OPEC+ members are attempting to regain pre-pandemic output levels by late 2022 through their monthly easing of quotas, but potential disruptions to Russian oil flows put that plan at risk.

The implementation of OPEC Plus agreements was discussed. The parties stressed their intention to continue coordinated effort in the interests of maintaining global energy market stability.

“We are deeply shocked and saddened by the devastating human and economic toll brought by the war in Ukraine. People are being killed, injured, and forced to flee, and massive damage is caused to the country’s physical infrastructure.

Germany will look into all options in response to the likely decrease or stop in Russian fossil fuel deliveries to Germany, including a longer run-time of nuclear and coal-fired power plants, even if those options are unlikely.

Brent advanced 1.8% to $99.7, WTI rose 1.6% to $97.28.

Despite the latest unloading of Russian petroleum products in the US, shipments have recently been in decline. US imports of Russian crude oil have fallen to roughly 13,500 b/d since Jan. 1, down from an average of 199,000 b/d in 2021, according to the latest US data, reflecting declining reliance on Russian crude as the Ukraine crisis escalated.

The Board of Shell plc (“Shell”) announced its intention to exit its joint ventures with Gazprom and related entities, including its 27.5 percent stake in the Sakhalin-II liquefied natural gas facility, its 50 percent stake in the Salym Petroleum Development and the Gydan energy venture. Shell also intends to end its involvement in the Nord Stream 2 pipeline project.

Brent ose $4.16, or 4.3%, to $102.09, WTI was up $4.19, or 4.6%, at $95.78 a barrel.

Saudi Arabia remains committed to OPEC+ agreement, Crown Prince Mohammed bin Salman told French President Emmanuel Macron Feb. 27, in an endorsement for the bloc's alliance with Russia amid that nation's invasion of Ukraine.

The consortium has acquired 49% stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for $15.5 billion.

The bp board announced that bp will exit its shareholding in Rosneft. bp has held a 19.75% shareholding in Rosneft since 2013.

Equinor's (OSE: EQNR, NYSE: EQNR) Board of Directors has decided to stop new investments into Russia, and to start the process of exiting Equinor’s Russian Joint Ventures.

U.S. Rig Count is up 5 from last week to 650, Canada Rig Count is up 4 from last week to 224.

Brent rose $2.81, or 2.8%, to $101.89 a barrel, WTI touched a high of $95.64 a barrel.

U.S. commercial crude oil inventories increased by 4.5 million barrels from the previous week to 416.0 million barrels.