Oil rose for the first time in six days as OPEC to backed prolonging supply cuts and other markets rallied after the first round of French presidential elections.
Oil headed for its biggest weekly loss since early March as signals from OPEC that it will persevere with output cuts failed to offset evidence that U.S. supplies are plentiful.
Libya’s El-Feel oil field, operated by a venture between Eni SpA and the state producer, reopened after a two-year halt in operations that crimped the OPEC nation’s output, according to a person familiar with the situation.
Oil traded near its lowest in two weeks as comments from some OPEC producers that the group will extend output cuts were undermined by signs of rising supply.
When OPEC and Russia meet next month to assess the impact of their oil cuts they face a surprising outcome: stockpiles are even higher than when they started.
Oman Oil Co., the sultanate’s state-owned energy producer, is seeking advice from banks to sell some energy assets and list units on the local stock market, following plans by its larger peer Saudi Arabian Oil Co. to offer shares to the public.
A number of major crude-producing countries reached an agreement to extend output cuts as persistently high stockpiles weigh on prices.
Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Kuwaiti Oil Minister Issam Almarzooq said.
Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market the group’s Secretary-General Mohammad Barkindo said.
Saudi Arabia cut exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude.
SDX Energy Inc., the North Africa focused oil and gas company, announced that drilling on the carried SD-1X well at its South Disouq concession, where it hold s a 55% equity interest and is operator in the Nile Delta area of Egypt has reached its first target depth.
OPEC is finally making some headway in its race against the tide of surging U.S. supplies, and speculators are giving the group greater credence.
The global oil market is moving closer to balance even as increases in U.S. oil production push prices down in the short-term, Saudi Arabian Oil Co. CEO Amin Nasser said.
Iran, holder of the world’s biggest natural gas reserves, boosted output by inaugurating six projects at the giant South Pars offshore field.
Buyers in the world’s biggest oil market are finding they can almost always get what they want, at a time when they weren’t expected to get what they need.
Global oil inventories increased despite OPEC’s near-perfect implementation of production cuts.
“We forecast that inventories will continue to decline driven by the combination of production cuts and the strong demand growth,” the analysts wrote, referring to oil. The bank reiterated its outlook for U.S. West Texas Intermediate to rise to $57.50/bbl and Brent crude to $59/bbl in the second quarter.
Oman Oil Co., the sultanate’s state-owned energy producer, is seeking advice from banks on strategic options for its business, according to people familiar with the matter, following plans by larger peer Saudi Arabian Oil Co. to sell shares to the public.
Lukoil has completed a field 3D seismic survey at West Qurna-2 field in Iraq. The survey covered an area of about 450 km2.
Mubadala Development Co., the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co., raised $1.5 billion through a dual-tranche bond after receiving almost four times that amount in bids, people familiar with the matter said.