Iran has discovered a new oil field containing 53 billion barrels of crude, President Hassan Rouhani said Sunday, a find that would increase Iran's proven reserves by over a third.
Robust surge in the shipments of crude and non-crude helped Qatar more than double its trade surplus year-on-year to QR18.99bn in October 2018, according to official figures.
Brent crude oil futures rose 89 cents to $74.64 per barrel by 10:18 am EDT and US West Texas Intermediate (WTI) crude futures were up 52 cents at $69.53 a barrel.
The country's Industrial Production Index (IPI) reported a 2% increase year-on-year in the review period, said the figures released by the Ministry of Development Planning and Statistics (MDPS).
Iraq signed a memorandum of understanding with BP on Thursday to boost production capacity at its northern Kirkuk oilfields, the country's oil ministry said in a statement.
Algeria's energy minister said on Wednesday he expects Opec to extend oil output cuts by nine months, helping to ease a global glut of crude by the end of 2017 and possibly raise oil prices to more than $55 a barrel.
2015 crude production climbed to 10.2mn bpd; reserves remained unchanged at 261.1bn barrels
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months on signs that a global supply glut is easing, one week ahead of an OPEC meeting.