The OPEC is gingerly adding back production that was slashed last year to support prices as demand sagged during the worst of the pandemic recession, which sapped demand for fuel.
Tehran and Beijing signed a 25-year bilateral agreement over the weekend, becoming a subject of both celebration and condemnation.
The Suez Canal is integral to the nine percent of global oil products and 12 percent of total global trade that passes through it.
Three UAE based companies are buying and shipping oil from Venezuela, a Latin American country facing harsh US sanctions since June last year.
Oil producers agree to modest oil output increase by 500,000 barrels per day but fail to find a compromise on a broader policy for the rest of next year.
The US government in August seized 1.1 million barrels of fuel from four Iranian tankers that were en route to Venezuela. The fuel has since been sold, and officials say the proceeds will go to a special fund for victims of state-sponsored terrorism.
The Kremlin has been building influence in the Iraqi energy sector and propping up anti-US forces in the country as part of its objectives to counterbalance US hegemony in the region.
Khalifa Haftar said his militias would let oil production resume after an eight-month blockade and a senior politician in Tripoli said a committee would be formed to ensure fair distribution of revenues.
The ship had sailed from the port of Sharjah in the United Arab Emirates and was heading to Benghazi in Libya, the EU military mission said, adding that its cargo of fuel was "likely to be used for military purposes".
Sri Lanka's navy said rescuers were still spraying foam on the vessel while the Indian Coast Guard said there was no oil slick.
A recent spat between the two Muslim countries shines a spotlight on a deal Riyadh used to bailout cash-strapped Islamabad.
The company reports 50 percent drop in profits for the first half of the year. Five other leading oil firms, BP, Chevron, ExxonMobil, Royal Dutch Shell and Total, recently reported combined losses of $53 billion for the second quarter.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2021 TRT World.