Energy

  Reuters Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalising on an OPEC output cut deal from which it is exempted to regain market share and court new buyers, according to industry sources and data. In the past three months, Tehran has sold almost half the oil it …

  Reuters Winter temperatures in North Asia will swing to unusually cold from relatively mild in the coming weeks, lifting the demand for liquefied natural gas (LNG) and thermal coal as regional power stations ramp up to meet the increased heating needs. January tends to be the coldest month of the year in the northern hemisphere, and a drop to …

  AP In sunny Israel, solar energy supplies only a small percentage of the nation’s power needs, leaving it far behind countries with cloudier and colder climates. Now the fledgling solar industry is trying to make a leap forward with a large-scale project boasting the world’s tallest solar tower, as a symbol of Israel’s renewal energy ambitions. With Israel traditionally …

  Bloomberg Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts. The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to …

  Bloomberg Oil rose amid projections that US crude inventories declined while OPEC and other producers implement promised production cuts. Futures rebounded after tumbling 2.6 percent Tuesday. US stockpiles probably fell by 2 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Thursday. While OPEC member Kuwait has already cut output and non-member Oman …

  BEIJING / Reuters China’s Iranian crude oil imports may rise to a record this year as state-owned oil firms lift more crude through their upstream investments while extending their current supply contracts, senior industry and trading sources said. Chinese firms were expected to lift between 3 million to 4 million barrels more Iranian oil each quarter in 2017 than …

  Bloomberg Saudi Arabia raised pricing for February oil sales to Asia and increased premiums for light grades to the US as the world’s largest crude exporter prepares to reduce output to help counter a global oversupply. State-owned Saudi Arabian Oil Co., known as Saudi Aramco, increased its official pricing for Arab Light crude to Asia by 60 cents a …

  Bloomberg Natural gas prices may have faltered in the first trading day of the year, but some analysts are still bullish on the outlook for 2017. With demand for the power-plant fuel surpassing coal for the first time in the US and exports soaring, a years-long glut from shale formations has finally been erased. Now, all natural gas needs …

  Bloomberg Oil fell from the highest level since July 2015 as the dollar strengthened while doubts persisted about the ability of OPEC and its partners to balance the market. Futures slipped on the first trading day of 2017 after rising 45 percent last year, the biggest annual gain since 2009. Prices touched an 18-month high earlier as output cuts …

  Bloomberg Oil trader Gunvor Group is suing Cerberus Capital Management alleging that the private equity firm is refusing to pay its share of costs incurred when the two companies made a failed $650 million bid for Chevron Corp. assets in South Africa. While a relatively small amount of money is at stake, the suit sheds light on the acquisition …