Is the oil market actually as tight as people think it is?
- China incentivized to release from SPR to keep prices low.
- Saudi and Russia should want to keep lid on prices so that China and India (consumers) stay happy
- US production hasn’t increased much beyond 11 mbpd but it could

OPEC oil output falls in February on Saudi additional cut - survey
https://www.reuters.com/article/us-oil-opec-survey/opec-oil-output-drops-in-february-as-saudi-makes-further-cut-survey-idUSKCN2AT2CK

UAE says OPEC adding 1.5 mil b/d in April hinges on vaccine rollout, demand recovery
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/022821-uae-says-opec-adding-15-mil-bd-in-april-hinges-on-vaccine-rollout-demand-recovery

India's daily gasoline sales in February rise 1.5% y/y, diesel sales fall 5.3%
https://www.reuters.com/article/india-oil-sales/indias-daily-gasoline-sales-in-february-rise-15-y-y-diesel-sales-fall-53-prelim-data-idUSKCN2AT1Y4
- India has a lot of potential new drivers
- Driving, plastic purchases, flying - all areas where oil demand can increase

U.S. report on Khashoggi weighs on Saudi shares
https://www.reuters.com/article/mideast-stocks-int/u-s-report-on-khashoggi-weighs-on-saudi-shares-idUSKCN2AS0ER

For the Biden Administration, Saudi Arabia Is Both an Ally and a Problem
https://www.haaretz.com/us-news/.premium-for-the-biden-administration-saudi-arabia-is-both-an-ally-and-a-problem-1.9578780

- Report didn’t show anything revelatory, probably just a political release

China’s Oil Reserves Are Close to Reaching Storage Capacity
https://news.yahoo.com/china-oil-reserves-close-reaching-034719436.html

COLUMN-Asia's physical crude oil isn't as tight as Brent pricing suggests: Russell
https://www.reuters.com/article/column-russell-oil-asia/rpt-column-asias-physical-crude-oil-isnt-as-tight-as-brent-pricing-suggests-russell-idUSL2N2KZ0BX

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