Oil

Iran is exempt from oil-output cuts following Trump’s decision to re-impose sanctions on the country last year.

Crude oil production in the U.S. rose by 100.000 barrels to 12.2 million barrels per day (bpd) for the week ending March 29.

Venezuela'.s state-run energy company. PDVSA. kept oil exports near 1 million barrels per day in March despite US sanctions.

Zanganeh and Novak had agreed at the meeting to strengthen ties between the two oil exporters.

The merger will operate under the Idemitsu Showa Shell trade name.

Now prices are higher than they were in January.

Japanese refiners are unlikely to continue buying Iranian crude from April onwards.

Last year. China'.s crude oil imports surged 10.1 percent year-on-year to 460 million tons.

Beyond OPEC. oil prices have been boosted by U.S. sanctions against OPEC members Iran and Venezuela.

OPEC+ is scheduled to meet in the Austrian capital of Vienna in April for an extraordinary general meeting.