Oil summary comes via ANZ, plenty to chew on:
- negotiations amongst EU member states on sanctions on Russia oil failed to reach an agreement
- Saudi Arabia’s oil minister warned that the entire energy market is running out of capacity. His UAE counterpart added that without more global investment, OPEC+ won’t be able to guarantee sufficient oil supplies when demand fully recovers from the pandemic.
- The US Energy Information Administration reduced its forecast for domestic production to 11.9mb/d, as US drillers raised output at a slower pace.
Oil (WTI) slid back under $100:
