- U.S. Department of Justice issues seizure order for Iranian oil shipment
- Iran pumped around 2 MMBbl/d in December, with exports only accounting for 10% of total output, according to Bloomberg
- Tehran announced that they plan on increasing exports in the coming months on expectations that the Biden administration will ease sanctions. Since this announcement, this is the second vessel containing Iranian crude that has been seized
- Libya crude production rebounded following the repair of a major pipeline
- The 32-inch pipeline was responsible for transporting around 250 MBbl/d of crude to the nation's biggest export terminal at Es Sider
- Libyan crude output now sits at around 1.25 MMBbl/d. Still, the paramilitary force -the Petroleum Facilities Guard, has threatened to stop oil exports in a dispute over unpaid salaries
- The IMF upgrades its 2021 global economic outlook (Argus)
- The global economy will grow by 5.5% this year, a 0.3% percentage point increase from its previous outlook three months ago, according to the IMF
- China and the U.S. will emerge from the pandemic-related decline in a better position than other countries, IMF projections show. The economies of both countries in 2022 will be only around 1.5pc smaller than the pre-pandemic forecasts, in contrast with countries in the Middle East, Central Asia region, and Latin America who are projected to remain 6-7% below pre-pandemic levels