- Oil is set for a sixth straight weekly gain as prices trade near highest since 2014
- Measures of oil demand have been strong, and the global oil S&D is tighter than what many were expecting
- In a signal of market strength, prices remain heavily backwardated. Brent’s prompt timespread was at $1.34/Bbl in backwardation on Friday, up from 41c to start the year (BBG)
- OPEC+ is expected to confirm its increase of 400 MBbl/d of production for March next week (BBG)
- OPEC and its allies have continued to raise their allowed pro-rata production amounts, but several nations have been unable to reach their production quotas
- The group was pumping about 600-700 MBbl/d less than their quota as of December