Energy

  Bloomberg India’s biggest solar power project has stalled as the state which sought bids from generators says it can’t buy the energy at prices it had agreed upon. Winning developers in India’s Jharkhand state are still waiting to sign power purchase agreements almost a year after the tender. In March, Jharkhand awarded contracts to build 1.2 gigawatts of solar. ...

  Bloomberg Libya is pumping 715,000 barrels a day of oil, the most since 2014, and is on track to keep boosting output this year as the country restores much of the production lost amid political chaos and conflict, the state oil company’s chairman said. Blockades at the North African state’s main oil ports have ended, and output may reach ...

  Bloomberg Global oil demand will keep growing into the 2040s due to higher consumption of plastic goods even as the electric vehicle fleet expands rapidly and technology revolutionises transport, BP said in its annual Energy Outlook on Wednesday. The forecast of sustained demand growth for the fossil fuel comes as other oil companies such as Royal Dutch Shell brace ...

  Bloomberg “My God, this is going to be refreshing,” Kelcy Warren, the Texas billionaire behind the controversial Dakota Access pipeline, said days after Donald Trump swept to victory. As the industry digests the newly elected president’s push to get two stalled pipeline projects moving again — with some caveats — oil and natural gas producers are preparing for even ...

  Bloomberg Toshiba Corp., already reeling from a crisis at its nuclear business that sent its market value down by almost half, is seeking help from one of the world’s biggest buyers of LNG to avoid billions of dollars in potential losses if it can’t sell American gas. Toshiba is working with Japan’s Jera Co. to help it find buyers ...

  Bloomberg Oil gains eased in New York after an industry report that US crude and fuel stockpiles climbed last week. Crude supplies rose 2.93 million barrels, the American Petroleum Institute was said to report. Futures lost about 27 cents per barrel from the close after the release of the data. Iraq has trimmed supply by 180,000 barrels a day ...

  Bloomberg Asia’s oil refineries are turning to the North Sea for crude supplies like never before as their primary suppliers restrict output in an effort to eliminate a glut. Crude exports to Asia from the North Sea are poised to reach a record 12 million barrels in January, data compiled by Bloomberg show. Tankers hauling 9 million barrels from ...

  Bloomberg US oil advanced to trade above $53 a barrel as Iraq said it’s close to implementing its share of pledged output curbs agreed with OPEC to trim bloated global inventories. Futures rose as much as 1 percent in New York after dropping 0.9 percent on Monday. Iraq, the second-biggest OPEC producer, has reduced supply by 180,000 barrels a ...

  Bloomberg Hedge funds are showing they have some faith in OPEC. Their bets on rising West Texas Intermediate crude prices reached the highest since June 2014 as the Organization of Petroleum Exporting Countries and other producers reduce output to balance the market. Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able ...

  Reuters Iraq has reduced its oil production by around 180,000 barrels per day and plans to cut a further 30,000 bpd before the end of the month, the OPEC member’s oil minister said on Monday. The cut came from a 4.75 million bpd level, Jabar Ali al-Luaibi told reporters at an industry event at Chatham House in London. “We ...