Oil

Ministers from countries including Kuwait. Venezuela. Algeria. Saudi Arabia. Russia and Oman will discuss production caps on Nigeria and Libya.

Compliance with production cuts by members of the Organization of Petroleum Exporting Countries is excellent.

Arabian Gulf stocks may be roiled by crude.

A rebalancing of the oil market is progressing more slowly than expected. but it will speed up in the second half of the year.

The U.S. rig count is up 488 rigs from this time last year when it stood at 462. according to Baker Hughes.

Ecuador is doing what other members wish to—ditching a supply deal that has become more painful than gainful.

Iran needs 200 billion dollar investment to develop oil industry which should be supplied through foreign sources.

The price of OPEC basket of fourteen crudes stood at $47.48 a barrel on July 20. compared with $46.85 the previous day.

Tehran plans to develop the South Pars oil layer under the framework of Iran Petroleum Contract.

Russia will hold a ministerial meeting for several representatives of OPEC member states as well as a number of non-members in St. Petersburg towards the end of this month.