To meet the global cumulative demand over the next 30 years, undeveloped and undiscovered resources totaling 313 billion barrels of oil need to be added to currently producing assets.

Brent fell 35 cents, or 0.6%, to $61.12 a barrel. WTI slid 34 cents, or 0.6%, to $58.34 a barrel.

U.S. increases in net crude oil imports in 2021 and 2022 because domestic crude oil production and inventory draws alone will not meet the needs of U.S. refineries.

Brent was down by 1 cent at $61.08. WTI dropped 8 cents to $58.28.

Brent crude oil prices will average $56/b in the first quarter of 2021 and $52/b over the remainder of the year. Brent prices will average $55/b in 2022.

"Iraq is committed to the [OPEC+] agreement to cut production in light of the current challenges facing the international oil market and global oil producers due to the coronavirus that led to the contraction and recession in the global economy," Karim Hattab told INA.

Aramco is in talks with banks to provide “staple financing”, which is a financing package provided by the seller that buyers can use to back their purchase.

Brent gained 41 cents, or 0.7%, to $60.97 a barrel. WTI was at $58.25 a barrel, up 28 cents, or 0.5%.

OPEC's 13 members pumped 25.70 million b/d in the month, up 270,000 b/d from December, while their nine non-OPEC partners, led by Russia, produced 12.91 million b/d, a rise of 170,000 b/d,

In the fourth quarter of 2020 LUKOIL Group's average hydrocarbon production was 2,065 kboe per day, which is 9.5% higher quarter-on-quarter.

Brent touched an intraday high of $60.06 a barrel. WTI advanced 60 cents, or 1.1%, to $57.45 a barrel.

The Worldwide Rig Count for January was 1,183, up 79 from the 1,104 counted in December 2020, and down 890 from the 2,073 counted in January 2020.

U.S. Rig Count is up 8 from last week to 392, Canada Rig Count is down 3 from last week to 171,

Brent climbed 28 cents, or 0.5%, to $59.12 a barrel. WTI were up 29 cents, or 0.5%, to $56.52 a barrel.

Petroleum remains the most-consumed fuel in the United States, as energy-related carbon dioxide emissions dip through 2035 before climbing in later years.