Oil

Global oil demand for 2018 is estimated to grow 1.6 million barrels per day.

The two sides are expected to discuss resumption of export of Iraqi oil through the port of Ceyhan. on Turkey'.s eastern Mediterranean coast.

For now. it does not seem likely that OPEC will emerge as a black swan to the oil market this year.

The freight discount offered by Iran will translate to a discount of up to $1 a barrel. one of the sources told Reuters.

Production of all west Karoun oilfields which was 70.000 barrels a day reached over 300.000 barrels.

South Korea. the world'.s fifth-biggest crude oil importer. mainly buys condensate.

Kirkuk is one of the largest oilfields in the Middle East. estimated to contain around nine billion barrels of recoverable oil.

Fast-rising production from non-OPEC counties. led by the US. is likely to outweigh demand according to the IEA document.

Iraq has resumed transporting oil products by rail from the Dawra refinery in Baghdad to Basra in the south which was halted after the 2003 U.S.-led invasion.

The deal had achieved two thirds of what it was intended to do.