In April, Russia may fully return to production levels reached before the OPEC+ deal in October 2018, Novak said.

Replenishing the Strategic Petroleum Reserve would enable the government to take as much as 77 million barrels off the world market.

The UAE's central bank announced a package of $27.3 billion, Saudi Arabia's central bank announced the same day a $13.3 billion package

Saudi Aramco 2019 net income of $88.2 billion

U.S. Rig Count is down 1 rig from last week to 792, Canada Rig Count is down 28 rigs from last week to 175

Brent was up $1.12, or 3.4%, at $34.33 a barrel , WTI rose $1.17 cents, or 3.7%, to $32.66 per barrel

Saudi Arabia and Russia launched a war for market share, flooding global markets with crude. Oil traded in New York was trading at $30.76 a barrel in aftermarket hours on Thursday, down more than 2%.

The falls in the bonds come in the wake of the failure of Opec and Russia late last week to agree a deal on cutting production,

Moscow’s decision to withdraw last week from a pact with Saudi Arabia to limit crude production, sparking an oil war that sent prices crashing 30 per cent on Monday, upending global markets.

Rosneft Trading and TNK Trading handled a "large percentage" of Venezuela's oil exports in 2019

Brent was trading down $1.65, or 4.6%, at $34.14 , WTI was down $1.38, or 4.2%, at $31.60

EIA forecasts Brent crude oil prices will average $43/b in 2020, down from an average of $64/b in 2019. For 2020, EIA expects prices will average $37/b during the second quarter and then rise to $42/b during the second half of the year. EIA forecasts that average Brent prices will rise to an average of $55/b in 2021, as declining global oil inventories put upward pressure on prices.

Total global oil demand is now assumed at 99.73 mb/d in 2020, with 2H20 forecast to see higher consumption than 1H20. Considering the latest developments, downward risks currently outweigh any positive indicators and suggest further likely downward revisions in oil demand growth, should the current status persist.

Russia has long been seeking to capitalize on its OPEC ties with investment deals, which have been slow to materialize despite official state visits by Saudi King Salman to Moscow in 2017 and Russian President Vladimir Putin to Riyadh in October.

Al Mazrouei said, via a series of tweets, "OPEC and OPEC+ played an important role in delivering market stability. The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market."