March 2020

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.

U.S. shale companies need prices at least in the low $40s to cover costs,