- WTI is down 96c to $64.43/Bbl, and Brent is down 105c to $67.83/Bbl
- Iranian oil threatens OPEC+ efforts to tighten supply
- China is buying close to 1 MMBbl/d of sanctioned crude, and condensate according to estimates by traders and analysts
- Chinese imports of Iranian crude will average 856 MBbl/d this month, its highest in over two years, according to data-intelligence firm Kpler
- Azerbaijan meets commitment to cut output further in February
- The country pumped 741 MBbl/d of crude and condensate, producing 593 MBbl/d of crude oil vs. the quota of 595 MBbl/d
- Shale output will lag as producers exercise newfound capital discipline despite rally in WTI
- Next month, production is expected to decline by 47 MBbl/d to about 7.46 MMBbl/d, according to the EIA
- Output will be slightly lower in all basins except for the Permian Basin of West Texas and New Mexico, which is expected to grow a meager 11 MBbl/d