Social and Events

The oil market could tip into a shortage in the 2020s because nobody is allowed to fully invest in future oil production.

OPEC member Venezuela last year produced more than 2 million bpd.

South Korea has been granted a waiver from US sanctions on Iranian oil.

The most crucial difference between Goldman and some other forecasters is the confidence in emerging market demand.

The US sanctions were re-imposed on Tehran following the withdrawal of the United States from the Iran nuclear deal in May.

The U.S. government has agreed to let eight countries keep buying Iranian oil after it reimposes sanctions on Tehran from next week.

Fears of a global economic slowdown could be behind the rare move.

OPEC agreed in June to pump more oil after pressure from U.S. President Donald Trump to curb rising prices.

Russia has planned to take account of oil fields. develop their yield evaluation and revise the existing incentives for oil fields.

The energy exchange. last used four years ago amid UN sanctions. was revived earlier this month.