Petroleum industry

Brent crude is trading above $60 per barrel for the first time in more than two years. Investors have remained bullish after news the Organization of the Petroleum Exporting Countries (OPEC) will continue to stick to production cuts.

Brent crude moved up seven cents to $60.51 per barrel, while the US West Texas Intermediate gained three cents, trading at $53.93.

President Aleksandar Vucic says the new investment of the oil company NIS in deep processing in Pancevo is "very significant for the whole of Serbia."

At the opening ceremony, Vucic thanked Russia's President Vladimir Putin in particular for the cooperation between the two countries "moving in an ever better direction."

14 members of the US Congress have sent a letter to US Secretary of State Rex Tillerson asking for continued US attention and support to the Balkans.

This specifically concerns Serbia, they said, Tanjug is reporting on Friday, citing a Voice of America report.

Light crude oil is traded at a price below USD 50 a barrel for the first time in two weeks, as reported strong US exports are raising concerns for global overcapacity, Bloomberg reported. Anna Kitanaka, Bloomberg News commented on the topic.

Last week, US oil exports rose to 1.98 million barrels per day, and oil yield continued to grow for the fourth week in a row, Kitanaka said.

Brent oil prices hovered near 26-month highs, supported by Turkey's threat to cut crude exports from Iraq's Kurdistan region as well as signs that market rebalancing is accelerating.

Russia's energy minister said on Sept. 22 that he was in favour of continuing cooperation with the OPEC oil cartel as their joint accord to cap output bears fruit in boosting the price of crude.

"We should keep the pace and definitely moreover follow through on the concerted action," Alexander Novak said at the start of a meeting of oil-producing countries in Vienna.

U.S. Secretary of State Rex Tillerson met his Russian counterpart Foreign Minister Sergei Lavrov in New York on Sept. 17 ahead of the UN General Assembly, officials said.

U.S. gasoline prices continued to rise on Sept. 3 amid fears of shortages, despite the restart of several key refineries on the U.S. Gulf Coast that had been crippled by Hurricane Harvey. 

OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group's output suggested the market will remain in surplus despite efforts to rein in production.

U.S. Secretary of State Rex Tillerson said on Aug. 7 that he had told his Russian counterpart that Moscow's meddling in the U.S. presidential election had created "serious mistrust" between the two countries.