Energy

  Bloomberg The biggest gasoline market in the US is bursting at the seams. Traders are lining up to export gasoline and diesel from New York Harbor, an area that normally relies on fuel imports from Europe and eastern Canada, shipping data compiled by Bloomberg show. While at least 6 cargoes that were headed to New York from Europe in …

  Bloomberg Kuwait is sticking with plans to add half a million barrels a day of oil-production capacity as it prepares for the eventual expiration of the output quotas OPEC adopted to help drain a global oversupply, the head of Kuwait Oil Co. said. State-run KOC plans to raise the Gulf nation’s capacity from its current level of 3.15 million …

  Bloomberg Cost-cutting pressure sparked by onshore wind power auctions in Germany and France may spur participants to scale up the size of projects and scale of finance in key European markets, according to state lender Norddeutsche Landesbank Girozentrale. Germany is tendering 2.8 gigawatts of onshore wind this year in auctions starting in May. France follows in November with plans …

  Bloomberg India approved awarding rights for 31 small discovered oil and gas fields in its first auction in six years, entrusting most of these to new entrants as it seeks to boost local production. Sun Petrochemicals Pvt., a privately owned company formed by the directors of drugmaker Sun Pharmaceuticals Industries Ltd., and engineering company Megha Engineering & Infrastructure Ltd. …

  BLLOMBERG Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the Organization of Petroleum Exporting …

  INDIANAPOLIS / AP Indiana’s energy utilities want state lawmakers to pass a law that critics say would muscle out smaller companies from the emerging solar energy market. Solar power provides only about 1 percent of the country’s energy, but the industry is growing rapidly, with figures showing it employed 208,859 workers in 2015. That amounts to a 125 percent …

  Bloomberg The nation most identified with its massive oil reserves is turning to wind and solar to generate power at home and help extend the life of its crucial crude franchise. Starting this year, Saudi Arabia plans to develop almost 10 gigawatts of renewable energy by 2023, starting with wind and solar plants in its vast northwestern desert. The …

  Bloomberg Oil declined in New York as OPEC’s supply cuts are tempered by a revival of shale drilling in the US. Futures slid 1.7 percent in New York, the biggest drop in more than three weeks. Saudi Arabia told OPEC it cut oil production by the most in eight years, while Kuwaiti Oil Minister Essam Al-Marzooq said the organization …

  Bloomberg India’s monthly oil demand fell the most since May 2003 as the government’s crackdown on high-value currency notes continued to reverberate through the country’s $2 trillion economy. Fuel consumption fell 4.5 percent to 15.5 million tons in January from 16.2 million tons a year ago, the Oil Ministry’s Petroleum Planning and Analysis Cell said. Diesel use, which accounts …

  Reuters State oil giant Saudi Aramco <IPO-ARMO.SE> has signed a contract with Chinese oil refiner North Huajin Chemical Industries Group Corp to supply crude in 2017, two sources with knowledge of the matter said on Monday. The contract, the first between Aramco and Huajin, comes as Saudi Arabia attempts to regain its status as the top crude supplier to …