Oil futures edged higher on Wednesday, rebounding from the prior day’s sharp selloff on signs that major oil producers are sticking to their pledge to cut output.
February West Texas Intermediate crude CLG7 rose 14 cen
Oman-based Gulf Mining Group, a major mining and mineral processing organisation, plans to boost production of limestone and gypsum — commodities destined primarily for the growing steel and cement sectors of the Indian sub-continent.
Oil rose to one-year high after Russian president Vladimir Putin said on Monday that his country was ready to join Opec efforts to stem the decline in crude prices through a output cap, said a report.
Speaking at the World Energy
Saudi Arabia has offered to reduce oil production if rival Iran agrees to cap its own output this year, in a major compromise ahead of talks in Algeria next week, three sources familiar with the discussions told Reuters.
A possible deal to support oil prices by the world's leading producer countries may last for one year, the secretary-general of Opec said on Tuesday, longer than other officials have indicated.
Opec and non-member producers in
Oil prices bounced back from multi-week lows on Monday, hauling up European stock markets and commodity-linked currencies, on hints that producers were close to reaching an output deal.
Crude prices rose more than 1 percent, with
Oil prices rose in Asian trade on Monday after Venezuela said that Opec and non-Opec countries were close to reaching an output stabilizing deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.
Iraq's crude oil production and exports are expected to grow at a steady pace in 2017 from current levels, a senior Iraqi oil official said, adding the Opec member supports a global freeze initiative if it will help stabilise the market.
Iran is ready to raise its oil production to 4 million barrels per day (mbpd) in the next two to three months depending on market demand, a senior official from the National Iranian Oil Company (NIOC) said.
Opec's oil output is likely in August to reach its highest in recent history, a Reuters survey found on Wednesday, as extra barrels from Saudi Arabia and other Gulf members make up for losses in Nigeria and Libya.