Oil

A large volume of high quality oil can be extracted from the shale.

Russian oil producers achieved a major milestone in 2016.

The highest amount of Iranian crude in almost five years will be exported to Europe this month.

Oil will trade at $55 to $60 a barrel this year and Kuwait is assuming a $45 price in its budget for fiscal year 2017-18.

Iran agreed in November to cap its oil output at an average of 3.797 million barrels for the first half of 2017.

Iran has reportedly started sending its first direct shipments of crude oil to Europe.

The market is waiting to see how the Opec cuts and US supply situation plays out.

Iran used to sell around 800.000 bpd to European buyers before the tightening of international sanctions in 2011 and 2012.

The country reluctantly agreed in November to an OPEC deal to cut production in a collective effort to try and boost oil prices.

Iran is eligible and capable to absorb some $370-380 billions within the next decade.