Energy

  Bloomberg Oil prices boosted by global output reductions will be capped because of new supply before long, according to Goldman Sachs Group Inc. The cuts by OPEC members and nations outside the group, as well as strong demand growth, will probably help curb inventories by next summer, analysts including Damien Courvalin said. While the bank raised its oil-price forecasts ...

  Bloomberg For OPEC, there are few enemies more fearsome than the tiny Oklahoma town of Cushing. With oil inventories at Cushing creeping near an all-time high, US benchmark futures prices are struggling to advance despite the promised production cuts agreed to by OPEC, Russia and other producers. And the storage tanks are likely to stay full as refiners park ...

  Bloomberg Libyan oil-facility guards prevented two of the country’s biggest fields from resuming production, days after the National Oil Corp. reached an agreement to restart operations there to boost output in the politically divided OPEC state. The El Feel, or Elephant, and Sharara fields still aren’t operational after they were shut more than a year and a half ago, ...

  Bloomberg Private sector investors are showing new interest in Saudi Arabia’s solar energy market, after the nation’s leadership included plans to add 9.5 GW of renewables to the energy supply as part of Saudi Vision 2030, along with opening the way to greater private sector and international investment. Announced in April, the Vision 2030 strategy sets 9.5 GW as ...

  Bloomberg OPEC’s deal to cut production and boost prices gives oil companies the opportunity to shake off two years of layoffs and slumping profits to start investing again — if they still have the risk appetite. Just ask Patrick Pouyanne, chief executive officer of Total SA. Throughout the downturn he’s consistently warned that tens of billions of dollars of ...

  Bloomberg Oil rose for the first time in three days after the dollar’s advance stalled and attention shifted back to projected production cuts. Futures rose 2 percent in New York. Prices dropped the past two days as the dollar climbed against major peers after the Federal Reserve raised interest rates, which curbed the appeal of commodities to investors. Goldman ...

  AFP Ethiopia on Saturday inaugurated a hydroelectric dam that aims to double the country’s electricity output, but which critics say is a threat to locals and a UNESCO-listed lake in Kenya. The Gibe III dam, which reaches 243 metres (800 feet) in height, is the third-largest dam in Africa and the biggest in a series built along the Omo ...

  Bloomberg There’s a transformation happening in global energy markets that’s worth noting as 2016 comes to an end: Solar power, for the first time, is becoming the cheapest form of new electricity. There have been isolated projects in the past where this happened: An especially competitive auction in the Middle East, for example, resulting in record-cheap solar costs. But ...

    Reuters State oil giant Saudi Aramco signed deals with several foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically. Deals include setting up joint ventures with US-listed firms Rowan Companies and Nabors Industries to own, manage, and operate drilling rigs in Saudi Arabia. Aramco also signed ...

  Kuwait City / AFP Kuwait’s new oil minister said on Thursday he expects crude prices to climb to $60 a barrel as output cuts agreed by OPEC and non-OPEC producers take hold next year. Essam al-Marzouk gave no timeframe for his projection, saying only that he was optimistic producers would comply with the agreed cuts and end a longstanding ...