The architect of the output-cut plan, OPEC Secretary-General Mohammad Barkindo, has said inventories are the primary target–not the U.S. shale producers who are often described as the cartel’s chief adversary. OPEC has begun pushing countries to disclose more information. Source: Global Finance
The U.S.-China trade war deepened as Beijing announced retaliatory tariffs on $60 billion of U.S. goods and the Trump administration threatened duties on virtually all Chinese imports. Source: Bloomberg
The St Petersburg International Mercantile Exchange (SPIMEX) has launched crude oil trading with loadings on the peninsula of Crimea that Russia annexed from Ukraine in 2014, data published by the exchange showed on Tuesday. Source: Reuters
Saudi Arabia’s state oil firm Saudi Aramco plans to spend more than US$133.3 billion (500 billion Saudi riyals) on oil and gas drilling over the next decade, Saudi Aramco’s Senior Vice President for Upstream said at an event on Monday. Source: Oil Price
