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Total said earlier in February that a final decision on the deal hinged on the new U.S. administration renewing the waivers.

Extension of the agreement to cut oil production meets the interests of Azerbaijan.

The US imported 3.793 million barrels of oil per day from OPEC countries in January.

Iran’s average oil output increased by 232.000 b d and 1 b d compared to 2016 and 2015 respectively.

Prices edged higher by 0.35% to $48.88 in early trading on Friday.

Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months.

Iran is now waiting for Russian oil companies to send their oil.

Libya. along with Nigeria and Iran. was exempted from the original agreement.

Equatorial Guinea has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC).

Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp'.s South African assets and its subsidiary in Botswana .