Oil

OPEC and allied oil producers including Russia are discussing new ways of measuring global crude stockpiles.

This discovery as an important milestone in the development of exploration and production projects abroad.

The value of non-oil exports during the period from 21 March to 21 May. has reached $7 billion. which means a rise of 25 per cent.

The US is shipping record amounts of crude following the end of an export ban in late 2015.

On May 8. US President Donald Trump announced his country'.s exit from Iran nuclear deal. saying Washington will reinstate the unilateral sanctions on Iran within 90 to 180 days.

Iran and the major world powers in 2015 signed the nuclear agreement. under which Tehran agreed to curb its nuclear program in exchange for economic sanctions relief.

IOC is Iran’s biggest Indian oil client.

OPEC’s own production was up slightly in April by about 12.000 barrels a day to 31.93 million bpd.

Higher oil prices are a key risk to the growth outlook.

U.S. President decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the EU could salvage the pact.