Chronology of world oil market events

Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said.

Saudi Arabia said on May 18 it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

Oil prices hit a 3.5-year high yesterday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.

Crude oil prices are expected to jump 23 percent this year amid strong economic growth, while metals prices are rising, hit by ongoing trade tensions, the World Bank has said.

Saudi Aramco, the world's biggest oil company, on April 11 announced a $44-billion deal to build a giant refinery complex in India with three Indian firms.

Oil prices edged up yesterday, after having posted their biggest one-day fall in almost a year the previous day, although higher Russian output and Saudi Arabia possibly cutting its selling prices acted as a drag.

OPEC members will need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories to desired levels, Saudi Arabian Energy Minister Khalid al-Falih said on March 22.

OPEC member Kuwait plans to spend more than half a trillion dollars by 2040 to boost its oil and gas output and refining capacity, a top executive said on Jan. 31.

Iraq plans to build an oil refinery at the port of Fao on the Gulf with two Chinese companies, and is seeking investors to build three more, the oil ministry said on its website on Jan. 29.

Oil hit $71 a barrel on Jan. 25 for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. crude inventories and a weaker U.S. dollar.