The National Iranian Oil Company (NIOC) is set to increase production from all oilfields this year and can reach its pre-sanctions output capacity of 4 million barrels per day if there is sufficient market demand, a top Iranian oil official told
Morgan Stanley said in a note on Monday there is a possibility that Organization of Petroleum Exporting Countries (Opec) may raise its oil output quota.
The cartel's present production rate is around 31 million barrels per day
Opec oil supply in April has jumped to its highest in more than two years, boosted by record or near-record supplies from Iraq and Saudi Arabia, a Reuters survey showed, as key members stand firm in their focus on market share.
Kuwait, which plans to boost oil output capacity by a third by 2020, has discovered four new oilfields in the north and west of the country, a top oil official was quoted as saying by state news agency KUNA on Sunday.
Libya, struggling with militant attacks and two governments vying for control of the country, has boosted oil production to around 622,000 barrels a day (bpd), a report from state firm NOC said, higher than previously expected.
Opec has no choice but to keep its market share and shun oil output cuts, Kuwait's oil minister said, reiterating the view from the emirate that the group will hold its course when it meets next in June.
"Of course we are
State-controlled oil producer Petroleum Development Oman (PDO) raised its crude output in the first two months of the year to more than the planned annual average of 570,000 barrels per day (bpd), a top official said.
Will Opec go for a quick fix and worry about the future later or will it pass the challenge to US producers by allowing the price to remain low or go even lower? These are the questions that the market will be looking for answers to this Thursda
Oil prices rose on Friday for their first weekly gain in two months with benchmark Brent crude returning to above $80 a barrel after a rally triggered by China's interest rate cut and speculation of an Opec output cut.
Brent crude fell towards $81 a barrel on Wednesday, holding just above a four-year low as concerns over a mounting oil glut outweighed geopolitical and supply disruption risks in Ukraine and Libya.
With oil prices having fallen 30