В 2019 году была подписана Хартия долгосрочного сотрудничества между государствами ОПЕК и не-ОПЕК.

The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on Monday, triggering panic selling on Wall Street and other equity markets that have already been badly hit by the impact of the coronavirus outbreak.

Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day (MMBD) of crude oil in April

On Friday, Russia refused to sign a deal with OPEC and its non-OPEC allies on additional production cuts for the rest of 2020 to counter the fall in demand caused by the spreading coronavirus outbreak.

Saudi Arabia has said it could raise production to 12 million barrels per day,

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.