Oil

Brent crude oil prices were expected to remain broadly unchanged in 2018 as U.S. shale production is able to expand at these levels. effectively capping prices.

Despite production cuts. kingdom holds onto 40% slice by discounting light grade.

In July. Iran managed to ship over 2.2 million barrels of crude oil to Asian and European markets.

A Kurdish MP in the Iraqi Parliament told Kurdistan 24 that efforts have been made by the Kurdish representatives in Baghdad to summon the Oil Minister to Parliament over the oil deal with Iran.

The move is a sign that the market in the region is tightening.

OPEC hopes the market rebalancing will accelerate in the second half of this year.

Italy purchased 2.8 million tons in the four-month period. accounting for nearly 30% of all imports.

Kirkuk will take part in the referendum this fall. deciding whether they want to remain with Iraq or join Kurdistan’s bid for independence.

The U.S. buys about a third of Venezuela’s crude production and is the main buyer that pays in cash.

The Azar field is a joint and complex field which is currently producing 30.000 barrels of oil per day. It is set to be expanded through new oil deals by an Iranian company.