The Sultanate is reeling from the double whammy of low oil prices and Covid-19. But with intra-GCC tensions high, a consensus on aid won’t come easily.
Ministers of the cartel and outside nations led by Russia meet via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic.
OPEC, Russia and other oil producing nations agree to cut output by a record amount, representing around 10 percent of global supply, to support oil prices amid coronavirus pandemic.
The current deal to support prices reduced production by 1.2 million barrels per day starting from January 1 for six months, and will now run into next year with the extension.
Iraq seeks to forge an independent foreign policy between the American-Iranian rivalry amidst a backdrop of frantic diplomatic visits to Baghdad in recent weeks.
The Venezuelan chief prosecutor's office says Nelson Martinez suffered from a serious and chronic illness that led to his death at a medical facility where he was undergoing treatment.
Iran says that France's oil giant Total SA has officially pulled out of Iran after cancelling its $5 billion, 20-year agreement to develop the country's massive South Pars offshore natural gas field over renewed US sanctions.
Chinese state-owned oil company CNPC is said to be ready to take over exploitation rights on the South Pars project after French energy giant Total signalled on Wednesday it could exit Iran.
Iraqi Oil Minister Jabar al-Luaibi said on Saturday that Iraq and Iran have agreed to swap up to 60,000 barrels per day of raw produced oil from the northern Iraqi Kirkuk oilfield.
Iran's oil exports have exceeded two million barrels per day after lifting of sanctions, says Iranian Oil Minister Bijan Zanganeh
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