Oil

OPEC and Russia may use cuts to support $70 per barrel.

The next OPEC+ meeting is scheduled for 4 December.

The committee is away from its mission and for the same reason should be stopped.

China was given a waiver to import around 360.000 bpd from Iran during the exemption period.

South Korea is the world’s fifth-largest crude oil importer.

Saudi Arabia. the world'.s largest exporter. has claimed that it can respond to the Iranian shortfall.

Saudi Arabia is the only producer with significant spare capacity around 2 million bpd.

The oil market ran higher in anticipation of this week’s formal re-imposition of sanctions against Iran by the United States.

Iran exported the equivalent of 2.5 million barrels a day in April.

Saudi Arabia had been ``very helpful`` in bolstering oil supplies while the U.S. moved to reimpose sanctions against Tehran.