Energy

  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 …

  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 …

  Moscow / AFP With its oil output at record levels and state coffers running low, Russia has little to lose and much to gain from agreeing a deal with the OPEC cartel on limiting production. Ahead of an OPEC meeting set for November 30 in Vienna, Moscow — which is not a member of the Organization of the Petroleum …

  Tehran / AFP Algeria has proposed that OPEC members cut 1.1 million barrels of daily oil production to boost prices, Iran’s Shana news agency reported on Sunday. Members of the Organization of the Petroleum Exporting Countries are due to meet on Wednesday in Vienna to discuss capping production. At an informal meeting in Algiers in September, the 14 members …

  TRIPOLI / AFP Libya’s National Oil Corporation (NOC) said on Sunday it would not take part in any OPEC production cuts for the “foreseeable future” as the North African country tries to bring crude output back towards pre-conflict levels. “Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for …

  Bloomberg OPEC is embarking on a last-ditch diplomatic push to reach an agreement for an oil production cut, with the oil ministers of Algeria and Venezuela heading to Russia to get the group’s biggest rival on board. The Organization of Petroleum Exporting Countries will meet on Nov. 30 in Vienna to finalize the terms of its first production cut …

  Bloomberg Electric avenues that can transmit the sun’s energy onto power grids may be coming to a city near you. A subsidiary of Bouygues SA has designed rugged solar panels, capable of withstand the weight of an 18-wheeler truck, that they’re now building into road surfaces. After nearly five years of research and laboratory tests, they’re constructing 100 outdoor …

  Bloomberg Saudi Arabia pulled out of planned talks with non-OPEC nations. including Russia, as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna. OPEC officials were scheduled to meet with non-members including Russia on Monday before a ministerial meeting in …

Bloomberg Facing pressure from OPEC to make a significant output reduction, Russia reiterated its readiness to freeze oil production at current levels, arguing that the offer amounted to a cut compared with next year’s plans. A production cap would mean Russia pumping 200,000 to 300,000 barrels a day less than planned in 2017, Energy Minister Alexander Novak told reporters in …

  LONDON / Reuters Libya’s oil production has risen by more than 40,000 barrels per day (bpd) to 567,000 bpd after repairs to power supplies to two oilfields, a senior Libyan oil source said on Thursday. Production on Wednesday was 60,000 bpd lower at 523,000 bpd because of power faults, now resolved, in the Waha and Dafa fields, NOC said. …