Oil

Hendi said that cooperation with international companies for exploration of oil fields is continuing as new fields have been discovered in 2017 and 2018.

A sum of 2.3 million tons of bitumen were exported in the first eight months of the current Iranian year .

Both U.S. crude and Brent have shed more than 30 percent from early October amid swelling global inventories.

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.