Oil

The trade war between the world’s two biggest economies has weighed heavily on global trade.

Iraq is OPEC’s second-largest oil producer following Saudi Arabia and pumps around 4.6 million bpd.

Qatar announced on Monday that it plans to withdraw from the oil producing group.

OPEC and non-OPEC oil producers will hold a ministerial meeting Dec. 6-7.

A slowdown in oil demand growth is compounding the emerging oversupply.

OPEC and other major producers are considering coordinated output restrictions to stem a further drop in prices.

Oil production had declined by 150 thousand barrels per day.

Crude reserves increased 6.4 billion barrels. or 19.5 percent. to 39.2 billion barrels at year-end 2017.

Russia is the key non-OPEC partner in the production cut deal with OPEC.

On Tuesday. the American Petroleum Institute (API) reported an estimated inventory increase of 3.453 million barrels.