Oil

The slide in oil prices continues as markets remain sceptical of OPEC´s ability to balance supplies.

During the period of sanctions. oil production in the country was capped at about 2.7 million barrels a day. including 1 million barrels sent to export markets.

The US shale oil output will make up more than half of the 1.5 mb d in non-OPEC supply growth forecast for the next year.

Under the sanctions Iran’s oil production was 2.7 million barrels per day. with one million barrels heading for export markets.

Iran'.s oil minister said in May that the international tender for the Azadegan oilfield was underway.

The reason for the discussion is an increase in the levels of U.S production which OPEC members had not predicted.

Almost 60% of businesses expect to expand this year. Bank of Scotland report finds.

Saudi Arabia'.s crude exports in April fell to 7.006 million bpd. official data showed on Monday.

The firms include Shell. France'.s Total. Italy'.s Eni. Malaysia'.s Petronas and Russia'.s Gazprom and Lukoil. as well as companies from China. Austria. Japan and other countries.

Oil demand will also remain surprisingly robust over the next decade.