Iraqi Oil Minister Ihsan Abdul Jabbar said on Sunday that the oil market has seen an improvement in demand and a decline in surplus and stockpiles
OPEC+ ministers are meeting on Sunday in another attempt to agree a quick oil supply boost to address soaring prices as the global economy recovers from the coronavirus pandemic
Under the compromise with Saudi Arabia, the UAE's baseline production will rise to 3.65 million barrels per day after the current pact expires in April 2022
OPEC+ is yet to make progress closing divisions between Saudi Arabia and United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting this week less likely
Crude futures slipped as considerations over slowing international progress outweighed the prospect of tightening provide after talks amongst key producers to lift output in coming months stalled
US West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.1%, to $73.38 a barrel at 0216 GMT, headed for a 2.4% gain for the week
Brent rose 13 cents, or 0.2%, to $68.78 a barrel by 0928 GMT
The world's third largest oil consumer and importer halted imports from Tehran in 2019 after former US President Donald Trump withdrew from a 2015 accord
Ministry of Petroleum and Natural Gas is reviewing closely the global crude supplies and price situation
Iraqi state-owned marketer SOMO has finalised a term contract to supply 750,000 tonnes of straight-run fuel oil (SRFO) per month from April to September, three fuel oil trade sources said
Indian state refiners prepare to cut May Saudi oil imports
Iraq continued to be the top oil seller to India despite a 23% decline in purchases to a five-month low of 867,500 bpd, the data showed
Saudi Arabia has pledged to continue with an extra 1 million barrels per day voluntary output cut for a third month in April
Oil fell to around $68 a barrel on Tuesday, pressured as concerns faded of a supply disruption in Saudi, which countered a pause in dollar's rally and prospects for tighter supply due to OPEC+ curbs
Most of the OPEC+ producers, led by world's top exporter Saudi Arabia, last week decided to extend most output curbs into April
OPEC+ will have an important say in how the oil supercycle plays out. Oil prices are now at a level that could bring at least the smaller US operators back and even start to tempt renewed longer-cycle
Brent crude was up 51 cents, or 0.8%, at $63.42 a barrel
The front-month VLSFO margin was at $15 per barrel above Dubai crude on Tuesday, its highest since Feb. 20 and up from $11.75 a barrel at the start of the year, according to Refinitiv data in Eikon
Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad's market share in the world's third largest oil importer and consumer
Saudi Arabia has cut supplies of February-loading crude by 10% for at least two Asian buyers while meeting requirements of at least three others, several refinery and trade sources said