Oil

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.

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.