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

Brent rose 24 cents, or 0.4%, to $55.17 a barrel, WTI were up 15 cents, or 0.3%, at $51.10 a barrel,

Russian energy minister Alexander Novak discussed bilateral energy cooperation with the US ambassador to Russia, John Sullivan, on Thursday, according to an energy ministry statement.

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.

Rosneft Oil Company and Indian Oil Corporation Limited (IOCL) signed a contract to supply up to 2 million tonnes of oil to India via the port of Novorossiysk by the end of 2020.

ConocoPhillips (NYSE: COP) reported fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share.

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.

Brent were up 31 cents, or 0.6%, to $54.27 a barrel, WTI were up 21 cents or 0.4% to $49.82 a barrel

"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.

The question is whether the terms are attractive enough when nations are competing increasingly aggressively for investment from international oil companies (IOCs) and the potential demand destruction from the energy transition looms over the coming decades. The attractiveness of South Africa’s terms will have ramifications far beyond its borders.