Oil

Iranian Oil Minister Bijan Namdar Zangeneh described the US decision to impose sanctions on Foreign Minister Mohammad Javad Zarif as childish behavior. and said that he is not worried if Washington adopted the same move against him.

China imported a record amount of crude from Saudi Arabia in June.

OPEC reduced output at the start of this year as part of an agreement with other producers.

The National Iranian Drilling Company (NIDC) has successfully spudded 41 oil and gas wells since March.

The biggest supply drop came from Saudi Arabia. which has cut supply even further below its OPEC target in a bid to reduce oil inventories.

Economic growth in the US slowed less than expected in the second quarter.

Iraq is also planning to rehabilitate a pipeline via Turkey.

Oil is heading for its second monthly loss this year as a gloomy economic outlook eclipses concerns crude flows may be disrupted from the Middle East.

China has criticized Washington’s use of sanctions against other states.

Two North Sea farm-out deals were announced today in another sign that the mature UK basin can still generate fresh investment for oil and gas projects.