International

For Iraq. which did $12 billion in trade with Iran last year. the impact would be particularly dire.

Russian oil producers are an attractive investment long-term because they have some of the lowest lifting costs globally.

Russia’s output increase comes just days before it meets in Algeria with other members of the group known as OPEC+.

said Russia sought to evade sanctions on North Korea and then cover it up by suppressing an official UN report.

Iran told OPEC last month that no member country should be allowed to take over another member'.s share of oil exports.

Over a decade. oil-for-loan agreements helped China secure energy supplies for its fast-growing economy.

The US administration pulled out of the landmark 2015 nuclear deal with Iran on May 8.

Chinese state majors increased production because of the rising oil prices.

EU needs ``a financially independent sovereign channel`` in order to keep the Iran deal alive.

The new area comprises two deep-water wells. which belong to a concession of the U.S. oil company Shell.