In addition to demand growth. LNG supply projects have an opportunity to capture legacy demand.

The two-way trade volume totaled US$12 billion in 2017. with South Korea exporting $4 billion worth of products.

South Korea’s second largest refiner GS Caltex has bought 4 million barrels of Mars crude in recent months. the sources said.

Exxon and Total are currently exploring off Cyprus.

OPEC and non-OPEC countries decided in late 2016 to cut output by 1.8 million barrels per day to boost oil prices.

Moscow and Riyadh recently announced their desire to pump more oil after a relative hike in prices.

The U.S. is unlikely to join with China and India. though it should.

Recently. open US pressure on those Europeans who support the project has intensified.

Since July last year crude oil prices have gained 56%.

The statement said the kingdom will coordinate with other producers.