Oil prices fell on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend.
Monday, May 25 is Memorial Day in the United States and a public
Oil prices edged down on Friday after rising more than two per cent in the previous session, buoyed by lower US crude inventories and geopolitical tension in the Middle East.
US crude futures are in their longest winning streak si
Libyan state oil company The Arabian Gulf Oil Co (Agoco), which is active in the east of the Opec member country, is producing about 270,000 barrels a day of crude, unchanged from a week ago, a company spokesman said.
Saudi Arabia's crude exports rose in March to their highest in almost a decade, official data showed on Monday, a sign of unexpectedly strong global demand as the top oil exporter revved up its output to the loftiest rate on record.
Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide.
Oil futures have rallied strongly since January after collapsing last year but analysts say the rebo
Crude oil and condensate production in Azerbaijan rose to 14.2 million tonnes in the first four months of 2015 from 13.6 million a year earlier, a source at the State Statistics Committee said.
The source, who
Iraq plans to export a record volume of crude from its southern ports in June, as it splits its production into two grades for the first time to resolve quality issues, trade sources familiar with the matter said.
Top global oil exporter Saudi Arabia raised its crude production in April to a record high, feeding its flourishing Asian market share and its own power plants and refineries.
The world's top oil exporter pumped 10.308 million
The jump in oil prices has been supported by stronger-than-expected demand growth and a slowdown in crude supply, and is likely to continue into the second half of this year, a senior Gulf Opec delegate said.
Iran is determined to regain its share of the crude oil export market when sanctions imposed over its nuclear programme are lifted, the oil ministry's website Shana quoted Oil Minister Bijan Zanganeh as saying.
The former seco