International

The 24-member OPEC and non-OPEC alliance decided last year to cut production by 1.2 million barrels per day (bpd) from January 2019.

The demand for OPEC crude will average 29.40 million barrels per day next year.

Iraq is on track to produce nearly six million barrels of crude per day by 2030.

The oil market has become highly sensitive to the US-China trade war.

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%).