"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.

BP profit was $19 million for the fourth quarter and $4.0 billion for the full year.

In the fourth quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,388 thousand boe per day

Brent crude was at $56.44 a barrel, down 18 cents, or 0.3%, WTI crude rose 10 cents to $51.66 a barrel,

Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel

Saudi Arabia over-complied with its quota of 10.31 million b/d last year under the old agreement with the 23-member OPEC/non-OPEC coalition, collectively known as OPEC+, as the country made up for laggards Iraq and Nigeria, which flouted their quotas for most of last year.

The preliminary level for dry natural gas production in November 2019 was 2,896 billion cubic feet (Bcf), or 96.5 Bcf/d. This level was 7.4 Bcf/d (8.3%) higher than the November 2018 level of 89.2 Bcf/d.

Iraq's federal exports averaged 3.3 million b/d, compared with 3.43 million b/d in December, the oil ministry said in a statement on Saturday. The January figure is 420,000 b/d lower than the all-time high of 3.726 million b/d reached in December 2018.

ExxonMobil Earns $14.3 Billion in 2019; $5.7 Billion in Fourth Quarter

Chevron Corporation (NYSE: CVX) reported a loss of $6.6 billion ($(3.51) per share - diluted) for fourth quarter 2019,

Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc announced today that it has formally closed on the sale of Shell’s Martinez Refinery in California to PBF Holding Company LLC (PBF), a subsidiary of PBF Energy, Inc., in exchange for $1.2 billion which includes the refinery and inventory.

U.S. Rig Count is down 4 rigs from last week to 790, Canada Rig Count is up 3 rig from last week at 247