OPEC announced last week that Nigeria’s crude oil production increased by 274,000b/d in April.
The boost in production comes in line with Nigeria’s plan to increase its crude oil output to 3mb/d in the near future.
The Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) is to back the newly-developed oil contracts model.
Resistance Economy Headquarters, a top government economic advisory body, approved Iran's new oil and gas contracts after some amendments had been done.
The Egyptian General Petroleum Corporation (EGPC) plans to start crude oil production in South Iraq’s “9” zone by the beginning of 2016. EGPC has a 10% stake of Kuwait Energy in the privileged area.