Saudi Arabia agreed to raise supply steeply in June, in response to calls from consumers, including the United States and India, to help cool oil prices and address a supply shortage after Washington imposed sanctions on Iran
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The fall came even as markets expect the Organization of the Petroleum Exporting Countries (OPEC) to start withholding supply after a meeting planned for Dec. 6
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The company has a deal to buy 180,000 barrels per day (bpd)Iranian oil this fiscal year
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ABB hopes to announce a deal by the end of next week, one source said, although others said a deal could take longer
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The new board of shadow bank IL&FS, which has defaulted on some of its debt, has decided to sell off its assets as part of a restructuring plan
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OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 percent of global supply, sources told media sources this week
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Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia said Saudi Arabia will cut its production by 500,000 bpd as of next month to help stabilise the market
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Saudi Arabia plans to reduce oil supply to world markets by 500,000 barrels per day (bpd) in December, its energy minister said yesterday, as the country faces uncertain prospects in getting other producers to agree to a coordinated output cut
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