- Oil prices rallied back over $100/Bbl on Tuesday, surging 6% in the previous session
- The rise came as China signaled that it’s likely to use monetary policy to stimulate growth, and Putin said talks with Ukraine are “at a dead end”
- In its monthly report, the Internation Energy Agency (IEA) trimmed its estimates of global crude demand after China reimposed lockdowns to contain the recent Covid-19 outbreak
- OPEC forecasts that Russia’s invasion of Ukraine will curtail both world oil supply and demand (OPEC MOMR)
- The neutral view suggests the group will stick to modest supply hikes (BBG)
- OPEC cut forecasts for global oil consumption in 2022 by 410 MBbl/d, according to its latest monthly report
- The group also lowered its projection for supplies outside its membership by 330 MBbl/d
- Vitol Group will stop trading Russian crude by year-end (BBG)
- The world’s largest independent oil trader said volumes of Russian oil handled by the company “will diminish significantly in the second quarter as current term contractual obligations decline.”