Austerity helped push the economy into recession in the second quarter of 2017.

The situation is complicated and likely to continue until the dust from the Kurdistan independence referendum settles.

Aramco’s petrochemicals output is about 30 million tonnes a year from plants it owns and joint ventures in Saudi Arabia and abroad.

The Asian nation’s imports of Russian crude jumped 61% to a record 6.35 million metric tons in September from a year earlier.

The good news is that we know that global LNG demand will keep pace.

Saudi Arabia will need huge financial and technical resources to build NEOM on the scale it envisages.

Oil- and gas-rich Iran has also pledged to slow climate change by promoting cleaner energies.

BP is the operator of the Shah Deniz and ACG development projects.

Output is falling. cash is drying up and oil workers have fled the country because of food shortages and violence.

The project valued $1.7 bn is financed by the investments of Japan and Türkmengaz.