The market had been looking forward to a supportive number due to the pipeline disruption from Canada.

Saudis want production cuts extended through 2018. while Moscow wants flexibility.

Despite the US pressures. western companies are still interested in investment in Iran.

Oil markets are already showing jitters over the OPEC meeting this week.

Tehran has intensified efforts to involve foreign oil and gas majors in its key petroleum industry.

Vladimir Putin could send oil markets into a spin by pulling out of the planned extension to the current OPEC-led production cut.

OPEC. Russia and several other major producers have cut their combined output by about 1.8 million barrels per day since January.

Iran and Armenia'.s power grids are linked by two electricity lines and a third is under construction.

Iran is now exporting around 12 billion kilowatt-hours (kWh) of electricity to its neighbors each year.

The global oil market could tighten towards the second half of 2018 if demand remains robust.