Oil

Iran is considered as a supplier of high-quality cutter stocks for bunker fuel.

Annual spending is around £77billion too low to sustain production and ensure future demand growth.

The IEA said it looked in particular at Iraq. Nigeria. Russia. Saudi Arabia. the United Arab Emirates and Venezuela.

Brent crude prices stabilized on Wednesday after heavy losses the day before. with looming U.S. sanctions against Iran back in focus.

Up to £330bn could be spent on extracting oil and gas from UK waters over the next three decades.

U.S. crude oil production has climbed by almost a third since mid-2016 to around 11 million barrels per day.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

Global supply next year could be helped by Brazil. Kazakhstan and the United States.

Expensive energy is back and it is threatening global economic growth.

The northern refinery of Baiji was brought back online and is producing 70.000 bpd.