Oil

Iran is faced with no problem when spending its oil money.

The giant South Azadegan Oilfield near the Iraqi border has been singled out as the first field to be tendered under the new terms.

The initial capacity of IGB will be 3 billion cubic meters of gas.

Global oil supply fell by 140.000 bpd in April to 96.17 million bpd.

Production from all oilfields is close to 300.000 barrels a day.

Iran pumped 3.759 million barrels per day in April. trimming 39.000 barrels in daily crude oil production compared to the previous month.

Iran boosted its crude exports to South Korea by 63.5 percent in last month.

The export plan for this year. based on nominations submitted by shippers. will add more oil to the global market.

Maersk produces oil from the Danish and UK sections of the North Sea. Qatar. Algeria and Kazakhstan.

OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1.