OPEC oil output has risen by about 1 million barrels per day (bpd) in August as the group and allies eased record oil supply curbs as the global economy and demand began to recover from the coronavirus pandemic

Saudi Arabia’s crude oil exports to China fell in July, taking it out of the top two supplier slots for the first time in two years, after a historic production cut to cope with a plunge in fuel demand and prices that was by the COVID-19 pandemic.

The seventeenth round of bidding was scheduled to take place in November this year, while the eighteenth round was slated for 2021

OPEC has managed to raise crude prices and stabilise the oil market, Iran’s oil minister said. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized”

Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable

The IEA cut its 2020 oil demand forecast, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day

OPEC said world oil demand will fall more steeply in 2020 due to the coronavirus pandemic and said next year’s recovery faces large uncertainties, pointing to growing headwinds for the group and its allies in supporting the market

Argentine state oil company YPF stated it posted a net loss of 1.165 billion dollars in the second quarter of the year, its worst quarterly loss on record, due to the negative impact of the coronavirus pandemic

State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter

Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as US sanctions on PDVSA continued limiting sales