Oil

Despite a further cut in oil demand growth by the IEA. oil prices are trading marginally higher.

China continued imports of Iranian crude oil in July. two months after the expiry of US sanctions waivers. research from three firms tracking tanker movement showed. according to Reuters.

U.S. crude oil exports in total are up nearly 50% over a 12 month period.

The field produces about 290.000 barrels per day (bbl d). accounting for a quarter of Libya’s oil production.

OPEC and its allies have agreed to cut production by 1.2 million b d through to the end of the first quarter of 2020.

Saudi Arabia. the world’s largest oil exporter. has already cut production more than required.

Saudi Arabia. the world’s largest oil exporter. has already cut production more than required.

Saudi Arabia. the world’s largest oil exporter. has already cut production more than required.

The two side also discussed the oil market conditions and the Kingdom’s keenness to maintain its stabilities.

Tensions in the Middle East have heightened in the wake of attacks on tankers and U.S. drones.