Oil

OPEC+ is expected to reaffirm its commitment to rebalancing the market at its September 12 meeting.

It has received backing from major companies including BP. Equinor. Shell. Siemens. Total and Wood.

Iranian Government Spokesman Ali Rabiyee downplayed the effects of US sanctions against his country. stressing that Iran has many options for exporting its crude.

Russia continues its coordination with the Organization of the Petroleum Exporting Countries (OPEC) on the global oil market.

An official with the National Iranian Oil Company (NIOC) said that the development project of South Pars Phase 11 would commence this Iranian calendar year (ending on March 20).

The trade and tariff overhang is inescapable for oil markets.

Moscow considers $60 per barrel a reasonable price. as at this level Russia can invest in new projects.

The biggest supply boost of 80.000 bpd came from Nigeria. Africa’s largest exporter.

The US had targeted Iran in different sectors.

Iranian Foreign Minister Mohammad Javad Zarif. in a Twitter post. reminded his American counterpart Mike Pompeo that Tehran will keep selling oil to any and all buyers despite all Washington’s pressures through piracy and threats.