President Hassan Rouhani on Saturday called for Iran-Bolivia joint efforts for stabilization of oil market, fair prices and fair quota, especially efforts in the upcoming session of oil prices in Algeria.
Oil traders have closely watched the situation in Libya, where production now stands at about 300,000 barrels a day—a level that Libyan officials say they could quickly ramp up again if oil ports remained open and secure for an extended period.
The governments of Argentina and the UK have agreed to work toward removal of restrictions on oil and gas work offshore the Falkland Islands.
Global oil demand growth is slowing at a faster pace than initially predicted.
Energy Minister Alexander Novak told in July that oil production was expected to reach 542-544 million tonnes this year (10.85-10.90 million barrels per day), up from about 534 million tonnes in 2015.
China pumped 16.45 million tonnes (3.87 million barrels per day) of crude in August, the least since December 2009 on a daily basis and the second month of sharp decline.
The producer cartel revised higher for this year and next oil supply forecasts from non-member countries, implying that demand for its crude will remain far lower than current near record output of more than 33m barrels a day.
Production from outside the Organization of Petroleum Exporting Countries will grow by 200,000 barrels a day next year, according to the group, which a month ago had projected a drop of 150,000 a day.
U.S. oil production down 61 tbd, gas production doun 302 mcfd.
U.S. Rig Count is down 340 rigs from last year's count of 848, with oil rigs down 238, gas rigs down 104, and miscellaneous rigs up 2. Canadian Rig Count is down 51 rigs from last year's count of 185, with oil rigs up 4, gas rigs down 56, and miscellaneous rigs up 1.