- OPEC+ ministers pledge to keep pushing for expedient market re-balancing (Bloomberg)
- The OPEC+ countries have taken a two-month pause, continuing to increase production by the amount set during the last meeting. The group will reconvene in early March
- Iraq will be forced to compensate by 576 MBbl/d for producing above its quota again. Iraq pumped 3.807 MMBbl/d in January
- Aggregate open interest in WTI reached a two-and-a-half-year high, as prices eclipse $55/Bbl, According to preliminary CME data
- Open positions climbed to 2.44MM lots, compared with 2.39 MM lots
- JPM, and BAML have both come out in favor of commodities to hedge against inflationary pressures
- Saudi Arabia kept oil pricing unchanged for its crude grades bound for Asia, raises U.S., and Europe pricing (Bloomberg)
- Saudi Arabia increased pricing to the U.S. by 10c on all crude grades, while increasing prices to Europe by $1.30 or $1.40