Energy

  Bloomberg As most of the world focuses on how unfettered oil production will weigh on prices, a few say a rebound is on the cards as the market starts to reflect a growing risk of shortages. OPEC’s strategy of keeping its taps open is leaving a smaller cushion if there’s an unexpected need for more oil. The group’s spare ...

  Bloomberg Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus. Futures dropped 2 percent. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key ...

  Bloomberg Offshore oil-rig operators, grappling with the biggest industry downturn in a generation, say they finally have the bottom in sight. The problem is, they could be stuck there for a long time. Transocean Ltd., which owns the biggest offshore-rig fleet in the world, believes utilization for floating units will reach bottom toward the middle of next year, Chief ...

  Bloomberg Even as speculation builds over whether OPEC will clinch an output deal with Russia this month, their negotiations are already paying off. Hedge funds and other investors reversed their bets on falling oil prices at the fastest pace in five months after producers said they would meet in Algiers, data from the U.S. Commodity Futures Trading Commission show. ...

  Bloomberg While Colombia’s recent agreement to end 52 years of internal war with its largest insurgent group has been heralded across the globe as a rare victory for peace, the nation’s oil industry fears the deal may increase turmoil, not reduce it. Parts of the accord with the Revolutionary Armed Forces of Colombia, or FARC, will amplify the risk ...

  Bloomberg China may be investing too much in coal power, with construction of new plants accelerating at the same time that demand growth for electricity is slowing, the International Energy Agency said. The world’s biggest investor in fossil-fuel generation started more than 70 gigawatts of new coal projects last year and had 200 gigawatts under construction at the end ...

  Paris / AFP A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said on Tuesday. The IEA said demand growth was slowing while supply was rising, meaning the glut was now due to linger “at least ...

  DOHA / Reuters Qatar Petroleum is interested in the Mozambique gas business of Italian energy group Eni and could opt to join Exxon Mobil in buying a multibillion-dollar stake, sources familiar with the matter said. State-controlled Eni is looking to reduce a 50 percent stake in its giant Mozambique gas acreage as part of plans to sell 5 billion ...

  Bloomberg Kazakhstan’s giant Kashagan oil field has taken 16 years and more than $50 billion to bring to the verge of production. It could take another decade to reach its potential, with initial output at half the forecast level. Eni SpA, working with partners Royal Dutch Shell Plc, Total SA and the Kazakh state, expects Kashagan to start in ...

  Bloomberg Global Infrastructure Partners agreed to buy a 20 percent stake in Spain’s Gas Natural SDG SA for 3.8 billion euros ($4.3 billion) from shareholders Repsol SA and Criteria Caixa. Repsol, Spain’s biggest oil company, and Criteria each sold 10 percent stakes in the natural gas distributor for 19 euros a share, according to a statement from Madrid-based Repsol ...