Energy

Bloomberg Lower oil prices and the scrapping of fuel subsidies have allowed India’s biggest energy companies to slash borrowings to the lowest in at least eight years. Total debt at Indian Oil Corp., the nation’s largest refiner, stood at 419 billion rupees ($6.2 billion) at the end of September, down from 863 billion rupees in March 2014, according to the ...

  Bloomberg Record low Indian solar tariffs tendered at a groundbreaking auction may catalyze green investments and help tip the balance of new power to renewables and away from fossil fuels. Solar power in India fell to a record 3.30 rupees (5 US cents) a kilowatt-hour on February 10 after a World Bank-backed auction helped the central Madhya Pradesh state ...

  Bloomberg Crude is greasing the wheels of one of the world’s best-performing exotic currencies. Kazakhstan’s tenge, which has racked up the biggest advance among its thinly-traded counterparts the past six months, is poised for more gains as demand increases following the rally in the price of oil, the former Soviet republic’s No. 1 export, according to BMI Research. Bank ...

  Reuters Japan’s liquefied natural gas (LNG) buyers are upending the traditional practices of the market, using their leverage as the world’s biggest buyers of the fuel to wrestle concessions for more flexible terms. Japan’s electric utilities have won provisions that will allow them to divert contracted LNG cargoes if they restart their nuclear reactors, most of which have been ...

  Bloomberg Libya’s crude production exceeded 700,000 barrels a day and is due to keep rising as working conditions in the conflict-ridden country improve for international companies like Eni SpA and Total SA, an official from the state oil company said. The North African country’s crude production is due to reach 1.2 million barrels a day by August and 1.7 ...

  Bloomberg China, the world’s biggest producer and consumer of coal, is considering reinstating output restrictions to avoid the return of a glut after easing limits during winter. Shares in the coun- try’s coal miners jumped along with futures prices. The National Development and Reform Commission may resume mining curbs that cap output to an equivalent of 276 days of ...

    Bloomberg Add Corsa Coal Corp. to the short list of US coal producers doing something that’s become a bit of a rarity these days: opening mines. The Canonsburg, Pennsylvania-based company will start a new operation in Pennsylvania as early as May. It joins Ramaco Resources Inc., which began producing at its first mine in West Virginia in December ...

  Bloomberg Shale wildcatters pushed ahead on the biggest surge in US oil drilling since 2012 as the explorers take advantage of prices above $50 for more than two months. Rigs targeting crude in the US rose by 6 to 597 this week, the highest total since October 2015, according to Baker Hughes Inc. data reported. Drillers have added 72 ...

  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 ...