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And in China, "WeChat (owned by Tencent) has more than one billion active users and, together with Alipay, an Alibaba company, its payment solution has captured virtually the entire Chinese market for mobile payments. Meanwhile, Alibaba has been estimated to have close to 60 percent of the Chinese e-commerce market," the report said.

And British online retail group Asos also pulled out of China in 2016 after it failed to compete with large, native e-commerce retailers.

An undated handout image released by the Whelan family showing Paul Whelan of Michigan who has reportedly been arrested in Moscow, Russia by the FSB under charges of espionage despite the family advising he was in Russia for a wedding in Novi, Michigan, Jan 1, 2019. [Photo/IC]

Analysts are also wary about what lies ahead, after the OPEC-led output curb expires in the second half of 2019, though Al-Falih expressed optimism last week for the extension of the OPEC-led December agreement.

Analysts believe Bannon's departure is expected to create big ripples inside the Trump administration as this may indicate a separation between government policies and nationalistic ideas Bannon advocates.