- Brent crude edged closer to $90/Bbl after a broad market rally and an industry report showing a draw in U.S. oil stockpiles
- The global benchmark rose 1.64% Wednesday morning to the highest since 2014
- Governmental oil inventories are due later today; if a stock draw is confirmed, it would be the eighth decline in nine weeks
- OPEC and its allies are expected to stick with their plan to rubber-stamp another modest production increase next week, according to delegates (Bloomberg)
- The cartel has stuck to its schedule for gradual monthly supply increases since cementing the agreement in July
- AEGIS notes that even if OPEC decides to hike production by another 400 MBbl/d in March, the group has so far been unable to pump to its full quota. According to our estimates, OPEC+ was about 700 MBbl/d below their quota as of December