Daily Energy Report
OPEC+ compliance, Trump tariffs & China, India LNG imports, US/Mexico/Canada energy, Belgian nuclear, US natural gas production, Texas LPG terminal, UK wind/solar pushback, ESG investors, and more.
Chart of the Day: OPEC+ Maintained its Compliance in January
Bloomberg: OPEC+ Can Appease Trump Even While Defying Him on Production
Summary
OPEC+ has decided to maintain current production levels, ignoring Trump's requests to produce more. The group plans to continue supply restrictions through this quarter and will gradually increase production later, with potential further delays on the next hike. A global oil surplus is expected due to high US production and weak demand growth, potentially exacerbated by US-China trade tensions.
Figure (1) shows trends in OPEC+'s monthly crude exports since 2022. Exports declined in 2024. January 2025 exports are lower month-over-month and year-over-year, indicating compliance and resilience.