On Monday, Aramco shares opened trading at Riyals 27 ($7.19) before rising modestly to close at Riyals 28.35. That is 11.4% below its IPO price, prompting the company's valuation to slide to about $1.5 trillion from $1.7 trillion in December, in the wake of Friday's failure by OPEC and Russia to reach a deal on oil production cuts.

OPEC recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020.

With oil prices tumbling, OPEC now wants to deepen its production cuts with non-OPEC allies by 1.5 million b/d for the full year 2020, instead of just the second quarter, sources said Thursday.

“Conoravirus ... is a short-lived factor which is affecting oil prices ... There will be an OPEC (and non-OPEC) meeting, compensatory measures will be taken which will take the excess oil off the market and the oil price will rebound,” Fedun said.

Iraq's total exports, which include those of Kurdistan, reached 3.873 million b/d in February, up from 3.667 million b/d in January,

the UAE has officially become a peaceful nuclear energy operating nation.

Saudi Arabia's oil sector declined by 3.6 percent in 2019 dragging overall GDP growth to 0.3 percent

Despite heavy lobbying by Saudi Arabia, the 23-country coalition of OPEC and non-OPEC producers has yet to agree on any plans to rein in crude oil production further.

The GCC nations include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. The gulf region could save 354 million barrels of oil equivalent from adopting renewable energy by 2030, according to a 2019 study from the Abu Dhabi-based International Renewable Energy Agency.

The global impact of coronavirus will only be “short term”, according to the CEO of Saudi Aramco.

"The fundamentals of our relationship are mostly based on defence, counter-terrorism and energy. These are strong pillars that need to be nurtured and maintained," Detroit-born Rakolta said.

Jafurah could generate $8.6 billion a year in income and contribute $20 billion a year to the Saudi Arabia's GDP.

“GDP growth in Saudi Arabia is projected to see an upturn in 2020,” said Kholifey. “Monetary, fiscal and structural policies in my country are all geared towards an expansion of the private non-oil sector GDP over the medium term,” he said.

Despite the partial recovery, oil prices are still far below the level many OPEC members need for their budgets to balance.

Turkey had invested around $40 billion in renewables over the last decade