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Report: A big jump for oil because of Iran and Iraq
Report: A big jump for oil because of Iran and Iraq
Oil markets jumped on Monday on concerns about possible new US sanctions on Iran and a conflict in Iraq, while prices were bolstered by an explosion at a US drilling platform and a decline in exploration activities. Global Brent crude <LCOc1> rose 65 cents, or 1.1 percent, to $ 57.82 a barrel.
US crude prices have helped to cut companies' number of rigs looking for new production. US West Texas Intermediate crude was $ 51.89 a barrel, up 44 cents, or 0.9 percent.
Baker Hughes Energy Services said late Friday that drilling companies had cut the number of drilling platforms by five per week in the week ending October 13, bringing the total to 743 diggers, the lowest since early June.
Oil and gas production in the Kirkuk region is going on as usual, despite an Iraqi military operation to wrest control of the region from the Peshmerga forces, an oil ministry official said on Monday.
"We have an agreement with some Kurdish leaders to keep oil and gas facilities away from the conflict," the official told Reuters.
There has been no official position of the Kurdistan Regional Government in this regard so far.
In a related context, the Kuwaiti Oil Minister, Essam al-Marzouq, that the oil market is moving in the right track, pointing out that it is too early to take a decision on extending the OPEC agreement to reduce production.
"This is still premature," Marzouk told a conference of the oil sector in Kuwait. "We have to make such a decision before November. We are still on the right track."
"We have seen a decline in surplus stocks, and we have seen the price improve, and I think everyone should be pleased with this outcome," he said. "I think we should focus on commitment instead of extending the agreement."
OPEC meets in Vienna on Nov. 30 to decide on production policy.
Vadim Yakovlev, deputy chief executive of Russian energy company Gazprom Petroleum, said in an interview that the company was unhappy about the agreement to cut global crude production because it forced it to curb its ambitious plans to increase production.
Yakovlev said the company, the fastest growing Russian oil producer in terms of production, considers the deal to be short-lived. He added that Gazprom's operations in the Middle East were of "strategic importance" and that they planned to increase their presence there. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, have agreed to cut production by about 1.8 million barrels per day until the end of March 2018.
There are mixed signals about the possibility of extending the agreement, which Russian President Vladimir Putin indicated the possibility of extending it to the end of next year.
US crude prices have helped to cut companies' number of rigs looking for new production. US West Texas Intermediate crude was $ 51.89 a barrel, up 44 cents, or 0.9 percent.
Baker Hughes Energy Services said late Friday that drilling companies had cut the number of drilling platforms by five per week in the week ending October 13, bringing the total to 743 diggers, the lowest since early June.
Oil and gas production in the Kirkuk region is going on as usual, despite an Iraqi military operation to wrest control of the region from the Peshmerga forces, an oil ministry official said on Monday.
"We have an agreement with some Kurdish leaders to keep oil and gas facilities away from the conflict," the official told Reuters.
There has been no official position of the Kurdistan Regional Government in this regard so far.
In a related context, the Kuwaiti Oil Minister, Essam al-Marzouq, that the oil market is moving in the right track, pointing out that it is too early to take a decision on extending the OPEC agreement to reduce production.
"This is still premature," Marzouk told a conference of the oil sector in Kuwait. "We have to make such a decision before November. We are still on the right track."
"We have seen a decline in surplus stocks, and we have seen the price improve, and I think everyone should be pleased with this outcome," he said. "I think we should focus on commitment instead of extending the agreement."
OPEC meets in Vienna on Nov. 30 to decide on production policy.
Vadim Yakovlev, deputy chief executive of Russian energy company Gazprom Petroleum, said in an interview that the company was unhappy about the agreement to cut global crude production because it forced it to curb its ambitious plans to increase production.
Yakovlev said the company, the fastest growing Russian oil producer in terms of production, considers the deal to be short-lived. He added that Gazprom's operations in the Middle East were of "strategic importance" and that they planned to increase their presence there. The Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, have agreed to cut production by about 1.8 million barrels per day until the end of March 2018.
There are mixed signals about the possibility of extending the agreement, which Russian President Vladimir Putin indicated the possibility of extending it to the end of next year.
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