Saudi Arabia's high crude oil production policy is based on the status of global demand and the top oil exporter is keen to maintain its market share, the kingdom's deputy oil minister said.
Iran plans to start to extract oil from the world's largest gas field next year as part of the Opec member's strategy to boost its crude oil production to at least 3 million barrels per day, official Iranian media reported.
The world's biggest oil exporters in Opec are pumping almost two million barrels per day (bpd) more crude than required, the highest surplus for at least a decade, data from Reuters, top forecasters and energy agencies shows.
Venezuela's oil minister led a delegation in meetings with Saudi Arabian officials, following talks in Iran, in an Opec diplomatic tour as its need for higher oil prices gains urgency.
Suffering from a slow
Oil prices eased on Tuesday on expectations of another rise in US stockpiles and as Saudi Arabia keeps output near record highs, but prices remained near a 2015-peak reached last week.
Crude prices have climbed around 18 per cent
Oil Minister Ali Al Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom's willingness to defend market share at a time when oil markets have staged a fragile recovery.
Opec should consider re-introducing individual output quotas, shuffled quietly to one side in 2008, to prevent oversupply hitting prices if Iran increases its oil exports following a nuclear deal, an Opec delegate said.
Opec's oil output has surged in March, the producer group said in a report, adding to excess supply in the market despite more evidence that its strategy of letting prices fall to hurt other producers is taking effect.
In a mo
Quiet diplomacy among the world's biggest oil producers has heated up this week, yet observers see few signs that renewed discussion among Russia, Saudi Arabia, Venezuela and others will lead to action on output.
Brent crude oil hit 2015 highs above $63 per barrel on Thursday after a rally of more than 5 per cent the previous session and analysts said more price rises were likely despite market oversupply.
Front-month Brent crude futures r