Crude futures fell further on Tuesday as optimism faded for an output-limiting deal during an oil producer meeting in Algeria that so far has failed to yield any agreement to curb one of the worst supply gluts in history.
Iran downplayed on Monday the chances of Opec and non-Opec oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group hoped for steps to tackle a price-eroding glut of crude.
Iraq's Kurds said they are ready to strike an agreement with the central government in Baghdad on a deal to increase oil exports if it guarantees them monthly revenue of $1 billion, more than double what they make currently from selling oil.
After a year of secret diplomacy and hushed-up private talks around the world, Opec's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-Opec Mexico which overcame mutual acrimony and led to a much-needed rise in oil
Saudi Aramco and India's Reliance Industries have not yet concluded a term contract to import diesel and gasoline, three industry sources said, fanning market speculation that the long-standing annual deal may not be renewed.
Baghdad and Kurdish regional authorities are making progress to rescue a deal over crude oil exports, Iraq's oil minister said on Sunday, after it nearly unravelled due to Kurdish threats to halt shipments in protest over lack of payment.
Iraq and northern Kurdistan appear to have found a formula that will allow the autonomous region to export oil to Turkey in a new pipeline, a step towards resolving a long-running dispute over land and oil rights.
Turkish Energy M
Royal Dutch Shell is exploring possibilities in Iraqi Kurdistan, sources said, having seen rivals Exxon Mobil and Total risk Baghdad's wrath by moving into autonomous northern region while developing major oilfields in the south.