Saudi Arabia wants to cooperate with other oil producers to support the oil market, Saudi-owned Al-Arabiya television reported on Sunday, quoting an unnamed Saudi source.
The source also told the Dubai-based satellite cha
Iran aims to boost its crude oil production capacity by 160,000 barrels per day following the completion of expansion projects at its North Azadegan and Yadavaran oilfields, a senior Iranian oil official was quoted as saying.
Iran is on track to raise oil production by 500,000 barrels per day after the lifting of sanctions this month and has already sold six supertankers with additional crude to buyers in Europe and Asia, a Iranian oil source said.
The talk of an Opec cut is likely no more than an attempt to shift market sentiment, according to an expert, who remains skeptical about a change in the physical market imbalance.
Michael Cohen, head of Energy
Crude oil prices rose to their highest in three weeks on hopes for a pact among oil producers to cut output, while the dollar slipped on bets that interest rate hikes by the Federal Reserve would be more gradual than it has suggested.
Russia's oil industry has argued for years that it cannot cut output to support falling global prices for purely technical reasons; in reality it can - as long as it has the political will.
The days that ol
The Egyptian Refining Company, a subsidiary of one of Egypt's largest investment companies Qalaa Holdings, will start production at its $3.7 billion oil refinery in the first quarter of 2017, managing director Mohammed Saad said.
Opec maintained its policy of pumping near-record volumes of oil at a meeting on Friday, according to sources at the group, taking no steps to reduce one of the worst crude gluts in history which has driven down prices.
Opec is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy's chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards $20.
Iran plans to increase its production of natural gas to more than 1 billion cubic metres (bcm) a day in the next two and a half years, Oil Minister Bijan Zanganeh was quoted as saying on Tuesday.
Speaking at a news conference ahea