South Korea is a key importer of Iran’s condensate.

The rescue operation to find people stuck in the rubble of the building reached its final stages on Friday.

Iran has reportedly started sending its first direct shipments of crude oil to Europe.

The global 2016 output stood at over 1.6 billion tons. up 0.7% year on year.

The market is waiting to see how the Opec cuts and US supply situation plays out.

Iran used to sell around 800.000 bpd to European buyers before the tightening of international sanctions in 2011 and 2012.

The new US president has also sent messages offering to increase the level of assistance to Iraq.

The country reluctantly agreed in November to an OPEC deal to cut production in a collective effort to try and boost oil prices.

Iran is eligible and capable to absorb some $370-380 billions within the next decade.

Iran is planning to cut liquid fuels in power sector by increasing gas deliveries in coming years as well.