Iran is currently producing roughly 830 mcm d of natural gas of which 45 mcm d is exported to Iraq and Turkey.

For Russia. gas is a mechanism of political impact and a source of huge corruption.

In China'.s case. the Iranian crude oil is essential.

Iraq exported 3.490 million bpd of crude oil in May.

Oil prices have been steadily rising since early 2016. when OPEC and non-OPEC producers struck a deal to cut output.

OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd.

The lucrative deal is the second chance for South Korea to tap into the Middle East market following a US$20 billion contract with the UAE in 2009.

Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports.

The new pipeline will double Russia’s export capacity of 55 billion cubic metres to Germany.

All of Libya’s natural resources and facilities should be returned to the recognized Libyan authorities as soon as possible.