Oil

China aims to secure exclusive access to such arrangements for its own oil giants.

Iranian companies will replace foreign firms in major oil and gas projects of the country after some international contractors slowed down their activities under unilateral pressures from the US.

National Iranian Oil Company is set to grant the development project of the South Pars oil layer. in the Persian Gulf. to a domestic company. a senior official said.

Oil rigs have seen a loss of 106 rigs year on year. with gas rigs down 20 since this time last year.

Current data shows there are more than two billion barrels of oil equivalent in near-field opportunities that could potentially be unlocked.

OPEC and its allies have a deal to limit supply until March 2020.

US gasoline and distillate stockpiles rose more than expected last week.

The US is set to account for 61 percent of all new oil and gas production over the next decade.

The National Iranian Tanker Company (NITC) reported Wed. that one of its oil tankers. identified as HELM. has broken down in the Red Sea. adding that the crew are safe and repairs are underway.

Trump said he will ``take China on`` even if it causes short-term impact on the US economy.