- Oil is trading lower, around $76, after trading as high as $79.29 yesterday
- Yesterday, it was reported that the Biden administration will be reimposing sanctions on Venezuela in April after an opposition candidate was barred from running for election
- China rolled out additional measures to soften lending requirements for its struggling real estate sector as the country continues to use stimulus measures to support its economy
- Saudi Arabia asks Saudi Aramco to reduce maximum capacity target (Reuters)
- The government of Saudi Arabia has requested that the state oil company halt its oil exploration plan and target a maximum production capacity of 12 MMBbl/d, 1 MMBbl/d lower than its target announced in 2020
- According to a source with knowledge of the matter, the lower target is not a reflection of a change in view on oil demand or a result of a technical problem but simply a directive from the government
- Saudi Arabia currently produces about 9 MMBbl/d
- Another potential Trans Mountain Expansion delay (BBG)
- Near-term prices of Canadian heavy crude weakened following news that the Trans Mountain expansion may face another delay, just week weeks before the line-fill process is slated to begin
- The state-owned company said that a “technical issue” emerged during construction but did not elaborate on the cause or length of the delay
- The pipeline will triple the amount of oil that can be shipped from Alberta to Vancouver and has suffered years of delays and cost overruns
