Oil

OPEC'.s own oil production rose slightly in May. the monthly report showed.

Iraq on Monday joined Iran and Venezuela in opposing any plans to start boosting crude output.

Iran'.s share of OPEC production increased slightly last month.

In May. French oil major Total said it might pull out of its investment in Iran’s South Pars gas field if it cannot secure a waiver from the U.S. government.

Russia'.s largest crude producer Rosneft was also in a position to be able to add 100.000 b d to production in a few days.

Russian output hit 11.1 million bpd in early June.

Besides the aforementioned oil firms. Schlumberger has also signed an agreement to survey ‎the oilfield.

Russia is the largest non-OPEC contributor to the production cut agreement. now in its second year.

Surging oil demand. particularly in the case of China. is likely to surprise the market to the upside.

More than 75 percent of the equipment for developing the output is Iranian.