Bloomberg Oil extended gains towards $51 a barrel as Saudi Arabia said all producers participating in output cuts agree on prolonging the deal through the first quarter of 2018. Futures climbed as much as 1.1 percent in New York after advancing 5.2 percent last week, the biggest weekly increase since March. An extension into next year will help producers reach …

Bloomberg BP Plc started a project in the UK North Sea that will restore production halted since 2013 and help double the company’s output in the area by the end of the decade. BP and its partners budgeted 4.4 billion pounds ($5.7 billion) for the Quad 204 project, which involved building a new floating production and supply vessel and redeveloping …

LONDON / Reuters Iraq has achieved its share of the production cuts agreed by OPEC and non-OPEC producers at the end of last year but remains ready to meet future oil demand growth, Iraqi oil minister Jabar al-Luaibi said in a speech on Monday. “Iraq as the second-largest producer in OPEC confirms its achievement to the commitment to implement the …