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The deepest operating offshore oil rig in the world, the Perdido Spar.

Oil prices have edged up as the Organization of the Petroleum Exporting Countries (OPEC) and its partners are set to extend output cuts until at least the end of 2019 at their meeting in Vienna.

Theresa May will chair a Cobra emergency committee meeting following the seizure of a UK-flagged oil tanker in the Strait of Hormuz on 19 July 2019. The Stena Impero vessel was surrounded by four Iranian vessels and a helicopter before being boarded then redirected from its passage to Jubail towards Iran.

Oil prices continued their upward trend for the fourth consecutive day on Tuesday on expectations that the US Federal Reserve will cut interest rates for the first time in more than ten years to support the growth in demand for fuel in the country.

Crude prices jumped more than 1% after Yemeni separatists carried out a drone attack on a Saudi Arabian oil facility during the weekend. Brent crude climbed 78 cents to $59.42 a barrel, while US crude gained 64 cents to trade at $55.51 per barrel, reported Reuters.

The Iraqi Drilling Company (IDC) has signed a contract with the Dhi Qar Oil Company to drill 20 new oil wells in the Nasiriyah oil field in Southern Iraq for a fee of $128m over two years. The deal was authorised by the Iraqi Ministry of Oil on 11 September.