The two biggest Chinese refiners have said they will curbCause.movement.down.losstheir processing by about 940,000 barrels per day ( bpd ) as a result of the consumption decreaseMovement.down.loss, or about 2.1 percent of their 2019 processing runs .
Crude prices dippedMovement.down.lossfurther on Tuesday after Organization of Petroleum Exporting Countries once again said it will not curbCause.movement.down.lossoil production despite fears of a oversupplyOversupply, and a UAE official opposed holding an emergency meeting of the producer group to support prices .
The two biggest Chinese refiners have said they will curbCause.movement.down.losstheir processing by about 940,000 barrels per day ( bpd ) as a result of the consumption decreaseMovement.down.loss, or about 7 % of their 2019 processing runs .
The memo , sent by the White House to the U.S. State Department , paves the way for U.S. efforts to curbCause.movement.down.lossIranian oil exports after Washington 's decision to pull out of the 2015 deal between Iran and six world powers curbingProhibitingTehran 's nuclear program .
Not only will that squeezeCause.movement.down.lossbudgets from Caracas to Moscow , but U.S. drillers would probably curbCause.movement.down.lossactivity in the event of a `` sustained pullback '' below $ 80 a barrel , analysts at Baird Energy wrote in a report on Monday .
Fellow Gulf Arab ally and OPEC exporter Kuwait has already said that OPEC is unlikely to curbCause.movement.down.lossoil output in an effort to reviveCause.movement.up.gainprices because such a move would not necessarily be effective .