Energy

    Bloomberg The man overseeing energy policy in western Europe’s biggest oil- producing nation says the worst downturn in the history of Norway’s offshore industry appears to have bottomed out as this month’s historic OPEC deal continues to reverberate across the globe. Terje Soviknes, who was named as Norway’s next petroleum and energy minister on Tuesday, replacing Tord Lien, ...

  TRIPOLI / Reuters Operations at Libya’s southwestern Sharara oilfield were gradually resuming on Wednesday after the lifting of a two-year blockade on a pipeline leading from the field, a senior official said on Wednesday. “We started running the wells and then gradually we will start pumping to the Zawiya refinery,” the official, who works at the field, told Reuters ...

  Bloomberg Oil extended its advance as industry data showed US crude stockpiles declined last week, trimming an inventory overhang. February futures rose as much as 0.9 percent in New York after climbing 0.5 percent on Tuesday. Crude inventories dropped by 4.15 million barrels, the American Petroleum Institute was said to report. That compares with a forecast 2.5 million-barrel decrease ...

BENGHAZI / Reuters An oil tanker docked at the east Libyan port of Es Sider to load the first cargo of crude since the terminal reopened following a two-year closure, port officials said. Es Sider, Libya’s biggest export terminal, had been shut due to a blockade by a military faction since 2014. It reopened in mid September, but repairs were ...

  Bloomberg Few countries have benefited from the oil market’s 2016 recovery like Iran. Since sanctions on its economy were eased in January, the Persian Gulf producer has doubled exports as prices rallied and won approval from OPEC last month to pump even more while other members cut. The key to continued growth will be attracting foreign investment to the ...

  Bloomberg The European Union seeks to tackle energy market distortions with policies that will eliminate coal and favour natural gas-fired and renewable power while reducing the cost of lowering emissions. The European Commission plan to limit the use of high-emissions generation to secure supply will hurt coal plants starting in 2020, but not modern gas units, according to the ...

  Bloomberg Oil prices traded below $52 a barrel as investors eye the potential return of crude volumes from Libya amid continuing tension in the OPEC member that’s exempt from output cuts. Futures were down as much as 0.8 percent in New York following a 2 percent gain on Friday. Libyan oil-facility guards backtracked on an agreement to allow supply ...

  Bloomberg Investors are the most optimistic on oil since the slump began two and a half years ago. Money managers boosted bets on rising West Texas Intermediate crude prices to the highest level since July 2014 after the Organization of Petroleum Exporting Countries and producers outside the group agreed to coordinate crude production cuts. Prices advanced to a 17-month ...

  Bloomberg Saudi Aramco plans to commission its wind turbine pilot project, the first in the kingdom, next month, the state oil company said on Sunday, part of nationwide plans to diversify energy supplies and to meet an increase in demand. The wind turbine, supplied by U.S. company General Electric will provide power to Saudi Aramco’s bulk plant in Turaif, ...

  Emirates Business Mongolia will seek approval from the Import-Export Bank of India to build an oil refinery and pipelines with $1 billion in infrastructure funding negotiated last year, a project that could boost the nation’s gross domestic product by 10 percent. The government intends to use $700 million of the loan for an oil refinery and $264 million for ...