Crude oil continues its month-long rally and while the early January jump was driven by temporary worries about supply disruptions in Libya and Kazakhstan, a bigger and more worrying development has become increasingly apparent during this time. Besides the surging omicron having a much smaller negative impact on global consumption it’s the emerging sign that several countries within the OPEC+ group are struggling to raise production to the agreed levels. For several months now we have seen overcompliance from the group as the 400,000 barrels per day of monthly increases wasn’t met, especially due to problems in ... (full story)