Oil

As of 2013 nine gas fields were discovered with total in-place reserves of 1.7 trillion cubic meters.

Extension of the agreement to cut oil production meets the interests of Azerbaijan.

Late last year. the 24 countries. including the OPEC and Russia. agreed to cut production by 1.8 million barrels per day in order to reduce global oil inventories.

The final decision sent both main oil contracts plunging Thursday. which in turn dragged energy firms lower.

The US imported 3.793 million barrels of oil per day from OPEC countries in January.

Iran’s average oil output increased by 232.000 b d and 1 b d compared to 2016 and 2015 respectively.

Prices edged higher by 0.35% to $48.88 in early trading on Friday.

Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months.

Iran is now waiting for Russian oil companies to send their oil.

Libya. along with Nigeria and Iran. was exempted from the original agreement.