Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

Saudi Arabia. the world’s largest oil exporter. has already cut production more than required.

China and Russia have an interest in preventing the complete collapse of Venezuela’s oil industry.

The two side also discussed the oil market conditions and the Kingdom’s keenness to maintain its stabilities.

Tensions in the Middle East have heightened in the wake of attacks on tankers and U.S. drones.

Iranian Oil Minister Bijan Zanganeh issued a decree appointing Mohammad Taeb as the director-general of OPEC Affairs at the Iranian Oil Ministry.

Crude oil futures were lower as global economic outlook dimmed over an escalation in US-China trade tensions.

Among countries with higher output. Gulf producers Kuwait and the United Arab Emirates both raised supply while remaining below their OPEC targets.

China imported a record amount of crude from Saudi Arabia in June.

OPEC reduced output at the start of this year as part of an agreement with other producers.

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.