Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
BP discovered two new oilfields in the Gulf of Mexico, identifying an additional billion barrels of oil in the region using new seismic technology.
Except for Qatar, the oil producing gulf countries are adamant on raising oil prices to fill budget deficits.
US lawmakers are considering a legislation that would pave the way for suing OPEC for manipulating oil prices. But changing market conditions could save the global oil cartel.
Organization of the Petroleum Exporting Countries (OPEC) said they would cut 800,000 barrels per day for six months from January, causing a sharp spike in oil prices.
Crude prices have been falling since October because major producers — including the US — are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand.
Doha wants to keep its role as the world’s leading LNG producer independent of the oil cartel’s politics, which has come to be influenced by non-member Washington.
The Russian economy’s dependence on oil and gas exports makes it vulnerable to fluctuating prices.
The latest forecast from the US Energy Information Administration predicts that US output will grow next year to 11.8 million barrels a day, its highest since 1970.
Trump says Saudi Arabia’s expanded production would help offset a decline in supply from Iran, after the United States pulled out of the Iran nuclear deal in May and moved to reimpose oil sanctions.
Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, incorporates five new members into its board including its first woman executive.
Turkish Foreign Minister Mevlut Cavusoglu welcomed US Secretary of State Rex Tillerson holding talks focusing on the future of the relations between two NATO allies.
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