Oil End of Day Summary: Crude Erases Friday’s Gains

Crude prices have fallen on the day, as signs that OPEC exports are higher than planned and returning North Dakota production weigh against ongoing concerns in the Middle East.

• WTI MAR 24 down -1.2% at 77.09$/bbl
• North Dakota's oil production is disrupted by around 10-40kbpd as of 29 January due to the recent cold spell according to the pipeline authority.
• OPEC+ appears to be making a slow start to its new output cuts, according to Kpler.
• The US is set to review oil sanctions on Venezuela’s energy sector if the country upholds its ban on opposition candidates running in the presidential election, according to Bloomberg.
• The Biden administration has purchased 3.1m bbl of oil for the SPR following its request for proposal on Jan. 12, according to an announcement by the Energy Department.
• At least two further vessels carrying fuel from the Middle East to Europe appeared to have diverted away from the Red Sea, according to Kpler data, cited by Bloomberg.
• The KRG and the federal Iraqi authorities are discussing a deal to reimburse the KRG with a fixed amount selling price for the region’s oil production of around $20.60/bbl, Platts said.
• Russian Urals crude prices rebounded to above $60/bbl on Monday for the first time since November.
• Angola plans to export 1.05m b/d of crude in March, the lowest since September.
• Nigeria has set its OSP for Qua Iboe crude at Dated +$2.11/b, up $1/b from January and the highest since December.