Oil

The company would entrust exploration projects for oil and gas fields to domestic exploration and production (E&.P) companies.

The U.S. Federal Open Market Committee (FOMC) is set to start a two-day meeting on Tuesday.

Saudi total exports are set to drop to around 7mn bpd in January.

The current trend in the market indicates that the OPEC'.s positive move on cutting the oil output was accepted.". the minister said.

The UAE pumped 3.175 million bpd in October and boosted further its output in November by 71.000 bpd to 3.246 million bpd.

Baker Hughes reported a 4-rig decrease for oil and gas in the United States this week—a loss in rigs for the third week in a row.

OPEC expects global oil demand to slow next year and sees little support from the economic backdrop.

Zanganeh said on Wednesday that the current volatility in the oil market is psychological.

The producer group needs to stay 700.000 bpd below its agreed target of 31.8 million bpd through 2019.

The producer club will curb output by 0.8 million bpd from October levels.