Oil

The organization is more directly represented by its secretary-general. currently the Nigerian Mohammad Barkindo.

International Brent crude oil futures had yet to trade.

Venezuela’s production has almost halved in two years to 1.17 million bpd.

Downside risks include a slowdown in global economy which would dent global crude demand.

Riyadh projects that its budget deficit will decrease this year to 131 billion riyals.

Growing U.S. supply and a potential economic slowdown this year could cap oil markets.

Crude shipments to the U.S. from OPEC and its partners fell to 1.41 MMbpd in January.

The company will buy about 4.5 million tonnes of Iraqi crude oil in 2019.

In 2018. exploration added at least 10.5 billion barrels of oil equivalent in conventional new field volumes.

Russia has been in full compliance with its pledge to gradually cut its oil production.