Oil prices jumped on Friday on prospects of a co-ordinated production cut sparked by comments from the energy minister of Opec member United Arab Emirates.
Still, analysts said such a move remained unlikely and
Some Opec countries are trying to achieve a consensus among the group and key non-members for an oil production "freeze", sources familiar with the discussions say, in an attempt to tackle the global glut without cutting supply.
Opec producer Iran has cut its Heavy crude price for export to the Mediterranean by a larger extent compared with top exporter Saudi Arabia as Tehran seeks to attract more buyers after sanctions were lifted.
Opec's second-largest producer Iraq expects to load 6.9 per cent less Basra crude in March than the previous month, with most of the reduction coming on the heavier grade, trade sources said.
The cuts would
Iran's oil industry will need $200 billion of investment to help it develop in the coming years, mostly from outside the country, the oil minister was quoted as saying.
"We need $200 billion of investm
The world will store unwanted oil for most of 2016 as declines in US output take time and Opec is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.
The agency, which coo
Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut.
After a volati
Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets.
Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week.
International benchmark Brent crude futures were two cents higher at $34.4