Energy

  Reuters Iran, which has said it’s exempt from OPEC’s accord to cut production, told the group it raised output by the most since international sanctions were lifted. Iraq, unwilling to curb its supplies, reported a higher level than OPEC’s estimates. Freed from curbs on its oil trade in January, Iran said it increased output by 210,000 barrels a day ...

  Bloomberg Oil dropped to the lowest in almost two months in New York on rising OPEC output after a volatile week driven by uncertainty about the group’s intentions and the surprise election of Donald Trump. Futures fell 2.8 percent Friday. Iran and Iraq, which want exemptions from an Organization of Petroleum Exporting Countries accord to cut production, told the ...

  AFP Output by OPEC oil producers has reached record levels, the International Energy Agency said on Thursday, raising fears a global oil glut will continue to weigh on markets unless the cartel agrees on a cut. Production by the 14 members of OPEC rose to a record 33.83 million barrels a day in October, the IEA said, just weeks ...

  Bloomberg Saudi Arabian Oil Co., the world’s largest crude exporter, is among second-round bidders for a Turkish fuel retailer owned by OMV AG, central Europe’s biggest oil and gas company, according to three people with direct knowledge of the matter. HSBC Holdings Plc is advising the Saudi company on the potential acquisition of Istanbul-based OMV Petrol Ofisi AS, Turkey’s ...

  Bloomberg Oil fell as the market’s focus shifted from the shock of Donald Trump’s U.S. presidential election victory to questions about OPEC’s ability to rebalance crude supply and demand. Crude futures declined as much as 1.9 percent in New York, erasing earlier gains after the International Energy Agency said prices may retreat amid “ relentless global supply growth” unless ...

  Bloomberg OPEC was already struggling to finalize a deal on production cuts this month. And then Donald Trump was elected President of the US. The Organization of Petroleum Exporting Countries faces increasing urgency to take measures that will support oil prices as Trump’s surprise victory threatens to deepen a market sell-off, said UBS Group AG. Yet the uncertainty arising ...

  Bloomberg Iran, which gets most of its electricity from natural gas, is considering new rules that may entice foreign investors to raise the amount of clean energy generated on its grid. The government is reviewing regulations to streamline and accelerate the process “for investors to bring funds inside the country and repatriate the profits,” presidential adviser Elham Aminzadeh said ...

  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 ...

  AFP The OPEC cartel warned on Tuesday that the oil industry needs to step up investments to guarantee sufficient supply as low prices stimulate demand. “Given the demand and supply outlook, there is a need for significant investments across the entire industry,” the Organization of the Petroleum Exporting Countries said in its annual report on the sector. The 14-nation ...

  AFP Iran signed a deal with France’s Total on Tuesday to develop a major offshore gas field, its first big contract with a Western energy firm since sanctions were loosened in January. Total will lead a consortium also including China National Petroleum Corporation (CNPC) and Iran’s Petropars to develop Phase 11 of the South Pars field under a 20-year ...