Saudi Arabia and Russia are once again on contrary before crucial OPEC+ meeting about the oil market, according to Bloomberg.

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.

Gazprom Neft will increase its oil output by restarting mothballed oil wells in West Siberia and remain within the agreed output volume set by the Organization of the Petroleum Exporting Countries and its partners (OPEC+).

The OPEC and non-OPEC countries agreed to adjust oil production by 0.5 mb/d from 7.7 mb/d to7.mb/d, during its meeting held on Thursday.

Iraq rejects stories that they are seeking an exemption from OPEC+ cuts, with Oil Minister Ihsan Abdul Jabbar maintaining that an increase in production would cause crude prices to fall.

The Organization of Petroleum Exporting Countries and its allies (OPEC+) have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated.

Russia’s state-run oil company, Lukoil PJSC, is looking to set up new oilfield projects in Iraq despite OPEC+ production cuts and a slump in oil demand.

Saudi Arabia’s crude exports and total products have risen over two consecutive months from its historical low in June by 1.49 million barrels per day (mmbbl/d) to 6.99 mmbbl/d in August.

Russian Energy Minister Alexander Novak announced on 14 October that the OPEC+ group of leading oil producers will start easing output curbs as planned despite a global spike in coronavirus cases.

The United Arab Emirates (UAE) has reaffirmed its commitment to the Organization of Petroleum Countries and its allies (OPEC+) output deal despite rising domestic needs.