U.S. commercial crude oil inventories decreased by 4.8 million barrels from the previous week to 410.4 million barrels.

Brent down 8 cents, or 0.1%, to $90.70 a barrel, WTI was at $89.18 a barrel, down 18 cents, or 0.2%.

This dynamic leads to rising global oil inventories from 2Q22 through the end of 2023, and the Brent spot price will fall to an average of $87/b in 2Q22 and $75/b in 4Q22. The Brent price will average $68/b for all of 2023.

We are targeting our production capacity to become 13.4, 13.5 million barrels a day by 2027.

Brent was down 73 cents, or 0.8%, at $91.96 a barrel, WTI fell 52 cents, or 0.6%, at $90.80.

Brent was down 2 cents at $93.25 a barrel, WTI fell 47 cents, or 0.5%, to $91.84 a barrel.

State-run oil giant Rosneft signed a 10-year supply deal with China's CNPC for supplies of 100 million mt, or 200,821 b/d, of crude. Russia's Gazprom signed a 10 Bcm/year gas supply deal with CNPC which will see Gazprom's pipeline supplies to China reach 48 Bcm.

The Worldwide Rig Count for January was 1,632, up 69 from the 1,563 counted in December 2021,and up 449 from the 1,183 counted in January 2021.

U.S. Rig Count is up 3 from last week to 613 , Canada Rig Count is up 1 from last week to 218.

Brent was up 47 cents/b (0.52%) from the previous close at $91.58/b, WTI rose 63 cents/b (0.7%) at $90.90/b.