Oil prices steadied as investors sought more clarity on the imminent EU embargo on Russian refined fuels, with prices set for a second weekly loss in the absence of clear signs of demand recovery in top consumer China

Oil prices steadied on mixed data about the state of the U.S. economy and looming sanctions on Russian oil products. Both benchmarks plunged more than 3% overnight after U.S. government data showed a large build in oil stocks

Ministers from the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia kept their output policy unchanged

Output is significantly undershooting targeted amounts because many producers – notably Nigeria and Angola – lack the capacity to pump at the agreed levels

An OPEC+ panel is likely to recommend keeping the oil producer group’s current output policy unchanged when it meets this week

Both U.S. crude and gasoline inventories rose in the week ending Jan. 20, the Energy Information Administration (EIA) said, on weaker demand for fuel products

Norway said it plans to offer a record number of gas and oil exploration blocks in the Arctic. The Scandinavian nation proposed 92 exploration blocks, including an unprecedented 78 in the Barents Sea in the far north

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+, meet virtually on Feb. 1. The panel, called the Joint Ministerial Monitoring Committee (JMMC), can call for a full OPEC+ meeting if warranted

Crude oil prices in much of the world’s physical markets have started the year with a rally amid signs of more buying from China after it eased COVID-19 restrictions and concern that sanctions on Russia could tighten supply

Oil output from top shale regions in the United States is due to rise by about 77,300 barrels per day (bpd) to a record 9.38 million bpd in February, the U.S. Energy Information Administration (EIA) said in its productivity report