Energy

  Reuters State-run Japan Oil, Gas and Metals National Corp (JOGMEC) said it signed a contract with the world’s top exporter Saudi Aramco on Wednesday to extend a crude oil storage deal on the island of Okinawa by three years. Under the agreement, Saudi Aramco can store up to 1 million kilolitres (6.3 million barrels) of crude oil on the ...

  Bloomberg Opposition from South Africa’s state power utility Eskom Holdings SOC Ltd. and government infighting threatens to sabotage the world’s fastest-growing green energy program. Eskom is stalling on signing government-brokered deals to buy renewable energy from private producers, encouraged to develop capacity after outages over the past eight years hobbled Africa’s most industrialized nation. With the economy in the ...

  Bloomberg Oil retreated from the highest close in 16 months as OPEC pumped a record amount of crude in November, partly led by members exempt from cutting output as part of last week’s deal to curb supply. Futures slid as much as 1.7 percent in New York after advancing 15 percent over the previous four sessions. The Organization of ...

  Reuters Kuwait Energy plans to close by the end of this year a reserve-based lending (RBL) loan facility of up to $100 million, sources familiar with the situation said. The Kuwaiti oil and gas exploration and production company, with assets in Egypt, Iraq, Oman and Yemen, is likely to obtain the financing on a bilateral basis from the European ...

  Bloomberg Pemex’s chance to enter the modern oil era hangs in the balance of the country’s Dec. 5 auction. Mexico will hold its first-ever deep-water auction on Monday — part of an effort to attract investment from international oil giants such as Exxon Mobil Corp., Chevron Corp. and BP Plc to help develop the country’s offshore oil properties. The ...

  Bloomberg OPEC’s work isn’t done yet. Oil traders and investors cheered Wednesday’s landmark deal to curtail oil production. But history shows compliance with past accords to be patchy at best. Even if countries stick to their output caps, those that won exemptions could make the collective target all but unreachable if they boost production. The difficulty of monitoring non-OPEC ...

  Bloomberg Brent oil capped its biggest weekly gain since 2009 after OPEC approved its first supply cut in eight years, with attention now shifting to compliance with the deal and how other producers will react to a price rally. Futures closed at the highest in more than a year in London and New York. OPEC’s three largest producers — ...

  Bloomberg No matter where you look in the oil market, key markers watched by traders have been going haywire since Wednesday — and they show little sign of letting up. Whether it’s a futures curve suddenly suggesting concerns that supply is shrinking or record trading of contracts designed to protect against price fluctuations, OPEC’s first output cut in eight ...

  Bloomberg While the first OPEC production cuts since 2008 were inked as Asia slept, the winners and losers from the surprise deal are already becoming clear in the world’s biggest oil-consuming region. US crude is hugging $50 a barrel following Wednesday’s 9.3 percent surge, the biggest since February, and Goldman Sachs Group Inc. is projecting further gains of more ...

  Bloomberg OPEC’s decision to shrink oil production is both a blessing and a curse for natural gas markets. It’s bad news for the US gas bulls enjoying a rally that has propelled prices to the highest in two years. Crude explorers have more incentive to drill with oil futures surging on the promised cuts by the Organization of Petroleum ...