Energy

  Bloomberg The world’s top two crude-oil producers pledged to cooperate to stabilize global markets, while failing to announce any specific measures to bolster prices. “We have a number of tools at our disposal for joint actions,” Russian Energy Minister Alexander Novak said Monday following a meeting with his Saudi counterpart Khalid Al-Falih at the G20 summit in China. Russia …

  Bloomberg As speculation swirls over whether oil producers will reach a deal to coordinate output and aid a recovery in prices, Iran says it’s ready to pump more. The OPEC member can raise production to 4 million barrels a day in two to three months from the current daily level of about 3.8 million, Mohsen Ghamsari, director of international …

  Bloomberg Saudi Arabia, the world’s largest crude exporter, raised pricing for October oil sales to Asia and the U.S. in a sign of strengthening demand. State-owned Saudi Arabian Oil Co., known as Aramco, increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said Sunday …

  Bloomberg Iran is ready to support any decision to help restore balance to the oil market after it regains its pre-sanctions market share, the Iranian oil ministry’s SHANA news agency reported on Saturday, quoting a minister. Algerian Energy Minister Nouredine Bouterfa said after talks in Tehran with his Iranian counterpart, Bijan Zanganeh, that the Organization of the Petroleum Exporting …

  Bloomberg The worst has passed for oil prices, which are now too low to ensure investment in the new supplies needed during the rest of the decade, IHS Markit Ltd.’s Vice Chairman Daniel Yergin said. Crude futures, trading near $48 a barrel will rise next year to the “mid-$50 range,” Yergin said in an interview. The market is rebalancing …

  Reuters Iraqi state oil firm SOMO and Iraq’s semi-autonomous region of Kurdistan have begun jointly exporting crude from the giant Kirkuk oilfield again after cutting a preliminary deal on revenue-sharing, trading sources said on Thursday. The development signals a breakthrough in relations between Baghdad and Erbil, which have been disputing how to share oil and budget revenues for several …

  Bloomberg Russia is on track to accomplish a major energy project aimed at cementing its ties with Turkey following a recent thaw in relations. The government in Moscow expects officials in Ankara to make necessary decisions in one to two months to proceed with a natural gas pipeline under the Black Sea that may kick off by end-2019, Russian …

  Bloomberg Saudi Arabia is poised to expand use of oil storage tanks in Japan and China, strengthening ties with its two largest Asian buyers as it fends off competitors for market share. The world’s biggest exporter plans to increase the amount of storage capacity it uses on Japan’s Okinawa islands, where it’s been leasing tanks since 2010, Amin Nasser …

  Reuters Iraq’s oil exports from southern ports rose to more than 3.230 million barrels per day (bpd) in August, from 3.202 million bpd in July, as crude production increased, the oil ministry and sources at state-run South Oil Co said on Thursday. The West Qurna 1 field, developed by Exxon Mobil, and South Oil’s Luhais and Artawi fields contributed …

  Bloomberg Israel’s Energy Minister Yuval Steinitz is out to persuade big energy explorers put off by years of regulatory turmoil to search for natural gas off his country’s shores. At a road show in London this week, Steinitz will sit down with executives from large and mid-sized energy companies to make his case that prospects for finding big reserves …