US President Donald Trump’s call for a 10 million barrel per day – or even 15mn bpd – cut drove up oil prices last week but weak demand continues to run the show, with little respite expected from talks due to take place this week.
In September, a swarm of drones and missiles crashed into the oil-processing facilities of Abqaiq and Khurais - the heart of the Saudi oil industry. It was the most devastating attack in the industry’s history, and the latest spasm of violence in a region that has witnessed a series of attacks on oil tankers and pipelines over the summer months.
Saudi Arabia is pushing ahead with the much-watched IPO of the mainstay of its economy, Aramco, although with somewhat diminished aspirations.