Oil prices plunged on Friday as reports said OPEC and Russia are considering lifting production by as much as 1 million barrels a day to meet the shortfall in supply from Iran and Venezuela. The losses came after media reports hit saying the Organization of the Petroleum Exporting Countries and Russia are discussing plans to lift their production for the first time since 2016. Bloomberg said the major producers are considering pumping between 300,000 and 800,000 more barrels of oil a day, while Reuters said the number could be as high as 1 million barrels. Click Read More below for additional information.

Futures in New York slid 0.3 percent after closing at the highest since Feb. 5 on Monday as crude exports from a key Libyan terminal were disrupted. The focus now shifts to U.S. stockpiles, which are forecast to have risen last week. While they increased in three of the past four weeks, the pace of gains slowed, allaying fears that American supply will undermine OPEC’s output curbs. U.S. inventories probably rose by 2 million barrels last week, following a surprise drop in the previous week, according to a Bloomberg survey before Energy Information Administration data due Wednesday. The number of rigs drilling for oil in the U.S. has risen for five consecutive weeks to the highest in almost three years, Baker Hughes data show. Click Read More below for additional information.

The American Trucking Associations expressed grave concerns about media reports that the Environmental Protection Agency may be on the verge of granting the state of California waivers to implement potentially harmful and unrealistic emissions rules. “Our industry hopes these reports aren’t true. We have worked tirelessly with EPA on aggressive, achievable timelines for emissions reductions over decades. In fact, a truck in 1988 emitted as much as 60 trucks today – a more than 98% reduction – and we’re committed to the path to zero,” said ATA President and CEO Chris Spear. “If the reports are in fact accurate, let us remind you that this isn't the United States of California. As we learned in the pandemic, the supply chain can be a fragile thing – and its integrity must be preserved at the national level. This decision has little to do with improving the environment, and everything to do with placating the far left of the environmental lobby without regard for the hard-working men and women of our industry or our country who will be left to implement California’s vision for America.