Tag Archives: Reuters International News Agency

Iraq is OPEC’s second-largest oil producer following Saudi Arabia and pumps around 4.6 million bpd.

China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating.

Riyadh has suggested OPEC and its allies reduce output by 1 million barrels per day from January 2019 to stem the price falls.

OPEC and non-OPEC oil producers will hold a ministerial meeting Dec. 6-7.

A slowdown in oil demand growth is compounding the emerging oversupply.

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

Libya’s oil exports to China in 2017 totaled $1.7 billion.

Over the past year. Russia has consolidated its position of China’s biggest oil supplier ahead of number-two Saudi Arabia.

Saudi Arabia has been pushing for an OPEC cut. indicating it may reduce supply by 500.000 bpd.

U.S. President Donald Trump pulled out of the accord in May.