“If the world does not take a strong and firm action to deter Iran, we will see further escalations that will threaten world interests,” Prince Mohammed, known as MbS, said through a translator. “Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven’t seen in our lifetimes.”

Germany and the UAE see that there is a great value in close consultations on foreign and security policy, Annen said. "We also want to deepen our cooperation on trade and investment, in particular on exchanging state-of the-art technologies and enabling small and medium-sized companies to succeed in our respective markets," the minister explained.

U.S. Rig Count is down 8 rigs from last week to 860, with oil rigs down 6 to 713, gas rigs down 2 to 146, and miscellaneous rigs unchanged at 1. Canada Rig Count is up 8 rigs from last week to 127, with oil rigs up 6 to 88 and gas rigs up 2 to 39.

ExxonMobil signed an agreement with Vår Energi AS for the sale of its non-operated upstream assets in Norway for $4.5 billion

“I should like to invite all the countries directly affected by the developments in the Persian Gulf and the Strait of Hormuz to the Coalition for Hope meaning Hormuz Peace Endeavor,” stated President Rouhani.

To circumvent U.S. banking and financial sanctions, Iran’s rulers have built up a network of traders, companies, exchange offices, and money collectors in different countries,

Though trade between Venezuela and Cuba has not ceased amid sanctions, the flow of PDVSA’s oil has been insufficient to keep the Communist-ruled island well-supplied. Cubans have faced long lines at gas stations and for public transportation amid lack of vessels to receive imports.

Preliminary production figures for August 2019 show an average daily production of 1 647 000 barrels of oil, NGL and condensate, which is a decrease of 67 000 barrels per day compared to July.

Total U.S. petroleum demand of 21.5 mb/d was highest for any month since August 2005; Improved infrastructure helped increase supply and lower prices; Highest U.S. petroleum exports (8.1 mb/d) for the month of August; and Total inventories increased year-on-year for the ninth consecutive month.

U.S. Rig Count is down 18 rigs from last week to 868, with oil rigs down 14 to 719, gas rigs down 5 to 148, and miscellaneous rigs up 1 to 1. Canada Rig Count is down 15 rigs from last week to 119, with oil rigs down 11 to 82 and gas rigs down 4 to 37.

в ходе разговора Владимир Путин и Мухаммед Бен Сальман Аль Сауд обсудили ситуацию на глобальном рынке углеводородов, в том числе ход реализации договоренностей в формате ОПЕК+, а также выразили обоюдный настрой на продолжение тесной координации в целях дальнейшей стабилизации мировых цен на нефть

Iranian Minister of Petroleum Bijan Zangeneh stressed the non-political nature of oil, saying the US was using oil as a weapon which was not the right approach.

During the news conference, it was disclosed that production at Khurais resumed 24 hours after the attack. Meanwhile, Mr. Nasser stated that production at Abqaiq is currently 2 million barrels per day and its entire output is expected to be restored to prior rates by the end of September.

"Nobody has changed the parameters of the [OPEC+} deal. So, I think that we all agreed in Abu Dhabi, that everyone should fulfill their obligations," Novak said, when asked if Russia needs to continue to comply.

Conformity with the voluntary production adjustments remains high, 136% in the month of August. However, the JMMC reemphasized the core principles underpinning the DoC, namely, equity, fairness and transparency, and urged all participating countries to intensify their efforts in pursuit of full and timely conformity with their voluntary production adjustments.