Trump had no choice but to exempt some importers of Iranian oil. including India. South Korea. China and Japan from the order.

The Kingdom’s crude oil exports rose to 8.235 million barrels per day (mbd) in November from 7.7 mbd in October.

Venezuelan crude exports to the United States last year fell 15 percent to the lowest annual average in nearly three decades.

As the world’s top crude oil exporter. Saudi Arabia will not be giving away easily its crown and the geopolitical clout that comes with it.

U.S. officials are considering a range of potential measures. including restricting U.S. imports of Venezuelan oil or even a full ban.

Google is already the largest corporate purchaser of renewable energy.

The deals were signed in a ceremony attended by Oil Minister Bijan Namdar Zanganeh on Tuesday.

The rise in prices thanks to output cuts has brought roughly an additional $110 billion in revenues to Russia.

The European Union is also working on a financial mechanism to ease non-dollar trade with Iran and circumvent US sanctions.

The oil was found at a depth of 3.570 metres in an exploratory well and is very light and sweet.