Jumlah gas di lapangan baru cukup untuk membekalkan Tehran, bandar raya dengan anggaran penduduk sekitar lapan juta orang selama 16 tahun.
International Energy Agency says oversupply could help reduce demand next year after Saudi oil attacks.
Prince Abdulaziz bin Salman has promised to push Opec members to curb production.
The appointment represents the first time a member of the ruling Al Saud family has held the energy minister post.
Nigeria and Saudi Arabia led the boost, which collectively increased by 200,000 barrels a day to 29.99 million a day,
Oil is set for the biggest weekly decline since May as global demand concerns outweigh both an Opec+ extension pact and Iran tension worries.
Oil rebounds as a drop in US gasoline supplies help crude prices shrug off their biggest decline in a month.
Pengisytiharan Kerjasama (DoC) akan dilanjutkan selama 9 bulan hingga 31 Mac 2020.
Economic affairs minister Azmin Ali says the deal ensures market stability to benefit both producers and consumers.
Petroleum-linked shares tumble with oil prices as Wall Street stocks finish a choppy session higher, with the S&P 500 at a second straight record.
Oil edges lower as investors weigh troubling economic data from around the world against Opec’s extension of output cuts into 2020.
The decision still needs to be ratified by non-Opec allies, but several of those nations, most notably Russia, have already given their approval.
Iran will support prolonging output cuts by six to nine months.
With OPEC set to extend output cuts for the rest of the year and potentially into early 2020, its share of the oil market is all but certain to drop below 30% for the first time since 1991.
OPEC has come a long way since it sought outside help to cut oil supplies in order to drain excess inventories.
Opec and its allies will then gather in Vienna on Monday and Tuesday to decide on the group’s production levels.
For Russia, the participation in OPEC+ output restraint is less about the needs of its oil industry and more about its President's relationship with Saudi Crown Prince Mohammed bin Salman.
The producers' group, which pumps more than half the world’s crude oil, has been bickering for a month about the timing of ministerial talks in Vienna.
Focus returns to OPEC’s attempts to fix a meeting on supply cuts.
'Crude remains vulnerable on falling demand expectations from trade uncertainty and OPEC’s inability to solidify its curtailment of future production,' says Ed Moya, chief market strategist.
Saudi Arabia is seeking to balance global oil markets before 2020.
Saudi Arabia and its allies are expected to extend output cuts into the second half of this year, despite growing tension within the group.
'The market is also trying to assess whether the increase in stockpiles will be offset by the summer driving season in the US,' says commodities analyst Sungchil Will Yun.
'What’s amazing about this dispute is that it has little to do with the actual content of the agreement – a rollover seems almost certain,' says Croft.