The global oil market, a critical element of the world's economic engine, is currently at a pivotal junction.
Russia is moving to gain a tighter grip on Iraqi oil production as its influence in Kurdistan is waning
Weakening demand by major oil consumers might also persuade Saudi Arabia to cut even further.
Saudis could decide to relax the cuts by 250,000 to 500,000 barrels daily from next month.
The EPSO crude going to China in September is trading at discounts of just $2-$2.50 per barrel to ICE Brent on delivered-ex-ship (DES) basis, according to the sources
Oil prices saw another rise on Tuesday morning on optimistic forecasts published by the International Monetary Fund (IMF).
Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day
Iran’s ramp up, which is already ongoing, runs counter to Saudi Arabia’s agenda, and puts the organization at real risk that other members will need to cut production as Iran ramps up.
Iran and Saudi Arabia share more than 28 oil and gas fields which have never been exploited due to disagreements in terms of the amount of exploitation and level of access.
deploying increasingly more sophisticated uranium enrichment centrifuges enlarging its enrichment capacity
New long-term deal signals that Germany will continue to rely on natural gas
A slew of new commitments last week from Saudi Arabia to China