Energy

OPEC-Russia roadshow heads to Vienna for oil-cuts talks

  Bloomberg OPEC’s effort to secure cooperation of non-members in a global deal to curb crude output will roll on from Istanbul to Vienna, with Russia on board but growing internal differences over sharing the burden of cuts. Russia is ready to participate in a “technical exchange” to set a road map for oil production levels in the Austrian capital ...

Read More »

Libya oil output to hit 3-year high by Dec

  Bloomberg Libya’s oil production is set to reach a three-year high by December as fields restart and ports reopen after five years of armed conflict crippled sales. Output is now 540,000 barrels a day and will reach 900,000 barrels by the end of the year, Libya’s National Oil Corp. Chairman Mustafa Sanalla said Wednesday in Istanbul. That would be ...

Read More »

Turkey, Israel to examine building gas pipeline

  Istanbul / AFP Israel and Turkey on Thursday agreed to open discussions on building a gas pipeline to pump Israeli gas to Europe, as the Israeli energy minister made the first ministerial visit since a crisis in ties. Israeli Energy Minister Yuval Steinitz met his Turkish counterpart Berat Albayrak in Istanbul, the highest level official meeting since the two ...

Read More »

OPEC hails Putin oil output pledge

  Bloomberg OPEC’s most senior official talked up Russia’s commitment to joining efforts to limit oil production even as the group’s internal disagreements over how to share the burden of cuts stood in the way of a global deal. “We are confident of Russia’s commitments,” OPEC Secretary-General Mohammed Barkindo said in an interview with Bloomberg television in Istanbul on Wednesday. ...

Read More »

Big oil traders doubt OPEC deal will bring heavy supply cuts

  LONDON / Reuters OPEC’s deal to cut oil production is unlikely to result in a substantial reduction in actual supplies, some of the world’s biggest oil trading companies said, meaning the market is unlikely to rebalance until well into 2017. The price of crude oil has stabilised around $50 a barrel since the Organization of the Petroleum Exporting Countries ...

Read More »

OPEC faces half-million-barrel dispute with members on oil production cuts

  Bloomberg The scale of the internal differences OPEC must resolve before securing a deal to cut supply was revealed Wednesday as the group’s latest output estimates showed a half-million-barrel difference of opinion over how much two key members are pumping. Venezuela and Iraq’s own figures on how much crude they produced in September were 565,000 barrels a day higher ...

Read More »

Oil falls second day amid doubts of output cut

  Bloomberg Oil dropped a second day on speculation the OPEC agreement to trim crude output won’t succeed in reducing supply. Futures fell as much as 1.8 percent in New York. Crude has climbed since the Organization of Petroleum Exporting Countries agreed on Sept. 28 to have a new output range of 32.5 million to 33 million barrels a day. ...

Read More »

Oman to raise electricity tariffs for big corporate users

  MUSCAT / Reuters Oman, seeking to bolster state finances as low oil prices slash its revenues, will raise electricity prices for large government, commercial and industrial users at the start of next year, an official said on Wednesday. All government, commercial and industrial consumers of at least 150 megawatts per year will pay the higher tariffs, Qais Al-Zakwani, executive ...

Read More »

Green energy boom picks up speed

  Bloomberg Investors in wind and solar power are getting more capacity for their money as the cost of the technology tumbles, making alternatives to fossil fuel more competitive. That’s the conclusion of Bloomberg New Energy Finance, which found dramatic improvements in wind and solar technology is helping to boost the amount of power generated from each plant — and ...

Read More »

Oil market will rebalance faster if OPEC implements deal: IEA

  Bloomberg Oil supply and demand could come back into balance earlier than expected next year if OPEC’s agreement to curb output is implemented, the International Energy Agency said. “Our supply-demand outlook suggests that the market — if left to its own devices — may remain in oversupply through the first half of next year,” the IEA said Tuesday. “If ...

Read More »
Send this to a friend