Exxon Mobil Corp reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices

OPEC+ missed its oil production target by more 800,000 barrels per day (bpd) on average last year, missing out on billions of dollars in revenues and hurting members of the group which have struggled to raise cash to invest

The first of the major oil companies to report quarterly results posted adjusted earnings of US$5.1 billion or US$2.65 a share on profits from pumping oil that soared about five times the pandemic-depressed results of a year ago

OPEC+ compliance with oil production cuts rose to about 122% in December, indicating that some members continue to struggle to raise their output

Oil prices fell about 3%, hit by investor concerns over the possibility of quicker than expected interest-rate hikes by the U.S. Federal Reserve that took down risk markets like equities while the dollar rallied

Brazil’s oil production reached 2.84 million barrels per day (bpd) in December 2021, up from 2.73 million bpd in the same period of the previous year, local oil regulator ANP said

OPEC stuck to its forecast for robust growth in world oil demand in 2022 despite the Omicron coronavirus variant and expected interest rate hikes, predicting the oil market would remain well supported through the year

Oil prices rose with investors betting that global supply will remain tight, although restraint by major producers was partially offset by a rise in Libyan output

China will release crude oil from its national strategic stockpiles around the Lunar New Year holidays that start on Feb. 1 as part of a plan coordinated by the United States with other major consumers to reduce global prices

Assuming production at prevailing quotas, OPEC spare capacity will fall to 4% of total production capacity by fourth quarter 2022, from 13% in the third quarter 2021, the US investment bank said in a note