OPEC recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020.

With oil prices tumbling, OPEC now wants to deepen its production cuts with non-OPEC allies by 1.5 million b/d for the full year 2020, instead of just the second quarter, sources said Thursday.

Annual U.S. crude oil production reached another record level at 12.23 million barrels per day (b/d) in 2019, 1.24 million b/d, or 11%, more than 2018 levels.

Russian oil output stood at 11.29 million barrels per day (bpd) in February,

The preliminary level for dry natural gas production in December 2019 was 2,977 billion cubic feet (Bcf), or 96.0 Bcf/d. This level was 7.3 Bcf/d (8.2%) higher than the December 2018 level of 88.7 Bcf/d.

Norway's Preliminary production figures for January 2020 show an average daily production of 1 963 000 barrels of oil, NGL and condensate

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