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UPDATE 6-Oil below $33 on Saudi comments, report of U.S. inventory rise

* API says U.S. crude stocks rise; EIA report due (Previous SINGAPORE, updates prices, adds quotes)

Reuters Business News Schedule at 0930 GMT/0430 AM ET

LONDON - Shares fall in Europe and Asia as oil prices dipa fter Saudi Arabia effectively rules out output cuts by major producers, lifting investor appetite for low-risk assets such as the Japanese yen and gold.

UPDATE 1-Spain's Iberdrola targets 6 percent growth in core earnings

* Will focus investment on US and UK in its new five year plan

UPDATE 1-Iraq says OPEC, other oil producers should act quickly to rebalance market

ABU DHABI, Feb 24 (Reuters) - OPEC and non-OPEC producers should act quickly to rebalance the global oil market, otherwise they risk deep damage that could take a long time to fix, a senior Iraqi oil official said on Wednesday.

UPDATE 1-Petrofac reports record order book on Middle-East demand

Feb 24 (Reuters) - British oilfield services company Petrofac Ltd said its full-year revenue grew 10 percent and that its order book stood at record levels at the end of the year, sending shares up more than 12 percent on Wednesday morning.

Weir Group's full-year pretax profit nearly halves as oil prices fall

Feb 24 (Reuters) - Scottish engineering firm Weir Group Plc said its pretax profit for the year nearly halved, as its customers continued to delay spending in order to weather the slump in oil prices.

BHP's boss faces $11 billion dilemma as prices languish

Petrofac's full-year profit falls, hurt by oil prices

Feb 24 (Reuters) - British oilfield services company Petrofac Ltd said net profit for the year, before accounting for a loss from its Shetland Islands project, fell by nearly a quarter, as its customers held back on spending due to the slump in oil prices.

CERAWEEK-World's oil bosses eyeing more pain try to look past 2016

HOUSTON, Feb 24 (Reuters) - The world's top oil executives gathered in Houston this week seem to agree on one thing: this year is set to be so horrible that many skip right to 2017 and beyond to talk about hopes for market rebalancing that so far has eluded the battered industry.

Pemex's balance sheet calls out for investors in oil, gas and power sectors

Mexico's state oil company is hoping that an infusion of capital from private equity firms and other foreign investors will help it stave off a pressing liquidity crunch.

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