Saudi Arabia and Russia launched a war for market share, flooding global markets with crude. Oil traded in New York was trading at $30.76 a barrel in aftermarket hours on Thursday, down more than 2%.

The falls in the bonds come in the wake of the failure of Opec and Russia late last week to agree a deal on cutting production,

Moscow’s decision to withdraw last week from a pact with Saudi Arabia to limit crude production, sparking an oil war that sent prices crashing 30 per cent on Monday, upending global markets.

Rosneft Trading and TNK Trading handled a "large percentage" of Venezuela's oil exports in 2019

Brent was trading down $1.65, or 4.6%, at $34.14 , WTI was down $1.38, or 4.2%, at $31.60

EIA forecasts Brent crude oil prices will average $43/b in 2020, down from an average of $64/b in 2019. For 2020, EIA expects prices will average $37/b during the second quarter and then rise to $42/b during the second half of the year. EIA forecasts that average Brent prices will rise to an average of $55/b in 2021, as declining global oil inventories put upward pressure on prices.

Total global oil demand is now assumed at 99.73 mb/d in 2020, with 2H20 forecast to see higher consumption than 1H20. Considering the latest developments, downward risks currently outweigh any positive indicators and suggest further likely downward revisions in oil demand growth, should the current status persist.

Russia has long been seeking to capitalize on its OPEC ties with investment deals, which have been slow to materialize despite official state visits by Saudi King Salman to Moscow in 2017 and Russian President Vladimir Putin to Riyadh in October.

Al Mazrouei said, via a series of tweets, "OPEC and OPEC+ played an important role in delivering market stability. The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market."

Saudi Aramco received a directive from the Ministry of Energy to increase its maximum sustainable capacity (MSC) from 12 million barrels per day (MMBD) to 13 MMBD.

UAE Minister of State and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber has commented on recent market developments, noting that the UAE oil company is set to supply the market with over four million barrels of oil per day in April 2020.

Norway's preliminary production figures for February 2020 show an average daily production of 2 106 000 barrels of oil, NGL and condensate,

Brent slid $0.41, or 1.1%, to $36.81 a barrel, WTI dropped $0.42, or 1.2%, to $33.94 a barrel.

В 2019 году была подписана Хартия долгосрочного сотрудничества между государствами ОПЕК и не-ОПЕК.

The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on Monday, triggering panic selling on Wall Street and other equity markets that have already been badly hit by the impact of the coronavirus outbreak.