Iraq is preparing to hold its first auction of oil and natural-gas exploration rights since the 2003 ouster of Saddam Hussein, offering investors the opportunity to exploit the world’s fifth-largest crude reserves.
OPEC’s decision on production quotas this week may be complicated by hostilities in Libya as members meeting in Vienna find themselves supporting opposing camps of a military conflict for the first time in 21 years.
The Iran-driven run in oil prices to the highest since 2008 masks the Middle East producer’s diminishing importance to global oil supplies as record spending on drilling unearths reserves from Argentina to Angola.
Turkiye Halk Bankasi AS, the Turkish bank that handles payments for Iranian oil, will stop processing transactions for supplies into Turkish refineries from July amid tightening Western sanctions against the Persian Gulf state.
BP Plc’s disaster in the Gulf of Mexico will keep the planet’s biggest pot of untapped oil and gas under the Arctic ice for now as regulators toughen drilling rules and demand better ways to handle spills.