Saudi Arabia's economy contracted for the fourth straight quarter, dipping by an annual 0.4% in the April-June period on the heels of lower hydrocarbon revenues
Fears of Middle Eastern Flareups Prompt Traders to Hedge Bets - Israel’s assassination of a top Hezbollah commander in Beirut and Hamas leader Ismail Haniyeh in Tehran has raised the geopolitical risk premium in oil prices as potential retaliation from Iran could prompt a new spiral of escalation in the Middle East.
Boosts Output As Election Turmoil Roils Venezuela - Protests have erupted across Venezuela after sitting President Nicolas Maduro claimed victory in elections held July 27, even though the electoral council only reported tallies after 80% of votes counted. - The US Department of State has recognized Maduro’s rival Edmundo Gonzalez as the legitimate winner of the presidential elections, saying that Caracas should start a ‘respectful and peaceful transition’ of power.
’s internal documents, production from the state oil firm and its foreign partners rose to 993,000 b/d in July, up almost 10% month-over-month compared to June, with huge increases reported across the Orinoco Belt. - US oil major Chevron has managed to ramp up production at its Petropiar JV to 95,000 b/d, making it the most prolific joint venture in terms of output, whilst also boosting supplies from the heavy Boscan field to 90,000 b/d.
Economy OPEC Cuts Production Crude Oil
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