OPEC members aren’t likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signaled for the first time in two years that it’s willing to cut production.
Oil rebounded to head for a weekly gain after Saudi Arabia was said to have offered to reduce production if Iran agreed to freeze its output.
Eni has upgraded the potential of Baltim South West field to 1 Tcf of gas in place following the results of the Baltim South West 2X appraisal well, which was drilled immediately after the discovery well.
Now is the right time for OPEC to reach an agreement on oil output, and crude prices may fall if its members fail to take a decision when they meet next week in Algiers, Iraq’s governor to the producer group said.
A tanker sailed from Libya with a crude cargo bound for Italy after a halt in fighting between rival armed forces enabled the OPEC country to resume exports from its third-largest oil port for the first time since 2014.
Saudi Aramco has successfully responded to a minor fire at its oil terminal facility in Ras Tanura.
Libya boosted crude production by more than 70% since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years.
Saudi Arabia’s oil exports climbed in July to a record level for that month, as the kingdom curbed the amount of crude it burns to generate energy domestically, according to the Joint Oil Data Initiative.
Add Energy, an international energy consultancy provider, has been awarded a contract worth £120,000 ($156,000) with a leading upstream gas operator in Oman.
Calfrac Well Services, the Canadian oilfield services provider, is considering expansion opportunities into two of the world’s largest producing regions.
Saudi Arabia told OPEC that its oil production dropped by 40,000 bpd in August to 10.63 MMbpd as the group debates a deal to curb output to shore up prices.
Iran hinted that it may soon drop its opposition to an oil-production freeze, with a senior official saying the OPEC member’s crude output is closing in on its pre-sanctions level and that limiting supply is “a political decision.”
Iran’s President said he supports efforts by OPEC to stabilize oil prices, while reiterating that the country must restore production lost during years of sanctions.
There is currently no need to limit oil output, Saudi Energy Minister Khalid Al-Falih said on Monday, after signing an energy agreement with his Russian counterpart Alexander Novak.
As speculation swirls over whether oil producers will reach a deal to coordinate output and aid a recovery in prices, Iran says it’s ready to pump more.
HANGZHOU, China (Bloomberg) -- Global oil-market stability is impossible without the cooperation of Russia and Saudi Arabia, the world’s biggest crude producers, the kingdom’s influential deputy crown prince said, speaking with Vladimir Putin ahead of an OPEC meeting later this month.
Saudi Arabia, the world’s biggest oil exporter, won’t boost output to capacity and flood the market, the kingdom’s Energy Minister Khalid Al-Falih said weeks before OPEC meets to discuss ways to stabilize prices.
Iraq’s prime minister agreed with the semi-autonomous Kurdistan Regional Government to start talks about crude output in northern regions that have been bypassing the central government to export oil.
Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions.
Iran’s plan to keep boosting crude production until it regains its OPEC market share is dimming prospects of collective action by major producers to freeze output, according to Patrick Allman-Ward, CEO of Dana Gas PJSC.