- Oil is trading lower this morning but heading for a second consecutive weekly gain
- March WTI prices are up $3.50/Bbl this week and $4.28/Bbl over the past two weeks
- OPEC not planning any output change next week (BBG)
- According to delegates from OPEC, the organization is not planning any changes to their stated policy at next week’s monitoring meeting
- Saudi Arabia and its allies have just started new production cuts this month, so more time will be required to see the impact of these
- The meeting on Thursday will revolve around reviewing OPEC production levels at the end of 2023
- China asks Iran to rein in Houthi attacks in the Red Sea (Reuters)
- Chinese diplomats have requested that Iran help rein in attacks on shipping vessels in the Red Sea or risk damaging business relations with China
- According to an Iranian official, "Basically, China says: 'If our interests are harmed in any way, it will impact our business with Tehran. So tell the Houthis to show restraint,"
- China is the largest trading partner of Iran, having bought 90% of Iran’s crude exports in 2023
- A spokesperson for the Houthi militants said about the Chinese request, "They will not inform us of such a request, especially since Iran's stated position is to support Yemen. It condemned the American-British strikes on Yemen and considered Yemen's position honorable and responsible,"
- Russian oil piling up in the Baltic Sea (BBG)
- Four Russian tankers carrying about 3 MMBbls of Urals crude have been waiting for at least a week in the Baltic Sea, according to Bloomberg ship tracking data
- There is no direct evidence that sanctions are responsible for slowing the trade of Russian oil, but the US and UK have recently stepped up enforcement of sanctions
- Meanwhile, tankers carrying about 12 MMBbls of Russian Sokol crude that were previously planned to be shipped to India have been idling in the Pacific Ocean, with another 3 MMBbls on shuttle tankers waiting to be offloaded
