EnergyScan

Will the US crude production recover as fast as refining runs?

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. 

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