- Biden administrations expected to unveil its position on the Dakota Access Pipeline today in court
- The Justice Department, Energy Transfer LPO, and American Indian tribes are set to appear in court today, where a ruling on whether the Dakota Access Pipeline can continue operating without a permit while the U.S. Army Corps of Engineers conducts its environmental review
- AEGIS notes the removal of DAPL would decrease pipeline takeaway capacity by 570 MBbl/d for the Bakken region, redirecting barrels to leftover space on other outbound pipes and more expensive crude-by-rail. If the pipeline is taken out of service, Bakken Clearbrook basis prices could weaken significantly
- Iranian oil output could rise by 1.5 MMBbl/d in 2H if the country is able to reach a new nuclear agreement with the U.S. — (Bloomberg)
- Under the prior agreement, Iran had produced nearly 3.8 MMBbl/d, which would be a 1.5 MMBbl/d increase from current levels
- Iran's chief negotiator for the nuclear talks said the sides were focused on removing the sanctions in a single step; however, the U.S. has not responded to the comments
- Permian output expected to grow in Q2 as fracking reaches a 12-month high - Bloomberg
- According to Rystad Energy, the number of completed wells in the Permian basin exceeded the required output maintenance level in 1Q2021 and expected to continue in 2Q2021
- Nearly all basins are expected to at least maintain current output levels in 2Q2021, with the Bakken and Anadarko regions serving as an exception — Rystad Energy