U.S. commercial crude oil inventories increased by 15.2 million barrels to 503.2 million barrels

Libya's oil production has undergone a rapid rebound of almost 1 million b/d in the past two months

More than 30 million mt/year of LNG production capacity is under development in Mozambique as the country looks to join the ranks of the world's biggest LNG exporters.

Brent rose 11 cents, or 0.2%, to $48.95 a barrel. WTI climbed 9 cents, or 0.2%, to $45.69.

Brent prices will average $49/b in 2021, up from an expected average of $43/b in the fourth quarter of 2020. Brent prices will average $47/b in the first quarter of 2021 and rise to an average of $50/b by the fourth quarter.

“Пик потребления углеводородов, может, уже даже и прошел. Пандемия структурно повлияла на мировую экономику: уже меньше путешествий, пользования транспортом, командировок, но больше видео конференций, заказов через онлайн торговлю. Это уже могло повлиять на структурный уровень потребления углеводородов в мире”.

OPEC+ compliance with its production cuts stayed stable at 100.2%.

Средняя цена на нефть марки Urals в январе-ноябре 2020 года сложилась в размере $41,04 за баррель, в январе-ноябре 2019 года - $63,51 за баррель.

Brent fell 51 cents, or 1.1%, to $48.28 a barrel. WTI fell 45 cents or 1%, to $45.31 a barrel.

In April 2020, the OPEC+ decided to cut their overall crude oil production by 9.7 mb/d over the 1 May 2020 - 30 June 2020 period, in an attempt to reduce the global oversupply and to firm up depressed oil prices in a context of COVID-19 pandemic.

Brent fell 76 cents, or 1.5%, to $48.49 a barrel. WTI was down 82 cents, or 1.8%, at $45.44.

"Russia's increase starting January is around 125,000 b/d, we discussed it with oil companies," Novak said during the OPEC+ press conference.

The Worldwide Rig Count for November was 1,074, up 58 from the 1,016 counted in October 2020

U.S. Rig Count is up 3 from last week to 323 , Canada Rig Count is unchanged from last week at 102

Brent was up $1.04, or 2.1%, at $49.75 a barrel . WTI rose 84 cents, or 1.8% to stand at $46.48 a barrel.