International

Gazprom and Rosneft are developing large deposits on the Arcric shale at the moment.

China'.s reliance oil and gas imports is growing too rapidly.

Under the OPEC+ agreement in August. Russia'.s oil production cut level was 143.000 b d compared to October 2018.

The deal is intended as an end-run around Russia’s ability to choke off European energy supplies that are shipped via pipelin.

Middle Eastern crude oil lifting fell sharply in July. with overall volumes down by more than 800.000 bpd.

The EU Member State with the highest oil import dependency rate in 2017 was Estonia (115%).

The Saudis have vowed to keep production well below 10 million bpd.

China had seen a rapid pace of growth in imports of US crude.

Among Beijing’s latest punitive duties. it will impose a 5 per cent tariff on US crude oil from September 1.

Saudi Arabia remained China’s top oil supplier last month.