Russia’s average daily oil production remained above its OPEC+ target in October, though the compliance gap is the narrowest since the Druzhba crude-contamination crisis earlier this year. The country pumped 47.49 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit.
Agriculture officials in northern China’s Shandong Province warned on Tuesday that an infestation of the fall armyworm pest will spread further in the key corn-producing area, posing a ‘major threat’ to autumn crop output in the region.
China’s Industry Ministry said on Tuesday that ‘arduous efforts’ will be needed to achieve this year’s industrial output growth target, as trade protectionism weighs on exports and clouds the outlook for the world’s second-largest economy.
Both German industrial output and exports fell more than expected in April, data showed on Friday, highlighting the vulnerability of Europe’s largest economy to headwinds from trade frictions and Brexit uncertainty.
British car output fell for the tenth month in a row in March, hit by a slowdown in key foreign markets, and the sector stands to suffer a lot more if the country leaves the European Union without a deal, an industry body said on Tuesday.
Japan’s industrial output fell in January-March at the fastest pace in almost five years, suggesting the economy may post a mild contraction in the first quarter as manufacturers struggle with the US-Sino trade war.
Factories in Japan took another hit in December with the second-straight month of shrinking output, underlining a warning by the central bank about growing risks to the economy from slowing global growth and a Sino-US trade war.
OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next year, the United Arab Emirates’ energy minister said on Sunday.