- WTI futures rose to $107 following more than an 8% loss over the past two sessions
- The market remains volatile as investors assess the outlook for a de-escalation of Russia’s war in Ukraine
- Russia has offered to “fundamentally cut back” its military operations in northern Ukraine. But, a person close to the Kremlin said that doesn’t mean a cease-fire or a complete withdrawal of troops from around Kyiv (Bloomberg)
- Oil output from Russia is showing signs of decline
- Output from March 16-27 dropped below 11 MMBbl/d, a level not seen since the beginning of the year, according to Bloomberg calculations
- Crude deliveries to the nation’s refineries were down 11%, and exports to crucial markets were down by nearly 20%
- Supply is starting to show a “significant decline relative to the beginning of the month,” consultant OilX said in a note
- OPEC and its allies will meet this week to discuss its production policy
- Most analysts expect the group to reject calls from oil-consuming nations to replace lost Russian barrels
- The group will most likely ratify plans for another modest production increase for May