Oil

The IEA cut its estimate for global oil-demand growth for both 2018 and 2019.

Saudi Arabia has the capacity to produce 12 million bpd and is currently producing 10.7 million bpd.

In the same period last year. rig count stood at 743 rigs. which shows the continuous rise in American crude production.

The world’s fifth-largest crude buyer imported 10.8 million tonnes of crude last month.

Iran can export half of its oil but earn like the past.

The oil and gas rig count is now 135 up from this time last year.

India is Iran'.s top oil client after China.

Total OPEC oil production is expected to average 32.46 million b d in 2018. down 220.000 b d from 2017.

Concern that the U.S.-Chinese trade war could slow down economic growth and hit oil demand also weighed on the market.

Birol has welcomed efforts by top OPEC producer Saudi Arabia to increase output.