The US will no longer be giving any waivers to current Iranian oil buyers who were allowed in 2018 to purchase oil from Iran without sanctions.

Iraq's oil reserves have increased to 153b barrels, from a previous estimate of 143b barrels, according to the Oil Minister, Jabal al-Luaibi.

The Organization of the Petroleum Exporting Countries' (OPEC) oil output was set to fall by more than 1mb/d in January to prop up oil prices and reduce a supply glut. Supply from 11 OPEC members with production targets under the deal has averaged 30.01mb/d in January, compared to 31.17mb/d in December.

The Energy Information Administration (EIA) said that the oil market is maintaining a global crude glut despite global demand growth, a drop in non-OPEC production, and a decline in crude stockpiles.

The 12-member Organization of the Petroleum Exporting Countries' (OPEC) crude oil production averaged 29.27 million barrels per day (b/d) in December, up 170,000 b/d from an estimated 29.1 million b/d in November, according to a just-released Platts survey of OPEC and oil industry officials and analysts.