Oil

.Oil has gained 16 per cent since the oil producers decided to cut production to prop-up prices

.Iran has so far pumped 72.95 billion barrels of crude oil from its reserves with an average recovery rate of 24.65%

Iraq was close to implementing its share of the agreed production cuts and would be in full compliance by the end of the month

.Pasargad will have six months to complete its studies and submit a development plan

.Azerbaijan sells the oil supplied via the Baku-Novorossiysk pipeline through Russia’s Novorossiysk port

.Iran will launch new contracts to develop oil and natural gas fields in mid-February

.NIOC signed a heads of agreement (HOA) with Total in November for development of South Pars Phase 11

. Analysts are watching closely whether OPEC and non-OPEC members stick to their commitments

.It is expected to the agreement to be completed during the next two months

.Production increased throughout 2016. rising from 2.94 million bopd in January to 3.7 million bpd by November