Saudi Arabia's gross domestic product fell 3% in the first quarter compared with a 1% contraction last year, as a sharp fall in the oil sector pulled back the economy, data showed.

Iran’s oil minister says crude output has to reach 6.5 million bpd in the near future.

OPEC figures show Iran’s crude output reached 2.614 million bpd in April, up 13.4% against March.

Iran’s largest oil producing company says it is ready to raise production to levels above its output in 2018 when the US unilaterally targeted the Islamic Republic’s oil industry with the most aggressive sanctions ever.

Iran is tapping into domestic potential to develop its key oil sector.

The Russian deputy PM says Moscow is trying to help Syria cope with the new US economic sanctions.

The Organization of Petroleum Exporting Countries has failed to agree on a deeper output cut amid Russian disapproval.

Russia says it may accept fresh cuts to OPEC+ supply to the global oil markets amid depressed prices.

The OPEC group has agreed to cut production by 500,000 barrels per day in a bid to stem prices.

OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd, Iraq's oil minister has said.