- Oil is trading higher, around $76.75, and heading for a weekly gain of nearly $4
- OPEC+ output fell by 340 MBbl/d in January, according to data from Platts
- The US DOE is looking to purchase 3 MMBbls of crude for the SPR for June and July delivery
- US looks to curb Iranian oil output (BBG)
- The Biden administration is looking to reduce Iran's oil sales to impact its support of militias in the Middle East but risks increasing global oil prices
- A bipartisan group has urged the administration to tighten the enforcement of sanctions on ships, ports, and refineries that handle Iranian oil
- Sources with knowledge of the matter said that the White House is considering actions to punish countries that purchase or facilitate the transactions of Iranian crude
- Sanctions have already forced almost all of Iran’s production to the black market, but their output has risen as the US has focused more on enforcing sanctions on Russia’s energy sector
- The US estimates that Iran’s output would be 2.5 MMBbl/d higher without the current sanctions
- India unbothered by OPEC+ production cuts (BBG)
- India’s Oil Minister said the country is not concerned by the OPEC+ production cuts, saying, “There is enough oil in the world, and new suppliers are coming in”
- Currently, the world's third-largest oil consumer, India is set to become the largest source of demand growth through 2030
- This marks a shift from past sentiments, such as in 2021, when India urged OPEC to increase production
