Brent prompt future contract reached 65 $/b yesterday, as the Texas energy crisis continues with the 5th day of disruption and a growing concern that oil production could take a longer time to restart than refining runs. On top of that, the American Petroleum Institute reported a large crude draw for the week prior to the cold snap. Following the rapid hike of prices, Indian top oil officials urged OPEC+ to ramp-up production, as the country experiences high petrol prices at the pump. OPEC+ will meet on March 4th and will ramp-up production, with Saudi Arabia likely to ease its voluntary cut given the lost supplies in the US.
Get more analysis and data with our Premium subscription
Ask for a free trial here
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
We will get back in touch with you soon.
Don’t forget to follow us on twitter!