The region needs more peace and stability to ensure the flow of oil supplies, Mohammad Sanusi Barkindo, Secretary-General of the Organisation of the Petroleum Exporting Countries, OPEC, has said, noting that, "Any tension that occurs in the region affects the whole world."

An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer.

The sanctions have already more than halved Iranian oil exports to 1 million bpd or less, from a peak of 2.8 million bpd last year. Exports could drop to as low as 500,000 bpd from May, an Iranian official told Reuters this month.

OPEC's collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d,

Russian-built Bushehr 1 - the first nuclear power unit in the Middle East - was connected to the national grid on 3 September 2011. Bushehr units 2 and 3 are to be completed in 2024 and 2026, respectively.

Iraq is close to signing a $53 billion, 30-year energy agreement with Exxon Mobil and PetroChina,

Russia is meeting its obligations under the OPEC/non-OPEC crude production agreement, and participants remain committed to the arrangement, despite ongoing uncertainty over world energy market developments.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

Asked whether Iran’s oil could be removed from the market, Mr. Barkindo said: “No repetition is needed. Eliminating Iran from the oil market is impossible.”

China's crude oil imports from Iran, the March volume rose 6.2% from February on a barrels-per-day basis, despite dropping by a quarter from the same month of last year.

"Not extending the oil waivers of some countries is another side of the US measures against Iran. But if Iran's oil is fully sanctioned, oil price will go higher than $100 per barrel,"

Iran’s economy shrank by 3.9 percent last year, according to IMF estimates, and is expected to shrink by 6 percent in 2019, Jihad Azour, director of the IMF’s Middle East and Central Asia department, told Reuters adding, however, that the projection preceded the latest elimination of waivers.

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

the risk of oil prices heading well above $70/b to the oil market and the global economy, while also saying that if prices were too low it would hit investment in the industry and key oil producing countries.