Saudi Arabia boosted crude exports by 3.5 percent in February to the highest in five months, while Iran’s shipments gained and Iraq sold the most oil for at least 12 years, the Joint Organisations Data Initiative said.
Ukraine is reducing gas imports and halting payments for natural gas imports from Russia over price “aggression” before the world’s biggest exporter of the fuel cuts supplies, raising the risk of disrupted flows to Europe.
OPEC, which supplies 40 percent of the world’s oil, will accommodate additional output from members Iraq, Iran and Libya, Secretary-General Abdalla El-Badri said, without explaining how it will do so under the group’s ceiling.
West Texas Intermediate crude rebounded amid speculation that gasoline supplies dropped for a seventh week in the U.S., the world’s biggest oil consumer. Brent rose in London on renewed tensions between the West and Russia over Ukraine.
Brent crude rose from its lowest in almost five months amid concern that talks between the Libyan government and rebels won’t restore oil exports. West Texas Intermediate was stable on signs of slower demand.