Crude oil production from the major US onshore regions is forecast to increase 18,000 b/d month-over-month in February from 9,157 to 9,175 thousand barrels/day, gas production to decrease 172 million cubic feet/day from 85,619 to 85,447 million cubic feet/day .

U.S. Industrial production declined 0.3 percent in January, as unseasonably warm weather held down the output of utilities and as a major manufacturer significantly slowed production of civilian aircraft.

OPEC members and allied oil producers, the so-called OPEC+, have agreed to cut their crude oil production by an additional 500,000 bbl/d until their next meeting in early March 2020.

Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel

Saudi Arabia over-complied with its quota of 10.31 million b/d last year under the old agreement with the 23-member OPEC/non-OPEC coalition, collectively known as OPEC+, as the country made up for laggards Iraq and Nigeria, which flouted their quotas for most of last year.

The preliminary level for dry natural gas production in November 2019 was 2,896 billion cubic feet (Bcf), or 96.5 Bcf/d. This level was 7.4 Bcf/d (8.3%) higher than the November 2018 level of 89.2 Bcf/d.

In December 2019, oil production was 3.106 million b/d, exceeding the record recorded in the previous month by 0.52% and that of Dec. 2018 production by 15.44%. Natural gas production also surpassed the previous month's record, registering an increase of 0.87% and reaching an average of 137.8 million cu m/day. The number was up 21.19% year-over-year.

U.S. oil production from tight formations increased in 2019, accounting for 64% of total U.S. crude oil production.

U.S. petroleum exports hit a new all-time high of 9.0 million barrels per day (mb/d) in the final month of 2019

U.S. crude oil production will average 13.3 million barrels per day (b/d) in 2020, a 9% increase from 2019 production levels, and 13.7 million b/d in 2021, a 3% increase from 2020.