Oil

The amendment was prompted by the Directorate General of Hydrocarbons.

Russia could raise output by 300.000 bpd.

Libyan crude has been seen as an additional alternative to Iranian supplies.

Petrol futures jumped as much as 2.2%. to $2.0021 a gallon. on the New York Mercantile Exchange.

OPEC and non-OPEC technical committee will discuss proposals for distributing the additional oil-output amongst members.

The country’s refining capacity is currently at more than 700.000 barrels a day.

Iran is in a far better shape than before and could withstand the sanctions that the US plans to impose on it.

With US rig activity stalling and Iran sanctions looming. the oil market outlook is tightening.

OPEC. Russia and other non-members agreed in June to return to 100 per cent compliance with oil output cuts that began in January 2017.

American oil production remained at its highest level ever at 11 million barrels per day.