Saudi Arabia cut its crude oil production in 2017, under the OPEC agreement.
The 30 November 2016 agreement between OPEC countries and some large non-OPEC producers to cut oil production to firm up global prices translated into significant production cuts for Saudi Arabia, Kuwait, the UAE or Algeria, and to a stable production in Russia. The agreement succeeded in raising global oil prices, which incited non-OPEC countries such as the United States, Canada or Kazakhstan and OPEC countries exempted from cuts such as Iran or Nigeria to raise production. The Iranian oil production rose by 1/3 between 2015 and 2017, thanks to the end of international sanctions.
Conversely, crude oil production declined again in China to its lowest level since 2009, as low prices in 2016 prompted producers to cut investment in oil fields.
Oil production in Latin America contracted for the third year in a row, due to falling production in some large producing countries – oil output reached its lowest level since 1980 in Mexico and since 1990 in Venezuela – but it continued to increase in Brazil.
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The Italian oil and gas company Eni has signed a cooperation agreement with its Algerian counterpart Sonatrach to tap hydrocarbon resources in the Berkine basin (Algeria). Besides, they also agreed the commercial conditions for the 2018-2019 year in line with the gas market and have started negotiation to look into extending the gas supply shipped from Algeria to Italy beyond the contractual deadline of 2019.
The infrastructure company TransCanada has commissioned the US$1.2bn Topolobampo natural gas pipeline project in northern Mexico, which will ship 670 mcf/d (19 mcm/d or 6.9 bcm/year) to local markets in the states of Chihuahua and Sinaloa.
According to the state-run company Gazprom, exports of Russian gas to non-CIS (Community of Independent States) countries went up by 5.8% between January and June 2018 to reach 108.9 bcm. The largest hikes were reported in Germany (+12.2% or + 3.5 bcm), Austria (+52.3% or + 2.1 bcm), the Netherlands (+61.9% or +1.4 bcm), France (+12.5% or 0.8 bcm), Croatia (+45%, +0.6 bcm) and Poland (+6.7%).
The Indian Directorate General of Trade Remedies (DGTR) has recommended the implementation of a 25% safeguard importation duty on solar cell imports from China and Malaysia for a 2-year period. The proposal has not yet been approved by the government and the duty will start at 25% in the first year, then be reduced to 20% for the first six months of the second year and to 15% in the final six month period. The proposal is very similar to the safeguard duty levied by the United States in January 2018, which set up anti-dumping tariffs on imported solar cells and modules at 30% during the first year and then gradually declining to 15% after a 4-year period.