Oil

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.

The first agreement entails the joint development of Parviz Oilfield. which adjoins Iraq'.s Naft Khaneh field and Khorramshahr Oilfield.

Saudi Arabia’s crude exports declined to 8 million barrels a day in December.