Petroliam Nasional Bhd (PET)., the Malaysian state-owned oil company, is studying a Canadian acquisition exceeding $5 billion as part of the company’s drive to supply natural gas to Asia.
Iraq’s autonomous Kurdistan region halted its oil exports on Sunday, accusing the central government in Baghdad of failing to make payments to companies working there in the latest clash in their long-running dispute over oil rights.
Brent crude rose above $123 on Monday after positive manufacturing data from China eased fears of a sharp economic slowdown in the world’s second-largest oil consumer and continuing tension in the Middle East threatened crude supplies.
Iraq’s autonomous Kurdistan region halted its oil exports on the weekend, accusing the central government in Baghdad of failing to make payments to companies working there.
Organisation of Petroleum Exporting Countries (OPEC) oil output rose in March to its highest since October 2008 as higher supply from Iraq and further recovery in Libya’s production offset a drop in shipments from Iran.