Oil

OPEC countries agree on extension of the deal. but Iraq and Iran will not be part of it.

The move will boost Aramco'.s ability to meet its commitments to customers and maintain its export capability from the kingdom'.s west coast.

Oil discoveries fell to 2.4 billion barrels in 2016. compared to an average of 9 billion barrels over the past 15 years.

The Organization of the Petroleum Exporting Countries (OPEC)meets this month to discuss oil supply policy.

China boosted its SPR across nine bases by adding 1.28 million tonnes of crude oil in the first half of 2016.

Once fully operational. the refinery will produce 36 million liters of petrol.

The Persian Gulf Star refinery has the capacity to produce 12 million litres of Euro IV petrol.

Present volume of Iran’s crude output stands at 3.8 million barrels according to secondary sources.

Phase 11 aims to produce 1.8 billion cubic feet a day of gas among other products.

Tehran agreed to curb its nuclear programme in exchange for lifting of most international sanctions imposed on the country.