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A non-oil trade surplus of $12.54 billion was registered in favor of Iran during the period.

China has alternative oil suppliers including the United States and Saudi Arabia.

The bank still expects declining prices into 2020 due to better supplied markets next year.

Oilfields owned jointly by Iran and Iraq are located near the Hawizeh Wetlands.

The Strait of Hormuz is a narrow waterway carrying a fifth of the world’s traded oil.

BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.

The Turkish government has always disagreed with US-led sanctions on Iran.

Trump is said to have considered him as a contender to lead the Homeland Security and Veterans Affairs departments.

Iran is likely to award up to five oil exploration and production contracts to local firms.

Analysis suggests demand for global crude oil will rise to 89mn barrels per day by 2030.