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The pilot production was carried out in the Shenhu Area of Northern South China Sea.

The MoU aims to generate USD 4 billion in annual productivity improvement.

OPEC has been urging other producers to join the supply pact.

US crude imports rose 577.000 bpd last week. while exports rose 400.000 bpd.

South Africa bought around 68.000 bpd of crude from Iran in May 2012.

Iran'.s gross gas output stands at 285bn m3 yr.

The extraction capacities of Gazprom will allow to cover all the additional demand this year.

Saudi Arabia and Russia. the world'.s top two oil producers. agreed on Monday on the need to extend output cuts for nine months until March 2018.

Goldman kept its average Brent price forecast for the third quarter of 2017 at $57 per barrel.

Iraq is with the continuation of a reduction of oil production of OPEC nations and we will push in that direction.