OPEC and 10 allies, including Russia, are in the midst of a historic production cut accord aimed at helping the oil market recover from the COVID-19 pandemic. The curbs initially started at 9.7 million b/d for May-July, before tapering to 7.7 million b/d from August through the end of the year.

Gross Domestic Product (GDP) of Saudi Arabia contracted by 7.0% in real terms in the second quarter of 2020.

Low oil prices and the COVID-19 pandemic are taking a toll on Saudi Arabia's economy and budget

OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions,

The cost of producing gas in the newly discovered Black Sea gas field will be more affordable than current gas imports, Turkey's Energy and Natural Resources Minister Fatih Donmez said Wednesday.

UAE strategy targets an energy mix of 44% renewables, 38% gas, 12% clean coal, and 6% nuclear.

The OPEC+ agreement, along with declines in production elsewhere, including the United States, brought global supply lower than the level of global demand for the first time since mid-2019.

There has been international condemnation of Turkey's gas exploration offshore Cyprus,

The importance of the East Mediterranean's gas importance came to the fore in 2015 with ENI's discovery of the 30 Tcf supergiant Zohr field, helping bring the North African country back to self-sufficiency in gas in 2018.

Woodside, Santos and Oil Search put their expansion plans on ice when oil prices collapsed in March.

«Во всем мире спрос на газ растет. Он продолжит оставаться основным источником энергии. В этом смысле «Северный поток-2» - это тот проект, который позволит создать инфраструктуру на много лет вперед», - сообщил Министр.

The Committee reviewed the crude oil production data for August 2020 and welcomed the positive performance in overall conformity for participating OPEC and non-OPEC countries of the DoC, which was recorded at 102% in August 2020, including Mexico as per the secondary sources.

Energy minister Alexander Novak said Russia "greatly values cooperation with OPEC," and that while overall compliance with the cuts is high, "I would like to urge everyone to view this very seriously and stick to the high level of conformity we were able to achieve."

ADNOC plans a 30% cut in October term volumes for all of its crude grades

Turkey's state-owned TPAO has drilled a handful of wells offshore Cyprus in the past year, and a seismic vessel has spent the past month surveying a large area in disputed waters between Cyprus and the Greek island of Crete.