OPEC trimmed estimates for supplies from outside the group in 2016 as the slump in prices takes its toll on the U.S. shale-oil industry. OPEC cut 2016 estimates for non-OPEC output by 110,000 barrels a day. Still, the group sees non-OPEC supply expanding slightly next year, while the IEA predicted a contraction. Source: Bloomberg
OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country’s energy minister reportedly said Monday, amid a deepening crisis over the killing of journalist Jamal Khashoggi. Source: CNBC
Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials there said. Source: Reuters
The European Commission is set to reject Italy’s budget on Tuesday (23 October) due to an “unprecedented” breach of EU fiscal rules, while Rome has stuck to its guns and presented the breach as a “difficult but necessary decision” taken by the government. Source: Euractiv
