OPEC expects that average oil production in Russia will be 11.15mn barrels per day in 2018 and 11.17mn barrels daily in 2019.

Much will depend on the European Union. which has vowed to resist US sanctions on Iran.

Some believe that China’s move aims to keep oil as a bargaining chip for future negotiations on tariffs or Iranian sanctions.

Last month. Saudi Arabia temporarily halted oil shipments through Bab al-Mandab citing security concerns after Yemen’s Houthis attack.

At last month’s NATO summit in Brussels. President Trump caused a stir by claiming Germany was a ``captive of Russia.``

In June. Royal Dutch Shell exited the Majnoon oilfield in southern Iraq and handed over its operations to the state-run Basra Oil Co.

China'.s LNG import volume is soaring as it moves to fulfill growing domestic demand for gas.

The cut in electricity export to some neighbors this summer was due to the peak demand period.

US President Donald Trump last month accused Germany of being a ``captive`` of Russia.

The dollar. which is considered to be the international currency. becomes a risky tool for payments.