The Middle East has taken center stage in the OPEC+ agreement to cut 9.6 million b/d through July, with Saudi Arabia leading the way and Iraq being put to the test on its compliance.
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Some refineries took extended maintenance after COVID-19 and output cuts. Oil trading and bunkering hub Fujairah built up record stockpiles. Middle East spending on field developments and infill drilling will be $52 billion this year, down 28% from 2019 as a result of the COVID-19 crisis, S&P Global Plans Analytics says.