Oil

Schlumberger is to invest nearly $400million in a shale field in South America.

The global oil market is close to balance after nearly three years of excess supply.

Data show that Iran exported about $2 billion worth of technical and engineering services between January 2016 and March 2017.

Saudi Aramco plans to supply full volumes of crude to least six buyers in Asia in May.

Iran also wants to expand the production of a variety of equipment. such as control valves. pipes. rotating machines.

EIA’s forecast for 2018. in contrast. increased compared to the previous outlook. when it was at 40.2 million barrels per day.

The price of OPEC basket of 13 crudes stood at $53.13 a barrel on Apr. 10 compared to $52.91 on Apr. 7.

A final decision will depend on how the situation in the oil market develops in April and on forecasts for May and June.

Russia will continue participating in the OPEC deal on oil production limiting despite dissatisfaction with the current prices level.

Revenues from oil sales are national wealth and belong to future generations.