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SOMO and Russia'.s Litasco have set up a joint trading company in Dubai to market crude.

Trading was light after Thursday'.s heavy sell-off and ahead of the long weekend break in the United States and Britain.

The decision by oil producing countries to extend production cuts agreement by nine months gives the market much needed visibility.

Uganda estimates overall crude reserves at 6.5 billion barrels. while recoverable reserves are seen at between 1.4billion and 1.7 billion barrels.

Total said earlier in February that a final decision on the deal hinged on the new U.S. administration renewing the waivers.

Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months.

Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp'.s South African assets and its subsidiary in Botswana .

OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018.

The SPR sales would not start until October 2018 and would amount to just 95.000 bpd. or 1 percent of current U.S. output.

GE and Dussur signed a memorandum of understanding last year that is expected to result in nearly 3.75 billion riyals of investment.