Energy

  Kuwait City / AFP Kuwait must enact further subsidy reforms to trim its budget deficit resulting from low oil prices despite political sensitivity, the International Monetary Fund has said. Posting its first budget shortfall of $15 billion last fiscal year following 16 years of surpluses, OPEC member Kuwait has adopted a series of austerity measures raising the prices of ...

  CAIRO / Reuters OPEC nations embarked on a final diplomatic effort to secure a deal on oil cuts, with Qatar, Algeria and Venezuela leading the push to overcome the divide between the group’s biggest producers, according to a delegate familiar with the talks. The behind-the-scenes diplomacy comes after bilateral meetings over the weekend failed to resolve the rifts, leaving ...

Bloomberg Oil rebounded from the lowest close in eight weeks as OPEC nations were said to be making a final diplomatic effort toward securing a deal to curb production and stabilize prices. Futures rose as much as 2.6 percent in New York after falling 4.3 percent the previous three sessions. Qatar, Algeria and Venezuela are leading the push to finalize ...

  Bloomberg The oil market is “pretty pessimistic” about OPEC reaching a deal to cut production, BP Plc Chief Executive Officer Bob Dudley said. Oil prices will probably stay around current levels if the Organization of Petroleum Exporting Countries fails to implement the deal it reached in Algiers in September to limit output, Dudley said in an interview on Bloomberg ...

  Bloomberg OPEC members need to stop bickering over output curbs or risk the group becoming irrelevant to global oil markets, according to an analyst who predicted the biggest price crash in a generation. It’s in the interest of all producers to reach a deal that’s aimed at stabilizing prices, which are 61 percent lower than their 2014-highs, said Gary ...

  Reuters Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter said. PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role ...

  AFP Israel will on Tuesday launch a bidding process for oil-and-gas exploration licences off its coast in the Mediterranean, the first such offers in four years. The government has high hopes for the new blocks being offered following the discoveries of the Tamar and Leviathan natural gas fields off its coast since 2009. Israel hopes the Leviathan field will ...

  Bloomberg The companies that drill black gold are going a little bit green: taking stakes in renewable energies that are growing rapidly, enabling oil firms to diversify revenue and show commitment to fighting climate change. In the past, such swings have been written off by environmental campaigners as greenwash, and just as likely to be reversed once low oil ...

  Bloomberg Libya’s largest oil export terminal may re-open as early as next week in a move that would provide relief for the cash-strapped country holding Africa’s largest crude reserves. Tankers may be able to load at Es Sider port by next week as maintenance work at the terminal is almost complete, a National Oil Corp. official said by phone ...

  Bloomberg Iran boosted oil output at three western fields faster than it expected as rival OPEC producer Saudi Arabia called for a collective output cut later this month to help rebalance the market. Output at the fields west of the Karoun River, near Iran’s border with Iraq, rose to about 250,000 barrels per day from 65,000 barrels in 2013, ...