Oil rose towards $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in US inventories.
Iraq is sticking to an aspiration to increase its oil output by up to a third by 2020 despite warnings from some companies working in Opec's second-largest producer that projects could be delayed due to spending cuts.
Oil prices rose on Tuesday as investors anticipated a weekly drawdown in US crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support.
"We're gearing up on
Oil markets are rebalancing but crude is not at a fair price yet, Qatar's energy minister and current Opec president told the Associated Press in an interview published on Tuesday, saying a minimum price of $65 a barrel was "badly neede
Oil fell for a fifth consecutive day on Tuesday on rising production from major exporters, and as the dollar strengthened.
Brent futures had declined 45 cents to $47.90 a barrel by 0845 GMT, after closing down 37 cents in the prev
Brent crude prices fell for a fourth consecutive session on Monday as investor focus returned to global supply, with Iran insisting on a rise in oil exports and US drillers slowing the reduction in rigs.
Oil discoveries in 2015 fell to their lowest since 1952 as energy companies slashed exploration budgets in the wake of the oil price fall, creating a gap for meeting future demand, analysts at Morgan Stanley said on Monday.
Iran has no plans to freeze the level of its oil production and exports, Deputy Oil Minister Rokneddin Javadi was quoted as saying, as the country tries to raise its crude exports to pre-sanctions levels.
"Under the present c
Construction industry leaders from across the GCC will seek to identify strategies for tackling the changes taking place in the region as a result of the fall in oil prices at the upcoming Meed Construction Leadership Summit (MCLS) in Dubai, UAE
Oil prices slipped on Friday as a strong dollar and recent gains incentivised investors to cash in, while focus shifted again to swelling global inventories that have cushioned the impact from unplanned supply outages.