Petroleum industry

Saudi Arabia’s oil minister says those waiting to see if OPEC will extend production cuts will have to wait until the cartel’s upcoming Vienna meeting.

Iraq on Nov. 27 invited foreign companies to bid for contracts to explore and develop oil and natural gas reserves in nine new blocks as the OPEC nation seeks to boost its output capacity.

As Venezuela's dilapidated energy sector struggles to pump enough crude oil to meet the country's OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said

The Oil company TransCanada announced on Nov. 16 that it has shut down the Keystone pipeline in South Dakota because it discovered 210,000 gallons of oil has spilled from the pipeline.

Serbian Foreign Minister Ivica Dacic has sent a telegram of condolences to US Secretary of State Rex Tillerson in the wake of a mass shooting in Texas.

A gunman on Sunday killed at least 26 people when he opened fire in a church in the town of Sutherland Springs.

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.