Opec is moving closer towards finalising this month its first deal since 2008 to limit oil output, with most members prepared to offer Iran significant flexibility on production volumes, ministers and sources said.
The energy minister of Saudi Arabia said on Thursday he was optimistic about Opec's deal to limit oil output and mentioned the lower end of a previously agreed production target, helping spur a rally in the price of crude.
OPEC's oil output is likely to reach its highest in recent history in September, a Reuters survey found on Friday, as Iraq boosted northern exports and Libya reopened some of its main oil terminals.
The Qatar Stock Exchange’s trade turnover and volumes rose substantially, but overall it remained under the bearish spell for the second day on Thursday.
Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.
Oil prices jumped over 2% on Monday on growing Nigerian oil output disruptions and Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.
Saudi Arabia's oil output will edge up close to record highs in coming weeks to meet summer demand for power but is unlikely to be pushed to the limit and flood global markets, Saudi-based industry sources said.
Oil prices rallied after Kuwait said an agreement to freeze output during a producers' meeting this month could still be reached despite conflicting statements by participants.
Opec oil output is rising in March, a Reuters survey found, as higher supply from Iran after the lifting of sanctions and near-record exports from southern Iraq offset maintenance and outages in smaller producers.
Iran has increased oil exports by 500,000 barrels per day since international sanctions against Tehran were lifted in January, a top official said on Saturday.
Consultations on an oil output deal between leading producers should be concluded by March 1 after they reached a common position at a meeting in Doha, Russian's Energy Minister Alexander Novak said in an interview ...
