Oil

The surge in U.S. output has been offset by deep supply cuts for over a year by OPEC and other producers including Russia.

OPEC and its ally Russia have cut their output since January 2017 to help reduce excessive global stockpiles.

Total said Wednesday it had halted plans to help develop Iran'.s giant South Pars gas field.

Overall. India imported 4.51 million bpd in April. 2.5 percent higher than a year ago.

Total holds a 50.1 per cent stake in the South Pars project.

Tehran would spare no efforts to maintain its oil production and exports at current levels.

China. the world'.s top crude oil buyer. imported around 655.000 barrels a day on average from Iran in the first quarter of this year.

OPEC’s production increased by 12.000 bpd in April over March. to average 31.93 million bpd in April.

OPEC’s production increased by 12.000 bpd in April over March. to average 31.93 million bpd in April.

LUKOIL will remain one of the largest investors and employers in Iraq in the coming years.