- West Texas Intermediate touched $70/Bbl in overnight trading before paring back to around $69.50 Monday morning
- The oil demand outlook remains constructive as 2.12 billion people globally have had at least one dose of COVID-19 vaccine, Our World in Data showed
- BP sees a strong recovery in global crude demand and expects it to last for some time with U.S. tight oil production to remain in check (Bloomberg)
- Russia’s oil & gas producer Rosneft warned of an “acute” shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition (Reuters)
- “The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum
- Sechin expects some shortages to kick in from the second half of 2021