Crude oil sentiment is shifting in a bullish direction, with OPEC+ cuts and a growing list of serious outages taking supply off of the market. Saudi Arabia recently signaled that it would slash its production to just 9.8 million barrels per day (mb/d), or about 0.5 mb/d more than required under the OPEC+ deal. That would take Saudi production down to close to a four-year low, a sign that Riyadh is aggressively trying to push up oil prices. That is significant, especially since Russia is not really carrying its weight. Russia cut output by 42,000 bpd in January, according to Bloomberg , only about one-sixth of its promised 230,000 bpd reduction as part of the deal. But Saudi Arabia is more than making up for its lagging partner. Meanwhile, the outages in Venezuela could mushroom in the days and weeks ahead. The crisis is fast-moving and the precise amount […]