Iran hopes non-OPEC Russia and OPEC heavyweight Saudi Arabia can agree to coordinate on possible actions on the global oil market, Iranian Oil Minister Bijan Zanganeh said on Sunday.
Saudi Arabia's Energy Minister Khalid al-Falih will not attend meetings on Wednesday between OPEC and non-OPEC countries in Istanbul but told Reuters he saw signs that countries outside OPEC were willing to contribute to balancing the oil market.
QNB expects rebalancing in the oil market to continue, driven mostly by demand growth, notwithstanding moderately higher supply from the world’s major producers.
UAE Energy Minister Suhail bin Mohammed al-Mazroui said in a Twitter message on Monday that the oil market was balancing but that production by some OPEC members was slowing recovery.
Russia, the world's top oil producer, is consulting with Saudi Arabia and other producers to achieve oil market stability, Energy Minister Alexander Novak said.
The Qatar Stock Exchange on Monday inched near the 11,000 mark mainly on the buying interests in the banking and telecom stocks.
Oil prices rose close to six-month highs on Friday as a series of supply outages in Nigeria, Canada and Libya tightened the global oversupply picture that has gripped the oil market for two years.
Opec said the global oil market is oversupplied and signalled the glut may increase this year, as surging output from its members makes up for losses from other countries whose production has been hit by a price fall.
HE the Minister of Energy and Industry and current OPEC president Dr Mohamed bin Saleh al-Sada has said the “oil market was on the right track towards rebalancing in the second half of 2016.”
An agreement to “restore stability” to the global oil market was “imminent” as the growing number of oil producers who have officially confirmed participation in Sunday's oil producers meeting in Doha ...
World oil prices rebounded Monday as dealers eyed supportive US data and hopes that producers will agree to limit crude output at a crucial upcoming meeting in Doha.
Iran's Oil Minister Bijan Zanganeh said his country supported steps taken by other major producers that could stabilise the market and lead to price hikes for crude.
