Crude Oil Important Highlights on Supply-Side

O   New Crude Supplies from Iran. Investors are also watching talks between the United States and Iran on reviving Tehran’s nuclear deal with world powers, which could potentially allow for increased Iranian oil exports.
O   Hopes of fresh supplies flooding the market amid tightening supplies and persistent underperformance in production output from OPEC+.
O   US Crude Stockpiles Rise despite Cushing draw, record fuel demand – EIA
O   Crude Inventories rose by 1.1 million barrels in the week to Feb. 11 to 411.5 million barrels.
O   US Shale oil production for March is due to rise by about 109,000bpd from the previous month to 8.707mbpd
O   The IEA urged OPEC and its allies to address a widening shortfall in their oil production as a volatile market sends crude prices rocketing toward $100 a barrel.
O   Japan plans to sell an additional 1.64mbls, of Khafji and Hout from its national petroleum reserves via public tenders in March, the Ministry of Economy, Trade and Industry said Feb. 16
O   Dubai-based Dragon Oil has discovered an oil reserve in the Gulf of Suez, Egyptian Ministry of Petroleum and Mineral Resources said. “The estimated reserve of the oil field, located in the northeastern Ramadan area, could be around 100mbls,” the ministry said in a statement on Tuesday, Xinhua news agency reported.
O   The US Department of Energy said it had approved an exchange of 13.4mbls of crude oil from the Strategic Petroleum Reserve to seven companies as part of President Joe Biden’s effort to help control oil prices.

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