Brent was down 15 cents at $64.83 per barrel, WTI crude CLc1 was down 8 cents at $58.96 a barrel

Saudi Arabia, the world's biggest oil exporter, is in the midst of an OPEC+ agreement to cut 1.7 million b/d of crude from the market in Jan through to March.

"At ADNOC we are well on track to increase crude oil production capacity to 4mbpd by the end of this year, and we made significant new discoveries last year that moved the UAE from the seventh to the sixth-largest in oil and gas reserves in the world," Al Jaber said.

Based on current policies, India’s energy demand could double by 2040, with electricity demand potentially tripling as a result of increased appliance ownership and cooling needs.

U.S. Rig Count is down 15 rigs from last week to 781, Canada Rig Count is up 118 rigs from last week to 203

Brent were up 26 cents, or 0.38%, to $68.53, WTI gained 10 cents, or 0.16%, to $62.80 a barrel.

The Norwegian Petroleum Directorate projects that the overall production of oil and gas in 2024 will be close to the record year 2004 – among other things due to Sverdrup and because the Johan Castberg field in the Barents Sea is scheduled to come on stream in 2022.

Brent were up 26 cents, or 0.38%, to $68.53, WTI gained 10 cents, or 0.16%, to $62.80 a barrel.

"The market is well-supplied," Suhail Mazrouei said in Abu Dhabi. "I would say now we are not forecasting a shortage of supply unless we have a catastrophic escalation which we don't see."

expects India's oil demand to grow by 170,000 b/d in 2020, up from 155,000 b/in 2019.