Saudi Arabia's Minister of Energy said all options are open at an OPEC+ meeting in early March, including further cuts in oil production
New research shows a sharp increase in expected low-carbon investment this year by oil and gas companies, despite volatile market conditions.
IEA's Fatih Birol told Reuters that oil prices could not be expected to rise significantly under "normal conditions" although unexpected developments, such as rising instability in Iraq, could alter the situation.
U.S. oil production from seven major shale formations is expected to rise about 22,000 barrels per day next month, which would be the smallest monthly increase since shale output declined in February 2019.
For the week ahead, Stratas Advisors expect Brent to continue drifting lower, likely averaging $63.50/bbl.
Two major oil fields in southwest Libya began shutting down on Jan. 19 after forces loyal to Khalifa Haftar closed a pipeline, potentially cutting national output to a fraction of its normal level.
The terms of the trade deal imply an absolutely massive increase in Chinese imports of U.S. energy, and if this actually comes to pass, it will have serious disruptive effects across global markets.
The risk has receded for now, the agency said.
Quantities were not specified in the accord and analysts were unclear how quota sales will work.