Oil

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.

Iran has now become an exporter of gasoil and is exporting 13 million liters of the item on a daily basis.

OPEC'.s combined water-borne shipments of nearly 24 million barrels a day in March were up slightly from October levels.

Oil ministry is in talks with oil and gas giants for $70 billion worth of development projects.