Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, said that the value of non-oil trade between the UAE and Russia over the past five years amounted to US$14.1 billion, while last year’s non-oil trade totalled $3.4 billion, compared to $2.5 billion in 2017, a growth of 36 percent.

UAE is the leading Arab investor in the US, while noting that the value of the non-oil trade doubled over the past decade, reaching some AED90 billion (US$24.5 billion) in 2018, and explaining that the UAE trades with almost all US states, especially Washington, California, Texas, Florida and New York.

The global economy has started to slow down in 2019, reflecting an impact from USChina trade tensions, as well as the economic cycle in the US.

China's crude oil imports jumped 10.8% year on year to hit 10.08 million b/d in September, crossing over 10 million b/d mark again since April,

India is investing $60 billion to build a national gas grid and import terminals by 2024

The National Iranian Oil Company (NIOC) announced the discovery of a new gas field south of Fars Province, southern Iran.

Acquisition of ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon for US$1.39 billion plus a $75 million contingent payment subject to FID on Barossa

U.S. Rig Count is up 1 rig from last week to 856, Canada Rig Count is up 2 rigs from last week to 146

Brent rose as much as 2.3% to $60.46 a barrel and were at $60.13 per barrel, WTI rose as much as 2.1% to $54.69 a barrel and were at $54.47 per barrel, up 92 cents.

The proposed legislation would also impose sanctions on any military transactions with Turkey, set sanctions on anyone who supports Turkey’s domestic energy industry for use by its armed forces, prohibit the sale of U.S. defense articles to the Turkey armed forces and define Turkey’s purchase of Russia’s S-400 missile defense system as “significant” and subject to sanctions.