OPEC is unlikely to terminate the deal in May - Barclays

Although Barclays' on the latest report on "oil outlook" notes that OPEC is unlikely to terminate the deal in May, it also suggests that a quota change is needed. 

Key highlights

• We remain in bullish in Q2, seeing $60+ as a viable target.
• We expect prices to fall in Q3 and then increase again in Q4 to average $59/b
• Fundamentals are improving. We conclude that European demand will not be a drag on growth.