Energy

  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 …

  Reuters Sonatrach boosted natural gas sales to Italy by 140 percent in the first 10 months of the year as Algeria looks to bolster energy exports after years of stagnation, two senior officials from the state company said. More effective exploitation of existing fields and expanded pipe-line capacity is helping boost sales, Sonatrach Deputy General Manager for Marketing Omar …

  Bloomberg Let OPEC celebrate. For now. The oil club is dizzy with its own success after a harmonious meeting in Vienna, where it surprised the world by agreeing to its first production cut in eight years. In hurried notes just hours after the end of the meetings, analysts joined the party. “OPEC resurrection,” Neil Beveridge at Sanford C. Bernstein …

  Reuters OPEC agreed its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting “a big hit” on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels. Brent crude futures jumped 8 percent to more than $50 a barrel after Riyadh signalled it had finally reached a compromise …

  Reuters Royal Dutch Shell is considering selling out of its oil fields in Iraq as part of its global $30 billion asset disposal programme, industry sources said. Shell is seeking to slim down its vast oil and gas portfolio following the $54 billion acquisition of BG Group in February, which transformed it into the world’s top liquefied natural gas …

  Bloomberg The world’s biggest liquefied natural gas suppliers have a warning for Japan: flexibility will likely cost you. Royal Dutch Shell Plc and BP Plc say that if Japan moves to ease restrictions that prevent its importers from reselling the gas, the Asian nation may have to purchase the fuel at a higher price in return. Suppliers could also …

  Bloomberg Algerian Energy Minister Noureddine Boutarfa’s shuttle diplomacy between Tehran, Moscow and Vienna before OPEC’s meeting on Wednesday underlines the North African nation’s desperation for a deal. The oil-market rout has seen Algeria burn through cash set aside during the boom years to plug a widening budget deficit. The country’s Revenue Regulation Fund, formerly one of Africa’s biggest state …

  Bloomberg OPEC is embarking on a last-ditch diplomatic push to reach a production cut, with ministers flying to Russia for talks, as Saudi Arabia for the first time suggested the oil-club doesn’t necessarily need to curb output. The Organization of Petroleum Exporting Countries will meet on Wednesday in Vienna to try finalize the terms of its first production decrease …

  Bloomberg After two tough years of falling oil prices and company valuations, investors in the world’s biggest energy producers have some cause for hope as crude prices continue their recovery from a 12-year low. They will be looking to OPEC not to dash it. Oil companies around the world have together added $490 billion to their market value this …