- J.P. Morgan (JPM) cut its Chinese demand forecasts as new lockdowns emerge due to the country's latest coronavirus surge
- Chinese oil demand was cut by 60, 150, and 113 MBbl/d in January, February, and March, respectively
- JPM's February gasoline demand forecast was also revised by (-)200 MBbl/d
- Libya is seeking foreign investment to help repair ailing infrastructure
- Libya's state-owned NOC was forced to shut down a leaking pipeline last Saturday, causing the country's crude production to drop by 200 MBbl/d
- Libyan output has fallen to near 1 MMBbl/d as a result — it's lowest in over two months. Libya had previously ramped up production at a rapid clip reaching 1.3 MMBbl/d, however many of the infrastructure ailments have been revealed during the ramp-up
- Joe Biden issued a flurry of executive orders on Inauguration day, among them a moratorium on leasing in the Artic National Wildlife Refuge and a commitment to rejoin the Paris Climate Accord within 30 days
- The moves marked a dramatic rebuke from the previous administration's pro-energy stance, with environmentalists lauding the move
- AEGIS notes that while these orders may not have an immediate impact on price, it marks a stark reversal in the regulatory climate that the industry will face in the coming years