- WTI is down 50c to $74.71/Bbl, and Brent is down 26c to $77.52/Bbl this morning
- An OPEC+ report from Sunday shows the cartel sees the impact of Omicron being mild and temporary, keeping the door open for another increase
- The Organization of the Petroleum Exporting Countries will meet on Monday at 1300 GMT to discuss the appointment of a new secretary general to succeed Nigeria's Mohammad Barkindo, according to Reuters. The Joint Technical Committee will also meet today to discuss current market fundamentals
- The group's main meeting will be held on Tuesday, where they will debate whether to proceed with unwinding cuts by 400 MBbl/d
- Libya shuts down 200 MBbl/d of production
- The latest outage comes only two weeks after militias shut down the country's largest field, Sharara, knocking the countries production 350 MBbl/d lower
- The closure has brought Libyan production down to around 700 MBbl/d, its lowest in over a year
- Libya's state-owned National Oil Corp said the pipeline would be working again in a week