"Without sufficient investment, a reduced supply of oil and gas could lead to greater market volatility and higher prices, slowing the global economic recovery and jeopardizing energy security and international goals," said the IEF,

At the Open of todays European Session, the BRENT was trading at 49.00 price average shrugging off the build and shifting more focus towards the demand and recovery.

Brent climbed 12 cents, or 0.3%, to $48.98 a barrel. WTIrose 14 cents, or 0.3%, to $45.66 a barrel .

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

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%.

Ожидаемый объем недополученных нефтегазовых доходов федерального бюджета прогнозируется в декабре 2020 года в размере 70,1 млрд руб.

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.