55 - 60 is the most acceptable price level for current situation

OPEC+, led by Saudi Arabia, is keeping output tight to avoid a near-term growing surplus on the oil market balance. OPEC+ is due to meet again on 4 March to reassess its stance. Drilling activity has slowly started to increase for US shale oil. Inventory levels still have some way to go before they are normalized. On a medium to long-term horizon, the current low investment activity may result in supply shortages.