Saudi Arabia reduces its Arab Light grade price for September-loading cargo to Asian markets by $1.30 a barrel, as Russia and Iraq gain momentum in the race to dominate oil exports to the Asian continent.
Iran plans to raise its gas exports to 200mcm/d through pipelines to nearby countries. In addition, the achievement of liquefied natural gas (LNG) projects are also prioritized.
The Organization of the Petroleum Exporting Countries' (OPEC) oil output is likely to reach its record in July. Supply from OPEC has risen to 33.41mb/d in July.
ExxonMobil and Petrochina are in talks with the Iraqi government about possible solutions to boost crude production at the Nahran Oman and Artawi fields, said Iraqi Deputy Oil Minister, Fayyad Al-Nima.
Director of the International Affairs Department at National Iranian Gas Company (NIGC) said that an Iraqi delegation will be present in Iran in early August to discuss a natural gas export project.
Iraq's oil exports are set to rise in July, according to loading data and an industry source, putting supply growth from OPEC's second-largest producer back on track after two months of declines.
UAE's Drake & Scull International (DSI) said it has been awarded a $62m contract at the Zubair oil and gas field in Basra in southern Iraq by a subsidiary of Italian energy giant Eni.
Satellite images show that the Islamic State (IS) has dug hundreds of pits in Mosul oilfields to store and refine crude oil after its refineries and oil tankers were destroyed.