International

The level of execution of the deal by the OPEC countries in January was 86%.

OPEC and Russia have been cutting production together to support prices since 2017.

Russia first joined forces with OPEC to exert more control over international oil prices in late 2016.

Turkey has already caused concerns in Cyprus. Greece and private companies due to its activity in the region.

Moscow is better positioned to balance its budget at current levels than Saudi Arabia.

Venezuela'.s total crude output will fall to below 800.000 b d by the end of February.

PDVSA and Maduro’s government could have a much harder time finding destinations for Venezuelan oil than first thought.

In Europe. PDVSA trades with Spain’s energy major Repsol. commodity traders Trafigura and Vitol.

In 2018. the US supermajor ExxonMobil drilled 2.7 net wildcat wells in Guyana.

In late 2017. the kingdom announced plans to build the US$500 billion NEOM mega city in the northern Red Sea.