Oil

OPEC is determined to reduce its production to help manage the market.

Russia could potentially invest at around 20 billion dollars in Iran’s oil and natural gas production and exploration.

An increase in oil prices to more than $55 (£44) per barrel was not in the interest of OPEC.

Karan holds an estimated 9.6 billion barrels of in-place oil.

Russia will be cooperating with an OPEC decision last November to cut production levels and will be reducing its oil output by 300.000 bpd.

The Minister intimated to OPEC to “be extremely careful about future market changes.

Barkindo expects global inventories to fall. which would boost prices.

Total will raise gas production from Phase 11 to around 51 million cubic meters per day in 20 years.

The two sides have agreed to cooperate on the policies of the Organization of the Petroleum Exporting Countries (OPEC).

IPC is focused on fields'. development in the long-run.