Oil Rises as Libya Fighting Flares Up Before OPEC Meets
- Production freeze among issues to be discussed by OPEC: Iraq
- Suncor Energy restarts oil-sands operations as wildfires ease
Oil Outlook: More Downside to Come?
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Oil rose as fighting erupted near Libya’s biggest crude-shipping port and OPEC delegates prepared to meet this week in Vienna to assess output.
Libya’s Petroleum Facilities Guard captured a town near the Es Sider and Ras Lanuf oil-loading terminals after fierce clashes with Islamic State militants. Strife in Nigeria and wildfires in Canada have also disrupted output. The Organization of Petroleum Exporting Countries will discuss a possible output freeze when the group gathers June 2, said Iraq’s Deputy Oil Minister Fayyad Al-Nima, who will head his nation’s delegation.