The report quoted the Venezuelan minister, that last year was full of challenges in reference to the sanctions against the oil sector in his country and the targeting of the Venezuelan economy in a large way, which created many difficulties for the Venezuelan people and dealt a blow to oil production in the country.
The report pointed to the aspiration of Venezuela to return to the production of oil in the country to its normal levels, noting that the production of Venezuela recorded in 2018 the level between 1.5 to 1.6 million barrels per day, before imposing sanctions on the country in early 2019.
The report sees that 2020 represents a milestone for OPEC, as the 60th anniversary of the founding of the organization comes, considering that there are many reasons for celebration, the most important of which is that "OPEC" has provided and provided many benefits to producers and consumers, the most important of which is to maintain the stability of the oil market, noting that Oil has provided many benefits and everyone must cooperate to see it as a tool to promote the development and welfare of peoples.
Oil prices had risen more than 1 percent at the end of the week, achieving its first weekly gains since early January, with investors betting that the effect of the coronavirus will be short-term and their attachment to the hope for more stimulus measures from the Chinese Central Bank to address any slowdown economically.
According to "Reuters", Brent crude rose 98 cents, equivalent to 1.74 percent is determined to settle at $ 57.32 a barrel, crude and increased 5.23 percent during the week, the first weekly gain in six weeks.
US West Texas Intermediate crude futures rose 63 cents, or 1.23 percent, to close at $ 52.05 a barrel, and the weekly increase was 3.44 percent.
Jim Ritterbusch, The president of Ritterbusch & Co., said that "The massive liquidation process, which pushed prices down sharply last month, is likely to be completed to be replaced by purchase, as well as coverage of the city centers of speculators, who have recently entered the market,"
Brent has fallen about 15 percent since the start of the year, due to factors including concerns that the virus will harm the global economy, but market sentiment improved with the reopening of factories in China and the government easing monetary policy with the second-largest economy in the world.
Dan Bruilett, the US Secretary of Energy, believes that the impact of the virus outbreak in China on global energy markets is marginal, and is unlikely to dramatically affect oil prices even as Chinese demand drops by 500,000 barrels per day.
In the face of declining demand, the Organization of Petroleum Exporting Countries (OPEC) and its allies are considering, within the framework of what is known as "OPEC +", to reduce production by up to 2.3 million barrels per day.
For its part, the US Energy Information Administration reported that US stocks of crude oil rose higher than expected last week, while gasoline and distillate stocks decreased.
Crude inventories increased by 7.5 million barrels over the past week to reach 435 million barrels, and analysts had expected in a poll to increase stocks by three million barrels.
The net US imports of crude oil rose 806 thousand barrels per day to 4.01 million barrels per day last week.
And American energy companies raised the number of oil rigs operating for the third week in four weeks even at a time when producers plan to continue to cut spending on new drilling activities for the second year in a row in 2020.
Baker Hughes Energy Services said in its closely watched report that energy companies added an oil rig in the week ending February 7, bringing the total number of drilling rigs to 676.
The number of operating rigs was 854 in the same week a year ago, and in 2019, the number of oil rigs, an early indicator of future production, fell by an average of 208 rigs after rising by 138 in 2018 as independent exploration and production companies cut spending on new drilling With shareholders seeking better financial returns in a situation where energy prices are falling.
Despite the decline in the number of drilling rigs drilling new wells last year, US oil production continued to rise, in part because the productivity of the remaining rigs - the amount of oil, produced by new wells per platform - increased to record levels in most of the large rocky basins.
However, production growth is expected to slow in the coming years, after rising 18 percent in 2018 and 11 percent in 2019.
The U.S. Energy Information Administration expects that US crude production will rise about 9 percent in 2020 to 13.3 million barrels per day and 3 percent in 2021 to 13.7 million barrels per day from the record level of 12.2 million barrels per day in 2019.
Since the beginning of the year, the total number of oil and gas rigs operating in the United States has averaged 791, and most drilling rigs produce oil and gas.