.5 per barrel at the time of writing. As global demand picks up and further restrictions on Russian exports kick in, we expect Brent to surge above USD 100/bbl in the coming months.
Russian production likely to fall as…
