- Yemen's Houthi Rebel Group claims drone attack on Saudi Aramco oil facilities (Bloomberg)
- The Houthis attacked sites in the eastern oil terminal of Jubail, and the western city of Jeddah
- The recent escalation in attacks by the rebel group has prompted the kingdom to seek more help from the U.S. in defending its oil facilities
- Morgan Stanley says bullish oil view losing steam on a rebound in Iran, U.S. production
- The bank sees an oil market deficit of 650 MBbl/d in 2H2021, in contrasts with its previous estimate of a 1 MMBbl/d deficit
- Iran oil production is expected to be around 2.7 MMBbl/d in 3Q2021
- Iran output will reach 3 MMBbl/d by year-end, up from 2.5 MMBbl/d in its previous forecast, according to Morgan Stanley
- Morgan Stanley said U.S. shale production could grow a few hundred thousand barrels in 2022 as the rig count in the Permian Basin is following a recovery trajectory nearly identical to 2016
- U.S. Army Corps allows Dakota Access Pipeline (DAPL) to stay open during its environmental review
- District Judge Boasberg gave the pipeline operator until April 19 to make its case for keeping the pipeline in operations while the environmental assessment is underway
- AEGIS notes DAPL is the largest crude artery out of North Dakota's Bakken, transporting up to 570 MBbl/d of crude. If the pipeline is taken out of service, in-basin pricing could significantly weaken as producers have to transport crude via more expensive forms of transportation