According to the agreement, the OPEC+ alliance, which controls about half of the world's production capacity, will mostly maintain its quotas, with Russia allowed a 130,000 b/d increase and Kazakhstan a 20,000 b/d rise, while Saudi Arabia said it would continue implementing its voluntary cut

Prices have rallied to pre-virus levels, while U.S. production has taken a hit from freezing storms. Talk swirls of market supercycles, and even the return of $100 oil.

Turkey wind energy contributed to over 10% of the country's total electric production for the first time.

Turkey plans to invest a total of $9.3 billion (TL 66.56 billion) in electricity distribution during the upcoming five-year period

Iraq’s oil exports from its southern ports are stable at 2.7 million barrels per day (bpd) so far in February

Global liquids supplies are expected to climb by 3.2 million b/d on average in 2021,

Moscow-based analysts welcomed the latest OPEC+ decision, which allowed Russia to increase output by 65,000 b/d in February, and a further 65,000 b/d in March. Russia's crude output was 9.10 million b/d in December.

Qatar will spend billions of dollars expanding its LNG capacity more than 50% to 126 million tons a year.

Iran, which sits on the world’s fourth-largest oil reserves, relies heavily on oil revenue, but sanctions have prevented it from pumping at anywhere near capacity since 2018.

Turkey is a strategic European Union ally that helps the bloc's security and stability and provides diversification of energy resources,

Russia and Turkey signed an intergovernmental agreement in May 2010 for the construction of the Akkuyu nuclear power plant on the southern coast of Turkey in Mersin province,

"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.

Like the Nord Stream and Nord Stream 2 pipeline projects, TurkStream was designed to enable Russian gas to reach European markets without having to flow through Ukraine.

The global economy is forecast to grow by 4.4 per cent in 2021, a substantial shift from -4.1 per cent last year. “With the crude oil market currently switching into backwardation, we are hopeful that 2021 will be a good year for overall demand,” Barkindo said.

Abu Dhabi, which has the majority of oil and gas reserves in the UAE, a seven-member federation, is pressing ahead with these efforts even as the coronavirus pandemic devastates energy consumption,