Oil prices retreated from 2016 highs on Monday as rising production in the Middle East outweighed a decline in US output and a sliding dollar.
Crude production by the Organization of the Petroleum Exporting Countries rose in April
A three-day strike by oil workers in Kuwait last month over pay reforms shows the government faces considerable opposition as it prepares to push through painful and controversial cuts to longstanding welfare benefits.
Oil prices dipped in early Asian trade on Monday as rising production in the Middle East outweighed falling US output and the recent slide in the dollar, which has been supporting crude.
Brent futures LCOc1 were trading at $47.05
Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency.
Oil prices edged to new 2016 highs on Friday, lifted by a weak dollar and falling production in the US, although a looming rise in Middle East output capped gains.
Brent crude futures were trading at $48.30 a barrel at 0644 GMT, u
Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started.
The average for the 12 futures contr
The World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook as an oversupply in markets is expected to recede.
Amid improving market sentiment and
Saudi Arabia's oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources said.
A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi.
Saudi Aramco made new appointments to its executive ranks at its board meeting last week in Japan, while reappointing president and chief executive Amin Nasser, the company's weekly magazine the Arabian Sun reported on Wednesday.