GLPEF - Weekly oil supply/demand roundup - crude up ~$5.7 from last Friday's close

This week's DOE inventory update showed a 7.7mb draw in crude and oil products (NYSEARCA:USO). Venezuelan oil exports took a surprise turn lower in January by ~200kb/d, as quality issues resulted in returned cargoes and infrastructure bottlenecks. Exxon (NYSE:XOM) reported earnings, guiding to flat year-on-year production volumes, although the company plans to increase Permian production by ~25% in 2022. Conoco also reported, guided to flat production and indicated on the conference call the market needs to be concerned with the pace of shale production growth. OPEC stuck to their 400kb/d monthly supply increase for March, though the technical committee reduced global crude oversupply forecasts by 100kb/d. Russian volumes for January increased by 85kb/d, an improvement from December's flat volumes, but still below the monthly quota increase of 100kb/d. International rig count showed continued sluggish activity levels in the middle east, despite sustained OPEC+ production misses. Kazakhstan oil production was down 55kb/d mid week, according to pipeline data

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Weekly oil supply/demand roundup - crude up ~$5.7 from last Friday's close