The Belt and Road Initiative promotes a vision of expanding links between Asia. Africa and Europe underpinned by billions of dollars in infrastructure investment.

The MoU was signed on the sidelines of Iran Oil Show 2017 in Tehran last Monday.

In 2017. demand for OPEC crude is projected at 31.9 mb d. around 0.2 mb d higher than in the current year.

There could be more cuts if there are other non-OPEC countries that will join the agreement.

The Department of Energy in April capped natural gas exports to non-FTA countries at 19.2 billion cubic feet per day.

During the first quarter of 2017. implementation of the Shah Deniz Stage 2 project continued successfully.

The oil share in the country'.s economy had been decreased to about 20 percent.

The headline crude oil drawdown number is certainly supportive. but it could be something a shooting star.

Iraq is on board with extending the deal in the next OPEC meeting to help stabilize oil prices and balance the market.

US-based Pall Corporation seeks to cooperate with Iran in the oil sphere.