Energy

Bloomberg Britain’s fleet of solar panels generated a record amount of electricity, as the nation basked in sunshine during the hottest day of the year. UK solar power output rose to a record 8.75 gigawatts at 1 p.m. London time, according to data compiled by National Grid Plc and Sheffield University. That satisfied 24% of electricity demand and broke the …

Bloomberg After sparing its prized US market from oil-output cuts, Saudi Arabia plans to “markedly” reduce exports to its political ally in the coming weeks in an effort to reduce swollen and highly visible crude inventories in the world’s biggest consumer. “Exports to the US will drop measurably,” Energy and Industry Minister Khalid Al-Falih told reporters after chairing a meeting …

Dubai / Reuters Abu Dhabi’s government-owned power utility has closed a 3.2 billion dirham ($872 million) financing package for what will be the world’s largest solar power plant, the utility’s top official said. Abu Dhabi Water & Electricity Authority (ADWEA) raised $650 million in debt with the remaining $222 million raised in equity, Director General Saif Saleh al-Sayari said. A …

Bloomberg Iraq is mulling an oil hedging program to lock in prices for future crude sales, potentially topping a similar deal run by Mexico that is considered the largest energy trade in Wall Street. The Middle Eastern nation is in the very early stages of exploring a hedge for as much as a quarter of either its crude production or …

Bloomberg Iran’s oil industry bounced back from sanctions last year, cranking up output to recover market share from other OPEC producers. Now that its surge has topped out, Iran supports an extension of the group’s cuts to preserve those gains. Oil Minister Bijan Namdar Zanganeh’s willingness to embrace a deal that leaves Iran room to pump about 3.8 million barrels …

Bloomberg Oil halted its advance after a four-day gain before OPEC meets on Thursday to decide on whether to prolong output cuts by the group and its partners. July futures dropped as much as 1 percent in New York after front-month prices on Monday capped a 4.3 percent increase over four sessions. Iraq backed a proposal to extend production curbs …

Bloomberg Oil extended gains towards $51 a barrel as Saudi Arabia said all producers participating in output cuts agree on prolonging the deal through the first quarter of 2018. Futures climbed as much as 1.1 percent in New York after advancing 5.2 percent last week, the biggest weekly increase since March. An extension into next year will help producers reach …

Bloomberg BP Plc started a project in the UK North Sea that will restore production halted since 2013 and help double the company’s output in the area by the end of the decade. BP and its partners budgeted 4.4 billion pounds ($5.7 billion) for the Quad 204 project, which involved building a new floating production and supply vessel and redeveloping …

RIYADH / AGENCIES Saudi Arabia’s energy minister said on Sunday that extending the current agreement on global oil supply cuts until March next year, and adding one or two small producers to the pact, should be enough to reduce oil inventories. “We believe that continuation with the same level of cuts, plus eventually adding one or two small producers … …

Bloomberg India’s first producer of natural gas from coal seams in the country’s oldest mining region will spend about $1 billion to look for some of the newest forms of energy. Great Eastern Energy Corp. will invest as much as 20 billion rupees ($312 million) over the next four to five years to drill 144 new wells at its Raniganj …