Concern over trade war, oversupply persists; China car sales fall again
OPEC nations led by Iraq and Saudi Arabia supply more than 80% of India's oil needs
The meeting, coordinated by the Niti Aayog, focuses on challenges posed by volatile oil prices, impacted by changing geopolitical situation.
The prince's labors this week are just the latest example of a career devoted to petroleum diplomacy
Prince Abdulaziz, who most recently served as state minister for energy affairs, is widely seen as a capable and experienced technocrat
Prices edged higher by about 0.6% on Wednesday after a report showed a contraction in U.S. crude stockpiles
The new agreement between OPEC and its so-called OPEC+ partners is being seen as a sign of the cartel's efforts to stay relevant in a market which has been transformed by booming US shale oil output
OPEC said demand increased by less than 1 million barrels a day in the first quarter after cutting its assessment by more than 20%
Forecasts of 2019 oil demand growth may slip below 1 million barrels a day in the coming months
In the first quarter, coordinated production curbs by the Opec and its allies helped oil rally the most in almost a decade, restoring prices to over $70 a barrel
Oil has rallied about 37 percent this year as Saudi-led production cuts, together with receding fears over the global economic growth outlook, appear to be easing investor concerns.
OPEC is due to meet in April and then again in June to decide its output policies
Combined WTI, Brent net-longs at highest level since October
Falih said it was hard to foresee the situation in June when the agreement between major oil producers, including Russia, expires
While it might be personally problematic for Manuel Quevedo, who also heads state-owned oil giant PDVSA, his role as OPEC president probably won't be affected
OPEC and a group of non-OPEC countries including Russia, an alliance known as OPEC+, are reducing oil output in 2019 to avoid a potential supply glut that could weigh on prices
American sanctions, waivers and a surprise summer supply boost complicated the group's efforts to balance oil supply and demand
Energy Minister Al-Falih says group ready to do more if needed
Both Mazrouei and Rumhi said there was no need for OPEC and its allies to meet before April when they are set to decide their output policy for the rest of 2019.
The nominal value of the group's crude production, based on the average price of a basket of OPEC crudes, surged by 33 percent last year, to $826 billion