U.S. increases in net crude oil imports in 2021 and 2022 because domestic crude oil production and inventory draws alone will not meet the needs of U.S. refineries.

An expected gradual reduction in oil production of around 1-2% each year, including divestments and natural decline.

Total preserves its financial strength with a gearing of 21.7% at the end of 2020.

Brent was down by 1 cent at $61.08. WTI dropped 8 cents to $58.28.

Brent crude oil prices will average $56/b in the first quarter of 2021 and $52/b over the remainder of the year. Brent prices will average $55/b in 2022.

"Iraq is committed to the [OPEC+] agreement to cut production in light of the current challenges facing the international oil market and global oil producers due to the coronavirus that led to the contraction and recession in the global economy," Karim Hattab told INA.

Aramco is in talks with banks to provide “staple financing”, which is a financing package provided by the seller that buyers can use to back their purchase.

Brent gained 41 cents, or 0.7%, to $60.97 a barrel. WTI was at $58.25 a barrel, up 28 cents, or 0.5%.

An expanding economy, population, urbanisation and industrialisation mean that India sees the largest increase in energy demand of any country, across all of our scenarios to 2040.

OPEC's 13 members pumped 25.70 million b/d in the month, up 270,000 b/d from December, while their nine non-OPEC partners, led by Russia, produced 12.91 million b/d, a rise of 170,000 b/d,

the share of renewables in the U.S. electricity generation mix will increase from 21% in 2020 to 42% in 2050.

In the fourth quarter of 2020 LUKOIL Group's average hydrocarbon production was 2,065 kboe per day, which is 9.5% higher quarter-on-quarter.

Brent touched an intraday high of $60.06 a barrel. WTI advanced 60 cents, or 1.1%, to $57.45 a barrel.

India's petroleum and steel minister Dharmendra Pradhan said stable energy markets will be crucial for both economic and demand recovery, and cooperation among consumers and producers is crucial to make that happen.

The Worldwide Rig Count for January was 1,183, up 79 from the 1,104 counted in December 2020, and down 890 from the 2,073 counted in January 2020.