An overhaul of the global energy market could be a surprise outcome of the G20 summit with plans for a new agency to protect against oil and gas supplies being used as foreign policy tools, a report said Saturday.
Global oil prices traded in mixed fashion ahead of the weekend Friday, with Brent slightly higher as traders watched developments in the jihadist-led offensive in Iraqi, OPEC`s second-largest oil producer.
Oil prices rose in Asia Tuesday on growing concerns about lawlessness in crude-producer Libya as an top military unit joined a renegade general`s bid to quash Islamists and edged the country closer to civil war.
Rebels occupying major oil ports in eastern Libya said on Wednesday they would not deal with new Prime Minister Ahmed Maiteeq, a stance that could threaten efforts to reopen the terminals in the OPEC producer.
OPEC held its output quotas unchanged on Tuesday, several ministers said as the producer group called for greater compliance from some members whose overproduction could undercut efforts to support prices.