Energy Update

SEOUL/SINGAPORE, April 28 (Reuters) - South Korea's biggest
chemical company LG Chem said on Thursday it had
sought help from authorities retrieving $21 million that it
believed had been paid into a fake bank account to purchase a
refined oil product.

April 28 (Reuters) - MEG Energy Corp, which
operates in Canada's oil sands, reported a first-quarter profit,
compared with a loss a year earlier, as it managed to keep
production costs at record lows to help cushion the impact of a
slump in oil prices.

(Thu, 28 Apr 2016) Iraq is OPEC?s second-largest crude oil producer and holds the fifth-largest proved crude oil reserves in the world. In 2015, Iraq?s production increased by almost 700,000 b/d compared with the production level in 2014, representing the largest year-over-year increase since Iraq?s production recovery in 2004, following the start of the Iraq war.

LONDON, April 27 (Reuters) - "King Abdulaziz and the men who
worked with him for the establishment of the state did not
depend on oil and they established the kingdom without oil, and
they ran this state without oil, and they lived in this state
without oil," Saudi Deputy Crown Prince Mohammed bin Salman said
in an televised interview on Monday.