Petroleum industry

Iran's national oil company said on Oct. 17 that it has offered 50 oil and gas fields to international bidders, the first time it has done so since last year's landmark nuclear deal with world powers.

Cutting oil production is the best way to stabilize the market, Russian Energy Minister Alexander Novak has said in Istanbul at the World Energy Congress. 
Speaking at the congress on Oct. 12, Novak said the oil price issue was different than previous crises and was lasting longer than previously.

Oil rose more than 1 percent to four-month highs on Oct. 6, spurred by another informal Organization of the Petroleum Exporting Countries meeting on output cuts and plunging U.S. crude inventories, with some saying the market has overshot itself with a near 15-percent gain in seven sessions.

OPEC and non-OPEC oil producers plan an informal meeting in Istanbul Oct. 8-13 to discuss how to implement a production deal OPEC members reached in Algiers last month, Algerian Energy Minister Nouredine Bouterfa has told local Ennahar TV.
In an interview scheduled be broadcast on Oct. 6, Bouterfa said the Algiers deal to cut output would be in force for up to a year.

Workers look at a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside Nefteyugansk, Russia. Russia's oil outpur reached 45.483 miilion tons in September.

Greece's sole oil producer, Energean Oil & Gas, has stepped up daily production by about 30 percent since early January, it said on Wednesday, as the debt-ridden country seeks to tap into its limited oil reserves.

Oil prices rose on April 19 as an oil workers' strike in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following the failure by oil producers to agree to freeze output levels on April 17. 

Major oil producers gathered in Qatar yesteray for crucial talks on capping production to boost prices, despite Iran's refusal to take part.

Top energy officials from some 15 countries including Saudi Arabia and Russia were at the Doha talks, amid reports a draft agreement was in the works to freeze output at January levels until at least October.

British oil major BP expects flat oil production in 2016 at its Azeri-Chirag-Guneshli (ACG) oilfields in Azerbaijan, where it plans two rounds of maintenance this year, the company's regional head said.

OPEC members and key oil producers from outside the cartel will meet on April 17 in Doha in a bid to stabilize falling crude prices, Qatari energy minister Mohammed al-Sada said on March 16.