Energy

  Bloomberg A Libyan armed force controlling some of the country’s southern oilfields has stopped pumping at two of them because the government has not paid the funds needed to maintain security operations, a brigade commander said. The closures underscore the new Libyan government’s complex task in reviving oil production, which has been battered by strikes, protests and militant attacks ...

  Bloomberg Oil is poised for the biggest monthly advance since April as the global surplus diminishes and OPEC’s planned talks fan speculation it could reach an accord on output. Futures slid 1 percent in New York, trimming the monthly gain to 10 percent. Iraq’s Prime Minister Haidar Al-Abadi said Tuesday the country would support a proposal among major producers ...

  Reuters Saudi Electricity Co (SEC) will likely delay the planned expansion of its Jeddah South power plant, but is still expected to start tendering for a plant near Riyadh by the end of the year, industry sources told Reuters. The utility, the Gulf’s largest, faces multiple challenges as it tries to keep up with rampant growth in power demand ...

  Bloomberg Iran will invite international oil companies to submit bids in October under the long-awaited new contract model for energy investors, as the OPEC producer seeks billions of dollars to boost output after years of international sanctions. The government will invite companies to bid to develop the South Azadegan field on Iran’s southwestern border with Iraq during the week ...

  Bloomberg Iran’s plan to keep boosting crude production until it regains its OPEC market share is dimming prospects of collective action by major producers to freeze output, according to Patrick Allman-Ward, chief executive officer of Dana Gas PJSC. “I’m not overly optimistic about an oil freeze being agreed,” Allman-Ward said in a Bloomberg Television interview in Dubai on Sunday. ...

  Reuters Qatar will begin operations at its Barzan gas project in November, two people close to the matter told Reuters on Sunday, as the Gulf state strives to meet rising domestic energy demand as it prepares to host the soccer World Cup in 2022. The $10 billion project, a RasGas-operated joint venture between Qatar Petroleum and Exxon Mobil, was ...

  Bloomberg Oil declined amid doubts producers will agree on a deal to stabilize the market when suppliers meet next month for informal talks. Futures decreased as much as 1.8 percent in New York after rising the previous two sessions. Iran’s plan to continue boosting crude output until it regains its pre-sanctions OPEC market share is dimming prospects of collective ...

  Bloomberg Oil investors are turning the car around. For a second week, money managers slashed bets on falling prices by a record and boosted wagers on a rally. Futures have climbed 23 percent in less than three weeks as some OPEC members raised the possibility of an output freeze amid signs the global glut is easing. “This is a ...

  Bloomberg Global energy demand has been growing at a breakneck pace since the 19th century. That’ll change in about 40 years, according to Sanford C. Bernstein & Co. Demand will peak in the 2050s and then begin to weaken as energy consumption per unit of gross domestic product declines, Bernstein analysts including Neil Beveridge said in a note Aug. ...

  Bloomberg Saudi Arabia’s energy minister said an oil-output freeze would be “positive” if it happens, while ruling out a cut in production. Iran’s oil minister became the latest OPEC member to say he will attend a meeting of producers in Algiers next month to discuss market conditions, including the possibility of keeping crude production at current levels. Saudi Arabia ...