Total had previously withdrawn from the field in 2009 because of sanctions.

In July. Venezuela’s oil production came in lower than PDVSA had targeted. according to Argus Media.

Iran’s output was the lowest since April last year at 3.75 million bpd.

The Crystallex case has been closely watched by investors holding billions of dollars in Venezuelan bonds.

The U.S. wants to cut Iran’s oil export.

US LNG has so far been excluded from tit-for-tat tariff rounds between Washington and Beijing.

As oil sanctions against Iran take effect. maintaining global supply might be very challenging.

The world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019.

While EU has taken major steps to liberalize its energy market since the 1990s. Turkey has also initiated the liberalization of its energy sector.

The oil giant is an important source of energy for European states trying to reduce their dependence on Russia.