Oil

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.

The deal was announced after Novak held bilateral meetings with several counterparts.

OPEC and its allies agreed to reduce oil production by 1.2 million barrels per day (bpd) for the first six months of 2019.

Libya has been given a pass due to its chronic production outages.

Oil prices jumped just over four percent as news of the deal broke.

OPEC resumes discussions in Vienna on Friday before heading into a meeting with non-OPEC oil producers led by Russia later in the day.

OPEC tentatively agreed to an oil output cut on Thursday.