FTSE floats on oil

Iran’s oil minister has said he sees no need to increase output because of feared decreases in demand in the second quarter as demand for heating fuel drops, while Saudi Arabia has said it would be able to increase supply if required. Russia, the second biggest oil producer and the largest outside OPEC, is expected to see a decline in production growth this year after the government’s moves to increase its control over the industry by trying to claw back billions in back-taxes, according to a new report from the International Energy Agency. Shell is up 4.5p to 496p, while BP is up 4.5...