Oil

.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

The French company has already started its operations in development project of phase 11 of Iran’s South Pars oil and gas field

.The price of OPEC basket of thirteen crudes stood at $53.92 a barrel on Feb.2

.World oil prices are rising on Feb.3 on threat of US imposing new sanctions on Iran