Social and Events

In June. Royal Dutch Shell exited the Majnoon oilfield in southern Iraq and handed over its operations to the state-run Basra Oil Co.

The renewed US sanctions were among those lifted under a 2015 deal between world powers and Tehran on curbing Iran’s nuclear program.

US President Donald Trump has mounted pressure on Iran.

Iran. Azerbaijan and Turkmenistan have for more than two decades contested the ownership of several oil and gas fields in the Caspian Sea.

Iraq is the second-largest importer of Iranian non-hydrocarbon products.

The UAE played a behind-the-scenes role in helping Ethiopia and Eritrea end a two-decade state of war last month.

The price for LNG shipment into key Asian markets is hovering around $10 per million British thermal units.

At the last OPEC meeting in Vienna. the agreement was again extended until the end of 2018.

Russia has repeatedly denied claims that the nerve agent. Novichok. used to poison the pair was developed in the country or the Soviet Union.

Currently. oil product exports are taxed on the basis of a percentage of the crude oil export duty. which is tied to the price of oil.