Benchmark Brent crude futures were down 53 cents at $55.36 at 0836 GMT (4:36 a.m. ET). On Thursday, before major markets closed for a holiday break, they settled up 3 cents at $55.89 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down 46 cents at $52.72 a barrel, after rising 7 cents to $53.18 on Thursday.

“We are continuing to invest and strengthen our core oil and gas business across the value chain.”

Saudi Arabia plans to develop almost 10 gigawatts of renewables by 2023, requiring investment of up to $50 billion

International benchmark Brent crude futures were up 33 cents by 0900 GMT at $56.56 a barrel, their highest since early March. If the day's gains hold, it will be the longest winning streak for Brent since February 2012. U.S. West Texas Intermediate (WTI) crude futures were up 26 cents at $53.66 a barrel, on track for a seventh straight session of gains.

Minister of Petroleum Bijan Zangeneh said on Wednesday that Iran exported more than 2.6 million bpd last year on average and will continue the same path this year.

U.S. Rig Count is up 407 rigs from last year's count of 440, with oil rigs up 332, gas rigs up 73, and miscellaneous rigs up 2. Canadian Rig Count is up 78 rigs from last year's count of 40, with oil rigs up 30 and gas rigs up 48.

International benchmark Brent crude futures were up 33 cents by 0900 GMT at $56.56 a barrel, their highest since early March. If the day's gains hold, it will be the longest winning streak for Brent since February 2012. U.S. West Texas Intermediate (WTI) crude futures were up 26 cents at $53.66 a barrel, on track for a seventh straight session of gains.

North Sea Brent crude oil spot prices averaged $52 per barrel (b) in March, $3/b lower than the February average. EIA forecasts Brent prices to average $54/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018.

For 2017, Henry Hub prices are projected to average $3.10/MMBtu, 7 cents above what was indicated in March. The forecast for 2018 stayed steady at $3.45/MMBtu.

Lower hydrocarbon prices have adversely impacted macroeconomic performance. Growth has slowed despite still resilient non-hydrocarbon activity. Real GDP growth of 2.7 percent is estimated for 2016. Inflation remained low despite subsidy cuts, averaging about 2.7 percent in 2016.

Specifically, a plan to boost wind and solar energy capacity in coming years was likely to bring in $13 billion in investment, Procaccini said. There also is potential for $30 billion in mining investments to help Argentina catch up to neighboring Chile, and efforts to cut labor costs will help attract investment in oil and gas.

“Consistent with its robust performance in recent years, once again economic growth in Kenya was solid in 2016, coming in at an estimated 5.9%—a five-year high. This has been supported by a stable macroeconomic environment, low oil prices, earlier favorable harvest, rebound in tourism, strong remittance inflows, and an ambitious public investment drive,” said Diarietou Gaye, World Bank Country Director for Kenya. “Nonetheless, Kenya is currently facing headwinds that are likely to dampen GDP growth in 2017.”

Nigeria, South Africa, and Angola, the continent’s largest economies, are seeing a rebound from the sharp slowdown in 2016, but the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty. Furthermore, several oil exporters in the Central African Economic and Monetary Community (CEMAC) are facing economic difficulties.

West Texas Intermediate for May delivery rose as much as 38 cents to $52.62 a barrel on the New York Mercantile Exchange and was at $52.38 at 12:21 p.m. in Hong Kong, on course for its highest close since March 7. Total volume traded was about 2 percent above the 100-day average. The contract gained 54 cents to $52.24 on Friday. Brent for June settlement climbed as much as 28 cents, or 0.5 percent, to $55.52 a barrel on the London-based ICE Futures Europe exchange. Prices increased 35 cents to $55.24 on Friday. The global benchmark crude was at a premium of $2.55 to June WTI.

Iran’s crude oil export to India for the fiscal year 2016-2017 increased to 540,000 barrels per day showing a three-fold rise in comparison with the preceding year.