Saudi Arabia exported 6.582 million b/d in January, according to JODI data released March 18, an increase of 87,000 b/d from December. It was the seventh straight month that shipments have risen since a historic low of 4.98 million b/d in June when stringent OPEC+ production cuts were in effect.

Preliminary production figures for January 2021 show an average daily production of 2 137 000 barrels of oil, NGL and condensate.

Brent was down 74 cents, or 1.1%, at $67.26 a barrel. WTI was also down 65 cents, or 1%, at $63.95 a barrel.

Iraq's oil minister and a Total delegation also discussed potential development of solar power projects in the country's central and southern provinces. The two sides also discussed Total's potential support and financing of oil infrastructure projects.

Brent fell 66 cents, or 1%, to $67.73 a barrel. WTI dropped 42 cents, or 0.7%, to $64.38.

Though Russia suffered a relatively modest recession amid the pandemic last year, the recovery is expected to be sluggish and a jolt of state spending could help accelerate it. Russia has invested billions from the fund in the past in projects linked to big state companies.

Brent was down 69 cents, or 1%, at $68.19. WTI was down 69 cents, or 1.1%, at $64.70 a barrel.

Brent gained 47 cents, or 0.7%, to $69.69 a barrel. WTI was at $66.10 a barrel, up 49 cents, or 0.8%.

With non-OPEC supply forecast to bounce back by 950,000 b/d in 2021 to 63.8 million b/d, OPEC lowered the estimated demand for its crude by 240,000 b/d to 27.26 million b/d.

Moscow sees global oil supply in a deficit of 1 million-2 million b/d at the moment, as the world economy continues to recover driving oil demand up by 5.5 million b/d this year.

U.S. Rig Count is down 1 from last week at 402, Canada Rig Count is down 25 from last week to 116

Brent slipped 33 cents, or 0.5%, to $69.30 a barrel. WTI was at $65.65 a barrel, down 37 cents, or 0.6%.

For 2021, world oil demand is expected at 5.9 mb/d, to stand at 96.3 mb/d.

U.S. commercial crude oil inventories increased by 13.8 million barrels to 498.4 million barrels.

Royal Dutch Shell plc published its Annual Report and Accounts for the year ended December 31, 2020.