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Saudi Arabia is sensitive to the 'weak level' of demand in the world, according to Ed Morse, the Global Head of Commodities Research at Citi.

OPEC+ kingpin Saudi Arabia is expected to price its flagship crude to Asia at a record differential for September.

The move comes amid persistent weakness in the market.

Saudi Arabia and Russia said they will stick with oil supply curbs of more than 1 million barrels a day to the end of the year.

Saudi Arabia and Russia prolonged their unilateral oil supply curbs by another three months.

Savanah posted $13 million in profit, versus a loss of $64.07 million a year prior.

Savannah will take over Sinopec International Petroleum Exploration and Production Company Nigeria, the British company's co-venturer in Stubb Creek.

SBM Offshore has signed a partnership agreement with Mitsubishi Heavy Industries Ltd.

SBM Offshore will construct and install the floating production, storage and offloading unit (FPSO) Jaguar.

SBM Offshore has been contracted to deliver FEED for an FPSO vessel for ExxonMobil's Whiptail development project in Guyana.