McNally: Base Case is Brent at $£80 a Barrel in 1H22

The transcript discusses routine business operations in the oil industry, focusing on spare capacity issues, geopolitical risks, and the potential return of Iran's oil production. It highlights the impact of economic factors like interest rates and currency strength on oil markets, emphasizing the cautious approach of OPEC+ in managing production quotas.

How is the situation in Ukraine affecting the oil market according to the text?

What is the significance of the April ministerial meeting mentioned in the text?

How does the spare capacity of Saudi Arabia impact its oil production decisions?

What are the expected changes in oil production from the UAE and Saudi Arabia in the coming months?

What are the implications of the geopolitical risks mentioned in relation to oil prices?

What role does Iran play in the current oil supply dynamics as discussed in the text?

What factors are contributing to the cautious approach of OPEC Plus in their production decisions?