- WTI is up 8c to $60.72/Bbl, and Brent is down 1c to $63.68/Bbl
- OPEC output fell by 920 MBbl/d last month, its largest drop in the last eight months
- OPEC production was at around 24.87 MMBbl/d in February, according to Bloomberg
- The coalition will meet on Thursday to decide its supply quotas moving forward. It is widely accepted that the group will continue with its planned 500 MBbl/d hike, while the Saudi's will confirm the expiry of their supplementary cuts of 1 MMBbl/d
- Global oil stockpiles remain on track to draw on inventories even if 2.4 MMBbl/d of OPEC output is restored by June (Bloomberg)
- Oil inventories in OECD are expected to drop below their 2015-2019 average in August, according to the JTC data
- Projections assume OPEC raises output from 24.9 MMBbl/d in Feb. to 26.8 MMBbl/d in June, which would allow Saudi Arabia to reverse its supplementary cuts of 1 MMBbl/d
- Oil exports from the Louisiana Offshore Oil Port plunged to zero
- The large drop in exports is surprising, considering the port set a record for crude exports in January of 15 MMBbls. February was the first time the facility was without any exported cargoes since 2019
- The platform sources its crude using medium-heavy sour grades produced in the U.S. GoM, competing with oil from OPEC countries to supply Asian refineries, according to Bloomberg. As Asian inventories peak, buyers have reduced purchases