Oil producers inside and outside the Organization of the Petroleum Exporting Countries (OPEC) group have little choice but to extend their deal from late 2016 curbing output when they meet in Vienna on Thursday, analysts said.
Tunisian protesters demanding jobs and a share in energy wealth have closed down another oil pumping station in defiance of government efforts to protect oil and gas fields with troops and negotiate an end to unrest.
Iran's key Indian client, Essar Oil received about eight percent more oil from Iran in the first four months of this year which recorded about 150,700 bpd, according to tanker arrival data obtained from trade sources and ship-tracking services on the Thomson Reuters terminal.
Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday on the need to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices.
Chief executive of Austrian energy group OMV said that talks with National Iranian Oil Company (NIOC) on settling outstanding claims which have hindered OMV from investing more in the country were almost complete.
The 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show) began in the Iranian capital on Saturday with the participation of 4,000 national and international companies.
The Iranian Offshore Oil Company will increase production at the Forouzan field, which Iran shares with Saudi Arabia, by 12,000 barrels daily, the company’s executive director said, adding that it will install two platforms at the field soon.
Iran's oil production increased from 2.92 million barrels per day (mbd) in 2015 to 3.69 mbd last year and is expected to increase by 21,000 bpd in the current year and reach 4.06 mbd in 2018, the International Monetary Fund announced in a report.