Oil

The final decision sent both main oil contracts plunging Thursday. which in turn dragged energy firms lower.

The US imported 3.793 million barrels of oil per day from OPEC countries in January.

Iran’s average oil output increased by 232.000 b d and 1 b d compared to 2016 and 2015 respectively.

Prices edged higher by 0.35% to $48.88 in early trading on Friday.

Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months.

Iran is now waiting for Russian oil companies to send their oil.

Libya. along with Nigeria and Iran. was exempted from the original agreement.

Equatorial Guinea has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC).

The today OPEC meeting is to focus on the extension of the November 2016 agreement on cutting oil supply.

OPEC members would decide during the meeting on May 25 to extend the 1.2 mb/d oil cut for six or nine months.