- Saudi Arabia seeks U.S. help combatting attacks on oil sites
- On Sunday, the Saudi navy began drills in the Persian Gulf to enhance the security of "Vital installations" and safe navigation of vital shipping passages
- The military exercises follow three attacks on Aramco sites this month, alone. On Monday, Saudi-led coalition planes struck military positions belonging to the Iran-backed Houthi rebels responsible for the attacks
- Barclays revises its 2021 oil price forecast, supply outlook
- Barclays increased its price forecast for Brent and WTI by $4, to $66 and $62, respectively. Further, the bank expects prices to average $5-$6 higher y-o-y in 2022
- The bank noted that private operators can still drive U.S. supply higher, but prices will need to strengthen. U.S. oil output is expected to be 5% below the 4Q2019 level at the end of 2022
- Oil prices have weakened this morning as renewed lockdowns in Europe signal demand recovery may still be vulnerable to spikes in virus cases
- A new variant of COVID-19 has led to a third-wave, causing countries to lockdown their population to mitigate the spread of the virus
- Germany, Europe's biggest oil customer, has extended its lockdown until April 18