Energy

Bloomberg First Mexico’s president told oil drillers to produce more. Now he wants fuel stations to charge less. Mexican President Andres Manuel Lopez Obrador is calling on fuels, liquid petroleum gas, and natural gas distributors to review their profit margins and pass on more tax savings to consumers in his latest crackdown on the private energy market. Mexico offers subsidies ...

Bloomberg Petroleo Brasileiro SA agreed to sell its 90 percent stake in a natural gas pipeline unit to France’s Engie SA and Canadian pension fund Caisse de Depot et Placement du Quebec for $8.6 billion. Engie and Caisse prevailed after multiple rounds of bidding for the unit, known as TAG. It is the biggest-ever single asset sale for Petrobras, whose ...

Bloomberg One of South Africa’s newest power plants, designed to supply the grid during peak-use periods, is defective and has been limited to operate at lower capacity. The deepest power cuts in more than a decade imposed by cash-strapped, state-owned Eskom Holdings SOC Ltd this month reduced the chances of the continent’s most-industrialised economy posting a stronger recovery from last ...

Bloomberg President Donald Trump issued a new permit for TransCanada Corp’s controversial Keystone XL pipeline, circumventing a court ruling that blocked a previous authorisation by his State Department. The move aims to undercut legal challenges to the $8 billion project, including a November ruling by a Montana-based district judge that faulted the State Department’s previous environmental analysis, according to a ...

Bloomberg Sinopec Corp. aims to raise spending to the highest since 2014, joining state-owned peers in their mission to churn out more domestic oil and gas to ease China’s reliance on imports. Refining profit tumbled in the fourth quarter. Capital expenditure is budgeted at 136.3 billion yuan ($20.3 billion) this year, the world’s largest refiner said in a statement to ...

Bloomberg The decision of the world’s largest sovereign wealth fund to reduce holdings in oil stocks wasn’t as far-reaching as the industry feared, but dealt a symbolic blow to fossil fuels that will reverberate for energy companies and their investors. While the divestment by Norway’s $1 trillion fund doesn’t include Big Oil, instead rooting out $7.5 billion of companies that ...

Bloomberg Canada’s oil producers made a small dent in their near-total dependence on the US market after a surge of shipments flowed to China and the UK last year. The holder of the world’s third-largest crude reserves sent 3.43 million barrels a day, or 96.4 percent of its oil exports, to its southern neighbour, the smallest percentage in data stretching ...

Bloomberg The country that’s driven global oil demand since the turn of the century may hit the brakes sooner than expected as travellers shift towards electric cars or even forgo the open road in favor of trains. China’s oil consumption will peak in 2025, five to eight years earlier than market consensus, according to Morgan Stanley analysts including Andy Meng. ...

Bloomberg The Trump administration is again seeking severe cuts to the US Energy Department division charged with renewable energy and energy efficiency research, according to a department official familiar with the plan. The official, who spoke on the condition of anonymity, said the Office of Energy Efficiency and Renewable Energy would see its $2.3 billion budget slashed by about 70 ...

Bloomberg A new gas supply deal between the US and China that’s expected to be part of a broader trade agreement has been in the works since before the trade war began and was put on ice after tensions flared, according to people with knowledge of the matter. A deal between Cheniere Energy Inc. and China’s Sinopec, expected to be ...