The pain for OPEC will increase to such a point that 100% compliance is unrealistic.

The Caspian region is one of the oldest oil-producing areas in the world and is an increasingly important source of global energy production.

It can be assumed that the remaining 500MW can be divided between potential market participants.

Gazprom shipped 103.6 billion cu m natural gas to Europe between October 2016 and March 2017. an 18-percent annual increase.

Last December. Russia and 10 other non-OPEC nations agreed to join OPEC'.s output cuts for the first time in 15 years.

Iran has so far signed memoranda of understanding (MoUs) with four Russian companies for developing its oil and gas fields.

Iran boosted its crude exports to South Korea by 104.5 percent in January. February and March.

Iran holds the world'.s second largest gas reserves after Russia. but currently consumes almost all the gas it produces.

The conference. timed to the exhibition. will be attended by over 400 delegates from 30 countries.