Oil

Iran'.s in-place oil reserves are estimated at 800 billion barrels.

Pertamina and NIOC signed a memorandum of understanding (MoU) to carry out a preliminary study on the oil and gas fields.

The country currently produces 513.500 tons of crude oil per day of which 230.000 tons are refined.

Shares of major shale producers. including Pioneer Natural Resources Co. and EOG Resources Inc.. tumbled this week as investors began to lose confidence in the prolific Permian basin.

It may be a challenge for Libya to maintain its current rate of exports.

The deal for phase 11 of the field marked the first by a major global energy company signed with Iran since the easing of sanctions against Tehran in January 2016.

OPEC’s biggest exporter and de facto leader. Saudi Arabia. has pledged to cut its total August exports to 6.6 million bpd.

Oklahoma. Wyoming. North Dakota. and Texas held the highest proportion of jobs directly related to the oil and gas supply chain.

China insists oil and gas exploration is taking place within its own waters after long-standing territorial dispute flares up.

In the Middle East. the United Arab Emirates will take 111.000 bpd. up 3 percent from July.