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The demand for OPEC crude will average 29.40 million barrels per day next year.

Russia continues its coordination with the Organization of the Petroleum Exporting Countries (OPEC) on the global oil market.

The biggest supply drop came from Saudi Arabia. which has cut supply even further below its OPEC target in a bid to reduce oil inventories.

China and the U.S. would lead healthy global demand for oil this year.

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

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

The analysts at Goldman Sachs expect the OPEC producers and Russia to compensate for the drop in Iranian oil supplies.

OPEC and non-OPEC countries aim to agree a framework for long-term cooperation by December.

Novak and Falih discussed bilateral energy ties and the global energy market during a meeting in Moscow.

When the IPO was initially flagged in 2016. Saudi officials hoped it would raise as much as $100 billion.