Chakib Khelil News
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While the attack in Algeria that killed at least 38 hostages was the deadliest raid on the oil industry in five years, it’s far from unprecedented.
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Last week’s dismissal of Algerian Energy Minister Chakib Khelil may give Africa’s biggest natural- gas exporter a fresh start after its national oil company lost its senior executives in a corruption scandal, analysts said.
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The Organization of Petroleum Exporting Countries may not change output quotas this year on hopes that Greece will resolve its debt crisis, Algeria’s energy minister said.
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Crude oil demand will gain this year and prices may rise to more than $85 a barrel as markets shrug off concern a debt crisis in Greece may spread to other European nations and slow growth, OPEC ministers said.
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Algeria, Africa’s biggest exporter of natural gas, is getting no help from Russia and Qatar in curbing production to increase prices in this year’s worst- performing energy commodity.
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Crude oil rose for the first time in five days, gaining as much as 3.1 percent, on speculation an emergency fund by European policy makers will contain sovereign debt risks and maintain economic growth in the region.
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Oil dropped to a three-week low after two European Union officials said an embargo on Iranian crude imports may be postponed for six months.
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A European Union embargo on imports of Iranian oil will probably be delayed for six months to let countries such as Greece, Italy and Spain find alternative supplies, two EU officials with knowledge of the talks said.
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Oil rose for the first time in a week as an almost $1 trillion loan plan by European policy makers to end the region’s sovereign-debt crisis caused global stocks to rally and signaled energy demand may strengthen.
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U.K. Prime Minister David Cameron said he and other members of the international community are ready to ensure the Strait of Hormuz stays open should Iran attempt to block it in retaliation for sanctions.
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