Energy

Algeria’s Sonatrach boosts gas production, Italy sales

  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 ...

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Hangover awaits as OPEC celebrates biggest accord in years

  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 ...

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OPEC agrees first oil output cut since 2008

  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 ...

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Shell considers selling its Iraq oil assets

  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 ...

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Shell, BP warn Japan over price of its freedom

  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 ...

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Algeria’s dwindling petrodollars drive key OPEC deal broker

  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 ...

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OPEC seeks oil deal as Saudi opens door for no output cut

  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 ...

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Investors have $490 billion riding on big OPEC decision

  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 ...

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Crude rises as Iraq pledges to cooperate with pact

  Bloomberg Oil rose as Iraq pledged to cooperate with OPEC to reach an agreement this week that’s acceptable to all members. Futures rose as much as 2.7 percent in New York, reversing an earlier decline. Iraq’s Oil Minister Jabbar al-Luaibi said Monday he’s “ optimistic” a deal will be reached at OPEC’s summit in Vienna on Wednesday. Saudi Arabia ...

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Iran’s Persian Gulf petrochemical in talks for $1bn expansion plan

  Bloomberg Iran’s Persian Gulf Petrochemical Industries Co. is in talks with Asian companies to raise as much as 1 billion euros ($1.1 billion) for an expansion including a methanol project intended to serve China and other Asian customers. An Italian company is “in the forefront” as a potential investor in the company, according to Touraj Seyed Arvanaghi, managing director ...

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