Media

OPEC members would decide during the meeting on May 25 to extend the 1.2 mb/d oil cut for six or nine months.

Several countries. notably Russia and Saudi Arabia. saw the Algerian proposal as a good suggestion and found it interesting.

OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018.

The SPR sales would not start until October 2018 and would amount to just 95.000 bpd. or 1 percent of current U.S. output.

Iran aims to attract $72 billion in foreign investment for 80 petrochemical projects.

Iran has 33.5 trillion cubic meters of proven gas reserves - the second largest in the world after Russia.

GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment.

OPEC members are preparing to hold meeting on May 25 to discuss the market and oil cut deal in Vienna.

Kazakhstan supports extending the cut but will need to renegotiate its own production ceiling.

PTTOR will include service stations. petroleum products. and lubricant products.