Oil extended its gains, briefly surpassing $70 a barrel in London for the first time since September, as Middle East tensions flared after the U.S. assassinated one of Iran’s most powerful generals.
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members.
The oil price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.
A former Unaoil executive has pleaded guilty to five offences of conspiracy to give corrupt payments amid a Serious Fraud Office (SFO) investigation.
The evacuation of some Exxon Mobil Corp. workers is “unacceptable and unwarranted” because it has nothing to do with the security situation in southern Iraq, according the country’s energy minister.
A former vice president of Marathon Oil has joined the board of Scottish firm Cairn Energy.
Petrofac has secured a number of new awards and contract extensions, with a combined value of more than £23 million, to provide training solutions for key National Oil Company and International Oil Company clients in Oman, the UAE and Iraq.
Since the Arab Spring in 2011, the Middle East and North Africa (MENA) region has faced continued political upheaval. But energy production and export remains central to its prosperity.
Genel Energy has agreed to buy stakes in the Chevron-operated Sarta and Qara Dagh blocks, in the Kurdistan Region of Iraq, for $60 million.
Terrorism, falling oil prices and the effect on tourism were among the forecast impacts on Scotland of the Iraq War discussed by Scottish ministers, newly-released official papers show.
The biggest snag in OPEC’s push for a consensus on cutting oil output could come from relentless growth in supply from its second-biggest producer.
Iraq aims to supply China with about 60 percent more crude next year, as OPEC’s second-biggest supplier double downs on its main market in Asia, according to the head of the state-run Oil Marketing Co.
Iraq sees a need to increase crude exports and says it’s ready to ship more as soon as OPEC agrees how members will share a collective supply boost, according to the acting director-general of the state-run Oil Marketing Co.
North Sea and Middle East-focussed operator DNO has announced a two-thirds increase in production from the Peshkabir field in Iraq.
With output of around 4.4 million barrels per day (as of March 2018), Iraq is the second largest oil producer in OPEC after Saudi Arabia, and holds the world’s fifth largest proven crude oil reserves.
A senior Iraqi official has revealed that the country will postpone its planned oil and gas bidding round, originally planned for the 15 April.
The newly completed southern crude oil export pipeline will “boost” crude oil exports from Iraq’s ports, claimed the country’s oil minister Jabar al-Luaibi last night.
Things are looking up for Libya oil traders.
Kuwait's ruling emir has said his oil-rich nation will give one billion US dollars in loans and one billion dollars in direct investments to help rebuild Iraq, a stunning donation as only a generation ago Saddam Hussein invaded the small nation.
OPEC likes to trumpet its record-breaking compliance with output cuts. Yet one of its largest members has been opening the taps and doesn’t plan to scale back any time soon.
BP agreed to help increase crude production at northern Iraq’s Kirkuk fields as part of government push to restore output and exports capacity after recapturing the oil-rich region from semi-autonomous Kurdish forces in October.
Shell has struck a deal to divest its stake in an Iraqi oilfield to Japanese firm Itochu, a news report said.
Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers for OPEC-led output cuts to continue, despite recent price gains.
