- Oil is trading higher, around $74, extending gains from last week
- Oil production from North Dakota remains lower by nearly 50% after freezing conditions led to operational issues and leaks
- The US crude oil rig count fell by two rigs to 497 last week
- Libya restarts production from largest oil field (BBG)
- The force majeure on the Sharara oil field will be lifted, and exports will resume, according to Libya’s National Oil Corp
- The field was shut in due to protests, which have subsided following the implementation of most of the protestor's demands by the Libyan government
- The closure of the Sharara field reduced Libya’s oil output to below 1 MMBbl/d for the first time in several months
- Red Sea oil cargoes continue to fall (BBG)
- The number of ships carrying crude through the Red Sea has fallen by 25%, while product shipments have fallen by almost 50%, according to data from Vortexa
- Ships are being forced to take longer routes or pay more for insurance
- The Biden administration recently said that military operations to deter the attacks will take time
