Italian company Eni has adjusted the company’s financial outlook for the coming year and has announced capital expenditure (Capex) cuts of 2.3 billion EUR for 2020.

Iraq’s crude oil production fell to 4.32 million barrels per day (b/d) in August.

Saudi Arabia will cut its exports of crude oil by 350,000 barrels per day (b/d) during the month of October.

Kuwait is promising to decrease its oil production in response to Saudi Arabia’s call for fellow members of the Organization of the Petroleum Exporting Countries (OPEC) to cut more supply in order to aid in restraining the global glut.

OPEC and major oil exporters reached consensus to extend the limits of cuts until the end of 2017.

PetroChina Co., Cnooc Ltd. and China Petroleum & Chemical Corp., which together produce more crude than any country in OPEC besides Saudi Arabia, will reduce combined capital expenditure by about 8% this year.