Oil

There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation.

Iran has modified its petroleum contract model. ending a decades old buy-back system that barred foreign firms from booking reserves or taking equity stakes.

Iraq is holding talks with Iran to truck 15.000 bpd of Kirkuk crude to Iran’s Kermanshah refinery.

To cope with Basra crude surplus in the United States. traders have slowed ships and stored some cargoes off the Gulf Coast. shipping data on Eikon showed.

Iran and Russia signed several agreements to promote cooperation over energy issues during President Putin’s visit.

Russia and Saudi Arabia are leading a deal between OPEC and non-OPEC producers to cut global oil production. with the aim of propping up oil prices.

The other oil majors. by and large. also appear able to cover their capex and dividends with their cash flow. or at least are coming pretty close.

The oil and gas report revealed that the challenges facing the industry remained the same year-on-year.

China was the main importer of the Iranian goods during the 7-month period.

In fact. the threat to OPEC from U.S. shale oil just got more serious as it became clear that the cartel and its partners are planning to extend their own agreement until the end of 2018.