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Short-term variations in supply won’t affect the long-term trend of declining inventories. Al-Falih said.

The need to transfer AzMeCo to SOCAR arose due to AzMeCo’s debts to the International Bank of Azerbaijan.

Crude prices fell about 4 per cent this week after US data showed a surprise 3.3 million barrel rise in crude inventories to 513.2 million barrels.

Tehran is looking to ramp up its crude output and with 37 billion barrels of oil.

The Russian Energy Ministry plans to hold a familiarization tour for colleagues from Saudi Arabia for projects in Siberia in July.

Last year. South Pars refineries produced 521.753 tons of graded sulfur of which 520.888 thousands were exported.

Farzad B was discovered by OVL in the Farsi block about 10 years ago.

Iran has plans to process 72 million tons of petrochemicals by the end of the current year.

Nord Stream 2 project presumes the construction of two gas pipelines with a combined annual capacity of 55 billion cubic meters of gas.

SOCAR produced 2.46 million tons of oil at Azerbaijan’s offshore and onshore fields in January-April 2017.