- WTI is down 10c to $65.92/Bbl, and Brent is down 14c to $69.49/Bbl
- P. Morgan lifts U.S. oil production outlook
- The bank raised its crude production forecast to an average of 12.9 MMBbl/d in 2022 and 11.8 MMBbl/d by December 2021
- This notion is consistent with the upward revisions to the EIA's STEO forecast released earlier this week
- AEGIS notes that U.S. production could threaten the OPEC+ agreement as member countries will not idle production to lose market share to U.S. producers
- Indian oil demand drops to lowest since August amid high prices (Bloomberg)
- The worlds third-largest crude importer saw consumption fall by 5%, to 17.2 MM tons in February, its largest annual drop since August
- According to ministry data, it's the fourth consecutive monthly drop since October
- OPEC expects most of oil demand recovery to take place in 2H 2021 (Reuters)
- In its MOMR, the group said demand would rise by 5.89 MMBbl/d in 2021, or 6.5%, up slightly from last month, but the group cut its forecasts for the 1H2021
- "Total oil demand is foreseen to reach 96.3 MMBbl/d with most consumption appearing in the 2H 2021."