Bloomberg Brent surged above $60 a barrel for the first time in more than two years amid enthusiasm that OPEC may extend its supply-restraint deal and indications that the situation between Iraq and the Kurds remains fragile. The global benchmark jumped to levels last seen in July 2015 and crude in New York closed near an eight-month high. Saudi Arabian ...

RIYADH / Reuters The $500 billion mega-city planned by Saudi Arabia will be floated on financial markets alongside oil giant Saudi Aramco as part of the kingdom’s drive to diversify away from oil, the crown prince told Reuters in an interview. Crown Prince Mohammed bin Salman also said Aramco’s initial public offering is on track for next year and the ...

QUITO / Reuters Ecuador will ask to withdraw from OPEC for two years if the organization does not approve its request to be exempt from production quotas, the oil minister said. The Andean country, which is facing a huge deficit and funding needs because of low oil prices and a devastating earthquake last year, is planning to present its request ...