Oil

Oil prices climbed by around 1 percent on Wednesday .

Saudi Arabia shouldered most of the production cuts on the OPEC side.

Bandar Abbas Oil Refinery will make the 15-million-liter-per-day gasoil output of the facility meet Euro-4 qualifications.

Mohammadi said domestic and foreign contractors can win each development package without tendering process.

Libya’s largest oil field was halted after members of the Petroleum Facilities Guard shut down pumps leading to tanks.

Libya recently brought oil output to up to 1.3 million bpd. the highest level since 2013.

The recent fall in Iraqi exports was not due to technical reasons.

The deal was announced after Novak held bilateral meetings with several counterparts.

OPEC and its allies agreed to reduce oil production by 1.2 million barrels per day (bpd) for the first six months of 2019.

Libya has been given a pass due to its chronic production outages.