Oil

NIOC and DNO signed memorandum of understanding (MoU) on November 17. 2016 for a survey on Changoleh oil field.

OPEC crude output rose by 230.000 b d in July to a 2017 high of 32.84 million b d. led by a strong recovery in Libya. according to IEA estimates.

The US output is forecast to rise by 0.6 million b d and 1 million b d in 2017 and 2018. respectively. according to the report.

The company moved about 80 percent of the crude it pumps from its 44.000-45.000 barrels per day field through the swap deal.

The U.S. rig count peaked at 4.530 in 1981. It bottomed out in May of 2016 at 404.

Saudi Arabia told OPEC it cut output to 10.01 million bpd last month. from 10.07 million bpd in June. meaning its production fell back below its OPEC target of 10.058 million bpd.

OPEC crude oil production is expected to average 32.53 million barrels per day in 2017 and 32.96 million barrels per day in 2018.

The Russian loan was formalized as a prepayment for the purchase of Venezuelan oil.

CNOOC has a 25 interest in the steam injection scheme. which aims to produce 20.000 barrels a day by late 2018.

Iran was OPEC’s second-biggest supplier at the time of Zanganeh’s dismissal.