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.

EIA forecasts Brent prices will average $61/b in 2020; with prices averaging $58/b during the first half of the year and $64/b during the second half of the year. EIA forecasts the average Brent prices will rise to an average of $68/b in 2021.

Rosneft's hydrocarbons production in 2019 was more or less steady year on year at around 5.8 million b/d of oil equivalent

Iran’s support for any output reduction agreed by a majority of OPEC member states

"The contract core sum is $876 million and with its side costs the investment will reach $1.3 billion," Zanganeh said.

Angola's crude output has fallen from a peak of 1.9 million b/d in 2010 to 1.4 million b/d currently

The worldwide rig count for January 2020 was 2,073, up 30 from the 2,043 counted in December 2020, and down 192 from the 2,265 counted in January 2019.

U.S. Rig Count is unchanged from last week at 790, Canada Rig Count is up 10 rig from last week at 257

The Russian delay is sure to frustrate OPEC kingpin Saudi Arabia, which had called for the collective to immediately implement deeper cuts of 500,000 b/d or more amid the sell-off in crude prices.

The US was prepared to sanction Rosneft if it continued to trade crude oil and fuel with PDVSA, but analysts said those sanctions have yet to be imposed because of the expected impact they may have on the global oil market.

The EU has agreed to sanctions against two officials from Turkey’s state petroleum company.

NOV VARCO revenues for the full year 2019 were $8.48 billion, operating loss was $6.28 billion, and net loss was $6.10 billion, or $15.96 per share. Adjusted EBITDA for the full year was $885 million, or 10.4 percent of sales.

"Any overreaction...is not in the interest of the general public, let alone the oil market. We have the consensus that we would not like to see this."

Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz "thoroughly discussed" the current oil market conditions as prices have fallen by more than 20% in the past three weeks amid global oil demand concerns, a Kremlin statement said late Monday.

In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014.