An analyst says the US cannot unilaterally cut Iran’s oil exports to zero, warning that global recession could be a consequence of such a move.

A senior Iranian oil official plays down differences with Russia over a Saudi push to raise oil production, while President Rouhani says the US threat to cut Iran's output to zero is an "exaggeration."

Saudi Arabia is under US pressure to open the spigots as Trump hopes for lower pump prices ahead of mid-term elections, but Iran opposes scuttling an OPEC deal on trimming oil output.

The spending is aimed at ensuring that production grows to around 4.9 million barrel per day (bpd) in 2021, according to the UK-based company.

The National Iranian Oil Company (NIOC) and the Pasargad Energy Development Company (PEDC) were to sign development Jofeir and Sepehr oilfields in southwest Iran.

The Iraqi government warns the Kurdish authorities not to cause disruption in oil flow after the KRG significantly reduces crude production in northern Iraq.

An analyst says the independence of Kurdistan will lead to a definite breakup of the Republic of Iraq and create an armed conflict.

Nigeria's economy contracted for a fifth straight quarter, official figures showed Tuesday, as low oil production dented overall output.

Minister of Petroleum Bijan Zangeneh made the remarks after talks with his Venezuelan and Omani counterparts in Tehran on Tuesday night.

Oil producers outside the Organization of the Petroleum Exporting Countries, OPEC agree to cut output by nearly 560,000 barrels a day.