OPEC+ production declined in January (so did US production)

[dan_s]

Note from Keith Kohl at The Energy Investor:
OPEC meant business when its members announced they would continue to curb production in 2024.

And I still don’t think the market realizes just how serious they are. According to an S&P Global Platts survey, the production from OPEC+ members fell in January to its lowest levels since summer.

Although this may not sound too crazy considering we’re still at the seasonal low-point for oil demand, keep in mind that global oil demand is projected to hit a new all-time high in 2024. And as if that wasn’t enough, let’s not forget that nearly all of the world’s spare capacity for oil production is held by these OPEC+ countries, including Saudi Arabia and Russia.

Right now, it’s hard not to be bullish on crude prices as we get closer to the peak demand season this summer.