Weekly oil supply/demand roundup - crude down ~$4.50 from last Friday's close
This week's DOE inventory update showed a larger than expected 5.6mb draw in oil and oil products (USO).
TSA checkpoint numbers pointed to a ~7% increase in passenger volume week on week (JETS).
California legislators proposed a $400 tax rebate to mitigate the impact of rising gasoline prices.

China locked down Shenzhen, in hopes of slowing the spread of Covid.
Conoco's (COP) Alaskan production fell ~37kb/d following a gas leak.
The DOE reported that drilled-but-uncompleted well inventory fell by 156 in February (XOM).
OPEC's core members hit monthly production growth targets for the first time this year (ARMCO).
Marathon (MPC) restarted the Ozark pipeline, a week after the pipe was shut following a leak.
Iran negotiations took a step forward, as the White House provided sanction exclusion guarantees for Russia.

ENI (E) lowered medium-term production growth from 4% to 3%; an annual reduction of ~17kboe/d.

Norway oil production for February missed targets by 150kb/d or ~7% (EQNR).

Energy Intelligence reversed course, indicating that self-sanctioning has had little impact on supply; previously the group indicated self-sanctioning reduced supplies by as much as ~3mb/d.
The IEA indicated that Russian flows would fall by ~3mb/d from April onward.
Azerbaijan production fell 16kb/d MoM in January (BP).
Baker Hughes (BKR) oil-directed rig count fell by 3 on the week.