U.S. Rig Count is down 20 rigs from last week to 772, Canada Rig Count is down 77 rigs from last week to 98

That, in turn, has prompted several lawmakers from Texas, North Dakota, Alaska and other oil states to directly lobby Saudi Arabia, stressing the two countries' decades-long ties.

Saudi Aramco will supply 12.3 million b/d of crude to the market during the coming months,

"Saudi Aramco can sustain low oil prices for a long time," Aramco CEO Amin Nasser said on an earnings call. "We are very comfortable with a $30/b price [and] can meet our dividend and shareholder expectations at $30/b and even lower."

Saudi Arabia and Russia have signaled plans to boost production, causing oil prices to nosedive.

Oman pumped 970,500 b/d of crude and condensate in December 2019, according to its ministry of oil and gas, but will be boosting volumes to its full capacity of 1 million b/d over the next few months,

Crude oil production from the major US onshore regions is forecast to increase 18,000 b/d month-over-month in March from 9,057 to 9,075 thousand barrels/day, gas production to decrease 188 million cubic feet/day from 85,167 to 84,979 million cubic feet/day .

In April, Russia may fully return to production levels reached before the OPEC+ deal in October 2018, Novak said.

Россия сейчас ни с кем не ведет ценовой войны

Africa hopes to exploit its 509.6 Tft3 of proven natural gas reserves, which amount to nearly 7.3% of global total reserves of 6,951.8 Tft3.

U.S. Rig Count is down 1 rig from last week to 792, Canada Rig Count is down 28 rigs from last week to 175

Saudi Arabia and Russia launched a war for market share, flooding global markets with crude. Oil traded in New York was trading at $30.76 a barrel in aftermarket hours on Thursday, down more than 2%.

The falls in the bonds come in the wake of the failure of Opec and Russia late last week to agree a deal on cutting production,

EIA forecasts Brent crude oil prices will average $43/b in 2020, down from an average of $64/b in 2019. For 2020, EIA expects prices will average $37/b during the second quarter and then rise to $42/b during the second half of the year. EIA forecasts that average Brent prices will rise to an average of $55/b in 2021, as declining global oil inventories put upward pressure on prices.

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.