Oil

Russia said it supports a suggestion from Saudi Arabia that OPEC and its allies extend their oil output cuts into next year.

Iran will continue to rank first to third among main energy players in the world.

The oil show is the biggest energy exhibition in the Middle East in terms of the number of participants and size.

Iranol and Petronas will boost their cooperation on engine oil and industrial lubricants production.

The sanctions removal in January 2016 revived the incapacitated oil sector.

Iran has signed MoU with some of big companies to study the joint fields with Iraq.

Global crude inventories have not fallen as fast as OPEC or the hedge funds anticipated.

Saudi Energy Minister Khalid al-Falih said on Monday the OPEC-led production cut could be extended beyond 2017.

Russian crude output is at historic highs. European firms are still investing.

Iran produced 3.77 million b d of crude in April.