Canadian producers are rigorously producing extra crude in an attempt to try and offset a dire year for the Canadian oil industry.

The Organization of Petroleum Exporting Countries and its allies (OPEC+) has warned that the state of the oil market is in a “precarious” position and has hinted towards a change of tack in regards to oil cuts.

Iraq, the Organization of the Petroleum Exporting Countries’ fourth-largest producer of oil, is seeking a pardoning from the existing OPEC+ deal in Q1 of 2021 but insists it will adhere to cuts over the next 3 months.

Saudi Arabia and Russia have agreed to extend the existing oil cuts by another month and intend to ramp up pressure on non-compliant oil producing nations.

Iraq has announced that it will only cut production by 700,000 barrels per day (bbl/d), a third less than the required amount from the OPEC+ supply pact, after international oil companies (IOC) rejected further cuts.

The Kurdistan Regional Government (KRG) and the federal Iraqi government have come to an agreement to cut oil output in line with a new deal between top oil producers to lower global supply.

UAE intends to continue following the efforts of Saudi Arabia, which are aimed to stabilize the oil markets, said Suhail Al Mazrouei, UAE's Minister of Energy and Industry.

Russia will withdraw from the production cut agreement with the Organization of the Petroleum Exporting Countries (OPEC) if oil prices remain at $70 per barrel for six months.

Oman will host the 7th meeting of Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) on January 21st.