The Energy Bulletin Weekly 8 March 2021

Instead, the group of oil producers opted for caution, and their decision in favor of supply restraint quickly sent crude oil prices even higher. The real problem, not just in Texas but everywhere where energy demand is growing, is grid reliability and resiliency. As global oil prices surged, Iraq benefited last month from the biggest monthly oil revenue haul since February 2020. So far this year, Libya has exported 1.08 million b/d, while Turkey and Egypt, by comparison, have shipped 981,000 b/d and 609,000 b/d. Russia could end up borrowing $6.8 billion less than planned this year as rising oil prices help its critical oil revenues increase.