Energy

  Bloomberg Nigeria’s possible sale of some of its oil and gas assets to raise money and boost the contracting economy in Africa’s most populous country could reduce the government’s influence over its biggest industry. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment ...

  Bloomberg Libya, struggling to revive its energy industry after five years of armed conflict, restarted production at an eastern oil field and was poised to export crude from the port of Zueitina for the first time since November. Germany’s Wintershall AG began pumping at Concession 96 in the As Sarah field on Sept. 16 and is producing 35,000 barrels ...

Kuwait City / AFP A Kuwaiti court on Wednesday said a government decision to increase petrol prices was unlawful nearly one month after it took effect in the oil-rich Gulf country. The court said the decision “breached the law” because of procedural flaws, according to a copy of the verdict obtained by AFP. It said the price hike should have ...

  ALGIERS / Reuters Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said the differences between the kingdom and Tehran remained too wide. “This is a consultative meeting … We will consult with everyone else, we will hear the views, we ...

  Bloomberg Global oil output will exceed demand until late 2017, the head of the International Energy Agency said before major producing nations gather for talks. “We don’t see the oil market re-balancing until late 2017” provided there’s no “major intervention,” IEA Executive Director Fatih Birol said Tuesday in an interview with Bloomberg Television in Algiers. The Paris-based agency is ...

  Bloomberg Oil extended declines as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day, damping expectations for OPEC to reach a deal to stabilize markets when the group meets on Wednesday in Algiers. Futures fell as much as 1.7 percent in New York. Prices rebounded 3.3 percent ...

  Bloomberg Oil investors turned bearish at the fastest pace in more than a year as they lost confidence that OPEC will reach a deal with other producers to limit supply at a gathering this week in Algiers. Money managers increased bets on falling prices by half as the Organization of Petroleum Exporting Countries kept pumping at a record rate ...

  Bloomberg Oil held near $45 a barrel as Saudi Arabia’s offer to cut output opened the door to a future OPEC deal, even though the kingdom doesn’t expect an agreement this week when members of the group meet. Futures added 0.1 percent in New York after slumping 4 percent on Friday. While Saudi Arabia and Iran didn’t reach an ...

  Paris / AFP Cartels only work when their members stick together — but precious little unity is likely to be on show among OPEC producers at a key meeting in Algiers on Wednesday. Members of the Organization of the Petroleum Exporting Countries seem doomed to disagree on whether to freeze production to reverse a collapse in oil prices. At ...

  Bloomberg Gulf Island Fabrication Inc. has for decades built hulking platforms to extract oil and natural gas from the seabed. With the collapse of offshore drilling, the company has turned to helping harvest another energy resource: wind. Gulf Island built all five turbine foundations for the first US offshore wind farm, which is expected to go into service in ...