Oil

Despite U.S. production records. Saudi Aramco CEO Amin Nasser believes shale oil won’t be enough to prevent a future shortage.

The biggest exploration expenses are expected for blocks Parsa and Bamdad in the Gulf. amounting to 80 million euros and 75 million euros respectively.

Iran is producing around 4 million barrels a day of crude oil.

The upward trend seems to be picking up speed. In April and May. imports surged to more than 180.000 barrels per day on average.

OPEC'.s second largest producer. after Saudi Arabia. Iraq seeks to boost its production capacity to 5 million barrels per day by the end of the year.

The two African countries. together with resurgent U.S. shale plays. could raise oil production by 1.6 million barrels a day this year.

Russia plans to host a meeting of some ministers from the Organization of Petroleum Exporting Countries and several non-members in St. Petersburg on July 24.

IPC is the first Iranian oil contract that clearly stipulates a role for domestic oil and gas equipment manufacturers.

Top priority has been assigned to developing joint oil and gas fields because our neighbors are drawing from the underground resources at a rapid pace.

Saudi Arabia ".clearly sees Asia as its backyard and as a center of growth and long-term source of demand.