Crude was roiled by the broader risk-off........>

OIL: Crude was roiled by the broader risk-off theme evident in Asia trade, WTI &

Brent both ~$1.20 below their settlement levels at typing. It wasn't all one-way

traffic, early Asia-Pac hours saw a modest bid in oil prices after the FT noted

that Saudi Arabia is "asking producers including Russia to sign up to a

collective production cut of an additional 1m barrels a day, according to five

people familiar with the talks, a significantly higher amount than provisionally

discussed when the so-called Opec+ group agreed to convene." OPEC SecGen

Barkindo had already pointed to a "renewed commitment" with OPEC+ re: reaching

an accord on Thursday. The heavy selling then set in, as risk was hit.

- Also worth flagging a RTRS sources report which suggested that Saudi is

reducing crude supplies to China in March by at least 500K bpd. A Global Times

piece has noted that Chinese crude imports may fall by as much as 8mn tonnes in

Feb, in the wake of the coronavirus outbreak.

- Elsewhere, a BBG sources report suggesting that "the Trump administration is

ready to unleash the full impact of sanctions on Chevron Corp.'s operations in

Venezuela as the U.S. seeks to further squeeze the Maduro regime."