Oil

Rising U.S. crude production remains an issue for OPEC as it strives to clear a global overhang.

The cartel and its allies. which together control more than half the world’s oil output.

Saudi Arabia’s exports were 6.68 mb d. the second-lowest for this year.

Russia’s state-owned Rosgeologia is in talks with Zarubezhneft. Gazprom Neft and Lukoil on joint implementation of projects in Iran.

Tehran aims to sign 10 new oil and gas deals by the end of the current fiscal year (March 20. 2018).

The situation is complicated and likely to continue until the dust from the Kurdistan independence referendum settles.

The Asian nation’s imports of Russian crude jumped 61% to a record 6.35 million metric tons in September from a year earlier.

Output is falling. cash is drying up and oil workers have fled the country because of food shortages and violence.

Each of the U.S. producers acting individually can only impact a fraction of a percentage of the world oil market.

Iraqi oil ministry officials have said they were hoping to bring output back to normal by Sunday but it has not happened yet.