Following the recent issuance of a 60-day moratorium on new drilling permits and land leases on federal land, President Joe Biden Jan. 27 signed an executive order that would suspend all new federal oil and gas leases,

"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.

Preliminary production figures for December 2020 show an average daily production of 2 135 000 barrels of oil, NGL and condensate.

U.S. industrial production advanced 1.6 percent in December, with gains of 0.9 percent for manufacturing, 1.6 percent for mining, and 6.2 percent for utilities.

U.S. crude oil production will average 11.1 million b/d in 2021, down 0.2 million b/d from 2020 as result of a decline in drilling activity related to low oil prices.

U.S. marketed gas production for 2021 will fall 2% and average 96.2 billion cubic feet per day (Bcf/d).

Iraq had a 3.804 million b/d quota for December under the OPEC+ deal.

Russia produced 42.46 million mt of crude and condensate in December, equivalent to around 10.04 million b/d,

Saudi Arabia will hold its February and March crude production to 8.125 million b/d -- well below its quota of 9.119 million b/d

China natural gas production should increase by 7% to 186 bcm in 2020.