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BP completed seven major projects this year. in Egypt. Trinidad and Tobago. Oman. Australia and in the North Sea.

The UAE. which is a net importer of gas. has been looking to diversify its supplies to meet growing demand.

The experts attending the conference highlighted that Turkey and Iran are about to start significant energy cooperation.

OPEC is expected to stick to its current policy of output cuts in the second half of 2018.

At $60. the Kingdom and some other Gulf countries (though not Oman and Bahrain) will probably run a current account surplus for 2018.

The Declaration of Corporation’ by Opec and non-Opec participating countries gave hope and stability to the market at a very critical time.

Moscow agreed to contribute around 0.3 million bpd to the cuts and Russian state and private companies are sharing the burden on a pro-rata basis.

Nigeria would support an output cap for itself at 1.8 million b d and would continue to be responsible with its production.

Oil market was in a much better position than it was last year. which was a result of producers complying with the cuts.

OPEC members will discuss extension of the body'.s production cut plan to curb the global oil glut and rebalance the market.