Reuters reports that Barclays raised its 2021 oil price forecast, citing weaker than expected supply response from U.S. producers to higher prices and normalizing inventories after last week’s cold storm in Texas.

The bank increased its 2021 Brent crude oil price outlook by $7 to $62 per barrel and WTI crude price estimate by $6 to $58 a barrel.

“Colder-than-normal weather, especially in the southern states, has accelerated the normalization in inventories by disrupting output more than demand,” the British bank said.

U.S. energy firms last week cut the number of oil rigs operating for the first time since November as a freeze hit most of Texas.

The bank said the lacklustre supply response by U.S. oil producers to rising prices indicated that much stronger prices are required for incremental supplies.

The bank expects the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, to increase aggregate supply by 1.5 million bpd over the second quarter and Saudi Arabia to reverse the unilateral cut in April. The group is scheduled to meet on March 4.