Oil & Gas industry

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Oil price jumps

Oil prices have surged following reports that Opec producers will keep supply levels steady. Data also showed exports from Iran fell in May, after the US announced it would impose sanctions.

Brent crude jumped 2.67% higher to $77.38 a barrel.

David Madden, market analyst at CMC Markets, said: "The oil market has recovered a little in the wake of the severe sell-off at the back end of last week.

"There is still talk that Saudi Arabia and Russia will increase supply, but that hasn't stopped the bulls today."

Total 'has two months to seek sanctions exemption'

Total petrol station
Getty Images

Total, the French oil major, has two months to seek an exemption from US sanctions against Iran, according to oil minister Bijan Zanganeh.

The Iranian minister said that failure to secure an exemption would mean that the state-owned China National Petroleum Corporation could take over Total's stake in the South Pars gas project, lifting its interest from 30% to more than 80%.

He said that Total "has 60 days to negotiate with the US", adding that the French government could also lobby Washington.

The US is re-imposing strict sanctions on Iran, which were lifted under the 2015 international deal to control the country's nuclear ambitions.

Putin: happy to see oil price fall

Vladimir Putin
Getty Images

President Vladimir Putin says Moscow would be satisfied with the price of crude oil dropping to $60 per barrel as Russia and Saudi Arabia signalled they are ready to revise a production cap that has boosted prices.

"We would be completely satisfied with oil at $60" per barrel, Putin said at a meeting on the sidelines of Russia's annual economic forum.

He said a higher price can hurt consumers and spur production in rival nations.

Earlier, oil prices fell about 2% after Saudi Arabia signalled it could boost output soon.

Saudi Aramco listing delayed until 2019

Saudi Aramco sign
Reuters

The world's financial markets have spent the past couple of years waiting for the world's biggest and most secretive oil company, Saudi Arabia's Aramco, to start selling shares. Well, they're going to have to wait a bit longer.

The initial public offering (IPO) of Aramco, which had been scheduled for this year, is now likely to take place in 2019, Energy Minister Khalid al-Falih has said.

The sale of a 5% stake in Aramco is central to the Saudi government's economic reform plans. But there is still uncertainty over where the shares will be listed.

The London Stock Exchange has been wooing Aramco, but it would have to change its rules in order to allow the float, because it normally requires a minimum of 25% of a company's shares to be listed.