Oil

The sanctions aim to freeze sale proceeds from PDVSA’s exports of roughly 500.000 barrels per day of crude to the United States.

Japan did not import any crude from Iran in November.

Russia and Saudi Arabia have been steadily developing economic cooperation over recent years.

China is trying to stem the slowdown with aggressive fiscal stimulus measures.

The compliance with the agreed output cuts will be key to balancing the market in 2019.

China is among the countries that were granted a waiver from sanctions on Iranian oil imports.

Venezuelan production will decline by an additional 300.000-500.000 barrels per day (bpd) this year.

Trump had no choice but to exempt some importers of Iranian oil. including India. South Korea. China and Japan from the order.

The Kingdom’s crude oil exports rose to 8.235 million barrels per day (mbd) in November from 7.7 mbd in October.

As the world’s top crude oil exporter. Saudi Arabia will not be giving away easily its crown and the geopolitical clout that comes with it.