The agency, which coordinates the energy policies of industrialized nations, said global spare production capacity has risen to 3.3 million barrels per day due to high compliance rate with the agreed supply cuts among the OPEC and its allies.
Occidental Petroleum launched a $57 billion takeover bid for Anadarko Petroleum on April 24, trumping Chevron’s offer for The Woodlands, Texas-based independent announced earlier this month.
Saudi Arabia's energy minister said he saw no need to raise oil output immediately after the United States ends waivers granted to buyers of Iranian crude.
Zhejiang Energy is building a $1.34 billion receiving terminal for the fuel in Wenzhou, in the eastern province of Zhejiang, with annual handling capacity of 3 million tonnes.
Bahrain’s state-owned Tatweer Petroleum said it would sign agreements within a few weeks with Italian oil major Eni and Japan’s JX Nippon to develop the Bahrain Field.
The United States has stepped up pressure on Tehran by announcing an end to the waivers that have allowed major oil importing nations to buy from Iran, in a move that raises questions about the ability of other oil producers to fill the gap.
The United States demanded a cut off of Iranian oil exports to major importers like China and India who had been granted exemptions from sanctions, sending crude prices to six-month highs on fears the U.S. action could lead to a supply crunch.
"Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil," U.S. President Donald Trump said on Twitter.
The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE).
UPDATED: Oil topped $74 a barrel on April 22, the highest since November, with the United States set to announce a further clampdown on Iranian oil exports, tightening global supplies.
