- Iran seizes an oil tanker in the Persian Gulf, adding to mounting tensions in the region (Bloomberg)
- The South-Korean flagged Hankuk Chemi vessel was seized due to "environmental and chemical pollution in the Persian Gulf." The Hankuk Chemi veered off course in the Strait of Hormuz, one of the world's most vital shipping points
- The seizure comes only a few days after the discovery of a mine on the bottom of a vessel near the Iranian border on December 31, and a month after an explosion at the Saudi Arabian Port of Jeddah put the region on notice of Iranian aggression
- OPEC+ members will gather to decide on whether further output hikes are warranted
- According to Bloomberg, several members remain wary of any further production increases while the new COVID-19 variant- B.1.1.7 continues to spread. The rapid infection rate of the new virus strain has added a new risk of lockdowns
- OPEC+ cuts are at 7.2 MMBbl/d following the initial 500 MBbl/d output hike
- Venezuela exports sink to lowest levels since the 1940s under strict U.S. sanctions (Reuters)
- Oil exports from Venezuela plunged by 376 MBbl/d in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA
- Venezuela's exports of crude and refined products fell 37.5% in 2020 to 626 MBbl/d, the lowest in 77 years