Energy

  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 ...

  Bloomberg Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to OPEC Secretary General Mohammed Barkindo. OPEC producers remain committed to an agreement reached last month in Algiers to trim output, and cooperation from non-OPEC producers will help bring the oil market back into ...

  AFP Iran will sign a deal with France’s Total on Tuesday for the development of gas production at a major offshore field in the Gulf, the Iranian oil ministry said. The Heads of Agreement (HOA) for the development of Phase 11 of the important South Pars field is worth $6 billion (5.4 billion euros), a ministry spokesman said The ...

  Bloomberg Saudi Arabian Oil Co. halted shipments of oil products to Egypt indefinitely, Egyptian Oil Minister Tarek El-Molla said, forcing the Arab world’s most populous nation to buy fuels on world markets at higher cost. The state producer known as Saudi Aramco informed the Egyptian General Petroleum Corp. in early October that it would halt supplies of refined oil ...

  Reuters A switch to cleaner fuels in the world’s ships in 2020 could double the profits of the world’s most advanced oil refineries — but threatens to put older ones out of business and punish those countries, including prominent OPEC members, that produce the wrong kind of crude. In less than four years, ships worldwide will have to cut ...

  Bloomberg Iran is working on regulations to attract investment in renewable energy, according to Elham Aminzadeh, adviser to President Hassan Rouhani, as the nation considers solar, wind and hydro power as ways to diversify from regular crude-based fuel. The government is working on laws designed to be as attractive for foreign investment as they are for domestic companies, Aminzadeh ...

  Bloomberg Egypt, which relies on imports to meets its energy needs, faces higher costs for gasoline and other oil products unless it cuts fuel subsidies after the government decided to float its currency, according to analysts at Petroleum Policy Intelligence and KBC Energy Economics. The Arab world’s most populous country took the unprecedented step on Thursday of allowing the ...

  Bloomberg OPEC can’t cut oil production alone to stabilize the market, according to the former Saudi Arabian energy minister who masterminded the pump-at-will policy the group adopted two years ago. “I don’t think OPEC by itself should cut,” Ali Al-Naimi, who for two decades was arguably the world’s most influential oil official until he retired in May, told a ...

  Bloomberg After emerging this week from one of the largest-ever energy-industry debt restructurings, Pacific Exploration & Production Corp. has a new ticker on the Toronto stock exchange and a new mantra: discipline. The oil and gas producer will target profit rather than growing production at all costs, and limit its geographic focus to Colombia and Peru after divesting assets ...