Iran will keep its oil production cap at 3.8mb/d in the second half of 2017 if OPEC members stay committed to the oil cut agreement signed in November 2016.
Iran's crude oil exports hit a record 3mb/d in the Iranian month of Esfand (late February to late March). The country was released in 2016 from trade restrictions.
Russian oil giant Lukoil is targeting new projects in the United Arab Emirated (UAE), Iran, Oman and Kuwait as it plans to expand its operations in the Middle East.
Iran says it may start negotiations with global energy giant Shell over the development of Kish gas field, which holds the country’s largest reservoirs of natural gas after South Pars.