- Oil is trading higher today and heading for a weekly gain of more than $2
- Lebanon’s Hezbollah says the group will escalate attacks against Israel after recent Israeli strikes on the group (BBG)
- Yesterday, the DOE announced the purchase of additional crude for the SPR, buying 2.95 MMBbls and bringing the total purchased amount to more than 23 MMBbls since the repurchase began
- Russia close to full compliance with pledged production cut (BBG)
- According to Bloomberg’s calculations, Russia is close to reaching its output cut of 500 MBbl/d below February 2023 levels
- Russian production is lower by about 490 MBbl/d
- On top of the production cuts, Russia will be reducing its crude and product exports as well
- The timeline for the cuts has been extended several times; they are currently in place through the end of 2024
