Opec and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude.
Opec agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.
Iran is pursuing a plan to increase its oil output by 460 million barrels within three years, oil minister Bijan Zanganeh said on Saturday, according to SHANA, the news site of the Iranian oil ministry.
“Now, we have a healthy, nearly balanced market with a win-win situation for all,” HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada said.
Six days of anti-government protests in Opec's third-largest producer have added a geopolitical risk premium to oil prices, though Iran's production and exports have not been affected.
Iraq aims to double the output of oilfields in the northern province of Kirkuk retaken from the Kurds to one million barrels per day (bpd), Oil Minister Jabbar al-Luaybi said on Monday.
The November Brent crude futures contract was up 35 cents at $57.21 a barrel by 0927 GMT, its highest since February 23.
Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, a Saudi industry source said.
Qatar oil production increased to 615,000 bpd in April from 610,000 bpd the previous month, QNB’s new data showed.