- Iran begins ramping up production, aims to reach pre-sanction levels in one or two months
- Iran had produced as much as 3.8 MMBbl/d in 2018. According to Bloomberg, Iran production hovered around 1.9 MMBbl/d through most of 2020
- Oil Minister Bijan Namdar Zanganeh said that the country plans to double its production and increase exports to 2.3 MMBbl/d
- Biden is expected to suspend the sale of oil and gas leases on federal lands in the next week
- Federal lands and waters accounted for 22% and 12% of U.S. oil and gas production in 2019, respectively (EIA)
- According to interviews with oil executives conducted by Reuters, most companies made a dash for permits before the new rules took effect, thereby insulating themselves from the new regulations. Still, smaller independent oil drillers without the same resources may not have had the same luxury
- EIA weekly data is due at 9:30 am CST
- U.S. Crude Inventories: - 1,739 MBbls (Avg. Bloomberg surveys)
- U.S. Gasoline Inventories: + 2,526 MBbls
- U.S. Distillate Inventories: + 1,684 MBbls
- U.S. Refinery Utilization: - 0.66% change