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The change could add nearly 7 percent to the price used to determine the royalty.

Ghawar in Saudi Arabia is the world'.s largest conventional oil field.

Sabic was formed in the 1970s to make use of byproducts from refineries.

Last year. China'.s crude oil imports surged 10.1 percent year-on-year to 460 million tons.

ExxonMobil would become only the second multinational to lose access to MEPs.

Beyond OPEC. oil prices have been boosted by U.S. sanctions against OPEC members Iran and Venezuela.

The Trump administration is seeking to sign contracts leasing new coastal waters for oil drilling under favorable terms.

The Organization of Petroleum Exporting Countries reduced production by 221.000 bpd in February.

Venezuela´s oil output has long been on a downward spiral thanks to years of underinvestment and mismanagement.

BP was in fact an early mover into renewables.