overall real GDP growth in the GCC is estimated to drop to 0.8% this year compared with 2% last year.

"Today about 18 million barrels of oil on a daily basis flows through this choke point coming from Saudi Arabia, emirates and other countries to China, Japan, India and other Asian customers." "But at the same time it is a major route for LNG, liquefied natural gas. About 30% of LNG goes through this strait, coming again to Japan, South Korea, and other Asian countries."

The Qatari-Russian Business Council has signed a memorandum of understanding (MoU) between Qatar and Russia on co-operation, investment and information exchange during its regular meeting held in Moscow.

WNN - The countries intend to cooperate in areas including nuclear research and development, including innovative reactors. They plan to discuss mid- to long-term planning to create private sector-led innovation, as well as encourage the private sector and university researchers to develop advanced reactors.

REUTERS - Venezuela gave China another stake in the OPEC nation’s oil industry and signed several other deals in the energy sector, but Beijing made no mention of new funds for Caracas during President Nicolas Maduro’s visit to his key financier on Friday.

IRNA - since banning Iran’s oil exports was the first sanction imposed by the US, in their statement, Europeans has put extra emphasis on the continued sale of Iran’s oil and gas condensate petroleum products and petrochemicals and related transfers.

Rosneft and General Electric signed a long-term cooperation program.