Weekly oil supply/demand roundup - crude up ~$1.0 from las Friday's close
This week's DOE inventory update showed a larger than expected 4.3mb draw in oil and oil products (NYSEARCA:USO).
TSA checkpoint numbers pointed to a ~15% increase in traffic week on week.
Saudi Aramco's (ARMCO) CEO indicated that energy prices are high mainly because of strategies and policies that curtailed investment in energy sources; he also indicated oil demand will hit a record in 2022.

Oil directed rig count rose by 2 this week.
Sanctions from the West uniformly avoided impacting Russian oil supplies (OTCPK:RNFTF).
Protests in Southern Iraq knocked ~80kb/d offline Friday (NYSE:CVX)
(NYSE:XOM).
Norway's NPD production statistics pointed to liquids volumes in January falling 123kb/d from January, and missing forecasts by 111kb/d (NYSE:EQNR).
Blackstone (NYSE:BX)
announced plans to omit upstream oil and gas investments from their upcoming fund.
Administration officials indicated the White House is working with oil consuming nations to coordinate another SPR release (NYSE:VLO)
(NYSE:PSX).
The Supreme Court rejected a DAPL appeal.
GALP (OTC:GLPEF) guided to flat production through 2024.
Occidental (NYSE:OXY) guided 2022 production down ~3% versus Q4 2021 levels.
NOG (NYSE:NOG) guided 2022 production down ~5% versus Q4 2021 levels.
SM Energy (NYSE:SM) guided 2022 production down ~9% versus Q4 2021 levels.
Ovintiv (NYSE:OVV) guided 2022 production flat versus Q4 2021 levels.
Baytex (OTCPK:BTEGF) guided 2022 production up ~1% versus Q4 2021 levels.
EOG (NYSE:EOG) guided 2022 production up ~4% versus Q4 2021 levels.
Callon (NYSE:CPE) guided 2022 production down ~8% versus Q4 2021 levels.
Coterra (NYSE:CTRA) guided 2022 oil production down ~5% versus Q4 2021 levels.
Laredo (NYSE:LPI) guided 2022 production down ~1% versus Q4 2021 levels.
Matador (NYSE:MTDR) guided 2022 production up ~17% versus Q4 2021 levels.
Diamondback (NASDAQ:FANG) guided 2022 production down ~4% versus Q4 2021 levels.
Apache (NASDAQ:APA) guided 2022 production up ~3% versus Q4 2021 levels.