OPEC’s final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.
OPEC talks in Vienna Tuesday didn’t resolve whether Iraq and Iran will join any production cuts, instead deferring the crucial matter to ministers who will meet on Nov. 30, said two delegates.
BP has created a new executive committee to explore business in Iran which excludes its American chief executive Bob Dudley in a bid to avoid potential violations of US sanctions still in place.
Oil extended gains as Iran signaled optimism OPEC will agree to a supply-cut deal and Iraq said it will offer new proposals to help bolster the group’s unity before members meet next week in Vienna.
Iran’s resurgent oil industry has confounded skeptics. Production is up by almost a third since sanctions were eased in January and foreign companies are lining up to help boost output further. Yet Donald Trump’s victory in the U.S. casts doubt on whether the momentum can last.
Iran, which wants an exemption from OPEC’s accord to cut production, told the group it raised output by the most since international sanctions were lifted, while Iraq -- also insisting it should be spared -- gave no reading at all.
A sanctions expert has said it would be “very difficult” for US-President elect Donald Trump to re-impose restrictions on Iran without Europe’s agreement.
French firm Total has signed a preliminary agreement with Iran for the development of one of the world’s biggest gas fields.
French oil major Total has confirmed a deal with Iran to develop the phase 11 part of the South Pars gas field along with the National Iranian Oil Company (NIOC).
Total boss Patrick Pouyanne has said the firm would be happy to be the first Western oil company to reach an agreement with Iran.
Iran is working on regulations to attract investment in renewable energy, according to Elham Aminzadeh, adviser to President Hassan Rouhani, as the nation considers solar, wind and hydro power as ways to diversify from regular crude-based fuel.
OPEC’s internal disagreements over how to implement oil-supply cuts agreed to last month prevented a deal to secure the cooperation of other major suppliers.
The flow of Iranian gas to Turkey has been suspended after an explosion hit a pipeline.
The FTSE 100 made gains and sterling was flat as investors awaited a key government decision on airport runway expansion, and comments from Bank of England governor Mark Carney at the House of Lords.
The families of two dual-nationals jailed in Iran are calling on the UK Government to do more to secure their release.
OPEC’s second-largest producer threw an obstacle in the group’s path toward a final deal to stabilize oil markets when Iraq balked at joining efforts to trim output to prop up crude prices.
Iran’s Supreme Leader took to his Twitter account to accuse OPEC member of “using oil as weapon in total compliance with US polices".
Maersk Oil today confirmed it had signed a memorandum of understanding to explore business opportunities in Iran, a news report said.
Shell has signed an agreement with Iran that could pave the way for collaboration on petrochemicals, a news report said.
Iranian and Iraqi oil ministers are not expected to attend informal talks between OPEC and non-OPEC producers in Turkey.
Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, will accelerate the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signs a new-model oil investment contract.
The preliminary announcement by OPEC of a deal to cap production between 32.5 and 33 million barrels per day has given a welcome shot in the arm to the upstream market. While the specifics will be announced by OPEC at their November meeting in Vienna, on the face of it, it’s a hugely positive signal for the sector and points to a near term turn in the market.
OPEC member countries have met in Algiers this week and in a surprise move agreed to a production cut.
Oil held gains after the biggest advance since April as OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output.
Saudi Arabia gave the strongest indication yet it’s ready to compromise with regional rival Iran, potentially paving the way for the first limit on oil production in two years, although a deal is unlikely until OPEC’s next meeting in November.