Weekly oil supply/demand roundup - crude up ~$24 from last Friday's close
This week's DOE inventory update showed a larger than expected 6.3mb draw in oil and oil products.
TSA checkpoint numbers pointed to a ~3% reduction in passenger volume week on week.
Western countries announced a ~60mb strategic petroleum reserve release.
Pioneer's (NYSE:PXD) CEO indicated the shale patch could grow production ~10% annually for three years, and that his Company would be willing to join in any coordinated effort to raise production.
Self sanctioning was estimated to reduce Russian exports by ~2.5mb/d this week (OTCPK:RNFTF).
The EU commission planned to introduce a windfall tax for European energy producers.
The Baker Hughes (NASDAQ:BKR) US oil directed rig count fell by 4 this week.
The Baker Hughes (BKR) International rig count rose by 37 rigs in February, but fell in all regions outside of North America.
OPEC+ stuck to previously agreed upon production plans, despite speculation the group could accelerate production growth at this month's meeting.
Iran negotiations proceeded, and the IAEA is set to visit Tehran this weekend.
Exxon (NYSE:XOM) held an investor day, and walked back 2022 Permian growth expectations, while showing decelerating growth plans through 2027.
Canadian Natural (NYSE:CNQ) reported earnings and guided 2022 production flat with Q4 levels.
Kosmos (NYSE:KOS) reported earnings and guided 2022 production flat year on year.
PDC Energy (NASDAQ:PDCE) reported earnings and guided 2022 production down 5% versus Q4 levels.
BP (NYSE:BP), Equinor (NYSE:EQNR), Exxon (XOM) and Shell (NYSE:SHEL) announced plans to exit physical and financial Russian assets.