Energy

  Bloomberg Libya’s oil production rose to 500,000 barrels a day and will further advance by the end of the month as the holder of Africa’s largest crude reserves was exempt from an OPEC accord to limit production, according to an official of the state oil company. The country’s production will reach 600,000 a day by the end of October, ...

  Reuters Iran’s total crude oil and condensate sales likely reached around 2.8 million barrels per day in September, two sources with knowledge of the matter said, nearly matching a 2011 peak in shipments before sanctions were imposed on the OPEC producer. The run-up from shipments of around 2.5 million bpd in August comes mainly from condensate, a light oil ...

  Reuters State-controlled utility Saudi Electricity Co said on Monday that its executive committee had agreed to invite private investors to participate in creating an additional 5,400 megawatts of generating capacity. The projects may be executed in phases, Saudi Electricity said without giving details. Saudi Arabia’s economic reform plans, announced this year, focus on saving the government money by introducing ...

  Bloomberg Oil climbed to the highest level in three months in New York as traders continued to assess last week’s change in OPEC policy. U.S. crude futures rose as much as 1.3 percent after advancing 8.5 percent last week. While OPEC outlined an accord to reduce production by as much as 750,000 barrels a day, its third-largest member Iran ...

  Bloomberg Oil advanced, adding to the biggest monthly gain in five months, after OPEC agreed to its first output cut in eight years on Wednesday. Futures climbed 0.9 percent in New York as equities rose and the dollar retreated against its peers, bolstering the appeal of commodities. Crude surged 7.9 percent this month, providing the first September increase since ...

  Bloomberg The oil market gave the clearest sign yet that Nigeria’s Forcados crude is about to flow again for the first time in eight months, after Royal Dutch Shell Plc was among companies said to have purchased the grade halted by militant attacks in February. Axion Energy Argentina SA, Pampa Energia SA, and Shell, operator of the Forcados export ...

  Bloomberg Electric car makers may breath a sigh of relief from OPEC’s decision to curb oil output, which if it holds may help tilt the argument in favor of greener transport. Electric car sales stalled in the U.S. last year as gasoline prices fell 5.8 percent on average and demand for the motor fuel rose for the first time ...

  BASRA /Reuters Iraq’s oil exports from the southern ports rose to an average of 3.245 million barrels per day (bpd) in September, from 3.230 million in August, the oil ministry said on Saturday. OPEC’s second-largest producer also exported 935,270 barrels – an average of 31,176 bpd – via pipeline to the Turkish Mediterranean port of Ceyhan in September, the ...

  ALGIERS / Reuters For years, debates in the OPEC conference room were dominated by clashes between top producer Saudi Arabia and arch-rival Iran. But as the two managed to find a rare compromise on Wednesday— with Riyadh softening its stance towards Tehran— a third OPEC superpower emerged. Iraq overtook Iran as the group’s second-largest producer several years ago but ...

Bloomberg Oil held near $47 a barrel after advancing the most since April as OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output. Futures slipped 0.5 percent in New York after surging 5.3 percent Wednesday. The Organization of Petroleum Exporting Countries agreed to cut production to a range ...