Optimization of upstream production often requires application of digital technology that augments the physical infrastructure in oil and gas field and streamlines the process of collecting and integrating valuable domain data for analysis.

21.7 mln tonnes of oil are planned to be directed to domestic refineries and 17.95 mln tonnes for export to CIS and non-CIS countries.

Oil rebounded from another sharp drop as OPEC ministers prepared to meet amid booming volatility.

He said: “It is a breakthrough that few outside the Kingdom thought was possible and which has positive implications for energy security, economic development and climate protection”.

European stocks fell on Tuesday and were set to end the month 3 per cent lower after vaccine maker Moderna’s head cast doubts over the efficacy of Covid-19 shots against the newly detected Omicron variant.

Oil headed for the biggest monthly loss since the early days of the coronavirus pandemic as investors weighed risks posed by the new omicron variant.

LONDON: Oil rebounded by more than 5 percent on Monday to above $76 a barrel as some investors viewed Friday’s slump in oil and financial markets as overdone while the world awaits more data on the omicron coronavirus variant.

Morgan Stanley on Monday cut its first-quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand.

Russian Deputy Prime Minister Alexander Novak said on Monday, there is “no need for emergency measures in the oil market”.

Oil rebounded from one of its biggest ever daily drops as traders assessed the risks to global demand from the Omicron variant of Covid-19 and the potential response by OPEC and its allies.