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Since last year. oil producing countries have cut back production in an attempt to offset dipping prices.

IHS Markit expects European gas prices to be increasingly set by the global market.

The idea was revived in the late 2010s with the rise of demand for power for offshore oil and gas drilling and the creation of safer reactor technologies.

The South Stream project was cancelled by Bulgaria following pressure from the European Union and the United States.

Europe has been very active in showing its support for gas transit revenue dependent Ukraine.

Increasing authoritarian rule and mismanagement of the all-important state-run oil industry have caused a deepening economic crisis.

The share of yuan-backed crude oil contracts has soared to 12 percent of global trading since the US withdrawal from the Iran nuclear deal.

Total holds a 50.1 per cent stake in the South Pars project.

China. the world'.s top crude oil buyer. imported around 655.000 barrels a day on average from Iran in the first quarter of this year.

Mogherini stressed that the sides should jointly work on the lifting of sanctions as an integral part of the historic nuclear deal.