Iran said in September it had approved a draft of international oil and gas contracts to attract foreign investors and oil buyers once international sanctions are lifted but has not provided details so far.

The country produced 44.5 million tons of petrochemicals in the past Iranian calendar year (ended on March 20, 2015), with over 10 percent rise from 40.5 million tons in its preceding year.

Tehran has recently strengthened ties with Moscow, which is considering providing two loans worth a total of $7 billion to Iran.

"The total petroleum production for the first ten months in 2015 is about 188.6 million Sm3 [standard cubic metres] oil equivalents (MSm3 o.e.), broken down as follows: about 74.9 MSm3 o.e. of oil, about 18.2 MSm3 o.e. of NGL and condensate and about 95.5 MSm3 o.e. of gas for sale. The total volume is 10.3 MSm3 o.e. higher than for the same period in 2014," the Norwegian Petroleum Directorate (NPD) wrote on Friday.

U.S. Rig Count is down 4 rigs from last week to 767, with oil rigs up 2 to 574, and gas rigs down 6 to 193. U.S. Rig Count is down 1,161 rigs from last year at 1,928, with oil rigs down 1,004, and gas rigs down 157. The U.S. Offshore rig count is 33, up 1 rig from last week, and down 19 rigs year over year.

Russia’s President Vladimir Putin met with Emir of Kuwait Sabah Al-Ahmad Al-Jaber Al-Sabah this week to discuss opportunities for cooperation in the fields of energy and diplomacy. The two countries also signed a memorandum for military technical cooperation.

Tehran and Baghdad today signed an 6-year agreement on November 11, aimed at exporting 25 million cubic meters per day (mcm/d) of Iranian gas to Iraq's Basra.

Tankers carrying nearly 20 million barrels of Iraqi oil are due to sail to the United States in November, almost 40 percent above the amount booked to arrive in October. At an average rate of more than 660,000 barrels per day (bpd), it would be the largest monthly import since mid-2012, according to U.S. data.

Saudi Arabia has started shipping crude to traditional Russian markets like Poland and Sweden, but supplies to Europe from the world’s largest exporter won’t increase by enough to reduce prices. In contrast, a surge in Iranian exports after the lifting of sanctions could erode the value of Russian shipments to the region as soon as next year.

Chevron Corp. is planning to lay off up to 1,000 employees working in the neutral zone between Saudi Arabia and Kuwait, as a dispute between those countries has halted all work on oil fields for several months, according to people familiar with the matter.

Crude oil production in December from seven major US shale plays is expected to drop 118,000 b/d to 4.95 million b/d.

“Russia plays a central role in the question of how we Europeans can secure our energy supply,” Schroeder, whose friendship with Russian President Vladimir Putin has been controversial in Germany, said at the Nov. 9 event. “Norway and Russia are the most secure and reliable energy partners for Europe.”

OPEC’s share of the global oil market will expand from 2020 as prices recover to $80 and supply outside the group stagnates due to spending cuts, according to the International Energy Agency.

“Russia plays a central role in the question of how we Europeans can secure our energy supply. Norway and Russia are the most secure and reliable energy partners for Europe”, said the former German Chancellor.

The oil and gas industry has cut $200 billion from investments this year as low prices discourage new projects, leading to cuts in crude supplies equal to half the daily output of Saudi Arabia, according to the kingdom’s Prince Abdul Aziz bin Salman.