Oil

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.

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.