Iraq has declined its annual crude oil supplies from Basra to many Indian refineries by 20% for 2021 as a part of its commitment to OPEC’s decisions.

Abu Dhabi National Oil Company (ADNOC) revealed on July 3 that it has the ability to increase oil production by several hundred thousand barrels per day (b/d).

Russia exported 6.8m ton of crude oil to China in the first quarter of this year, First Deputy Energy Minister Kirill Molodtsov said, adding that the ministry expects more growth.

Saudi Arabia is expected to provide Egypt's oil needs for a five-year period, which will increase the quantity of imported oil from 500,000 to 700,000 tons per year.