Energy

  Bloomberg OPEC has done it again. Talk of a potential deal to freeze output helped push oil close to $50 a barrel and prompted money managers to cut bets on falling prices by the most ever. West Texas Intermediate, the U.S. benchmark, went from a bear to a bull market in less than three weeks. OPEC is on course ...

  Bloomberg Saudi Arabia raised its combined crude oil and refined-product exports to 8.83 million barrels a day in June, the highest on record for that month and the latest sign of the expansion of the kingdom’s share of global markets. The world’s largest crude exporter typically ships less oil overseas from June to September as it burns more crude ...

  Bloomberg Qatar’s demand for oil products, boosted by an expanding airline and a pre-World Cup spending spree, is bucking a trend of slower consumption growth and even contraction in the region as economies slowed on lower oil prices. Average daily consumption of gasoline, jet fuel and other refined products was a record 228,000 barrels per day in the first ...

  Reuters A tanker sent by Libya’s National Oil Corporation (NOC) began to load oil on Thursday at the country’s eastern Zueitina port, after rival forces stationed in the area agreed to let it dock and take the oil to safety, a port official said. The NOC expressed concern earlier this month after reports of possible clashes between the Petroleum ...

Bloomberg The glut of crude oil stored in ships on the North Sea is finally starting to dissipate. Demand for the commodity has increased as traders take advantage of remaining discounts before maintenance begins at the U.K.’s largest oil field. The result: a whittling away at the backlog of floating storage that has persisted for months. The “timing is right” ...

  Reuters Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world’s top oil producer, as it gets ready for tough talks next month for a global output freeze pact. Industry sources say the kingdom, already the world’s largest oil exporter, started to raise production from ...

  Bloomberg Oil held its advance after the longest run of gains in more than a year as US crude and gasoline stockpiles declined, easing an overhang of supplies that are at the highest seasonal level in at least two decades. Futures were little changed in New York after advancing more than 12 percent over the previous five sessions. Crude ...

  Bloomberg Origin Energy Ltd. left the door open to splitting up once its $9 billion debt pile has been further trimmed as it reels from the collapse in energy prices. Australia’s largest electricity company made the “difficult decision” on Thursday to cancel its dividend for the first time since it was formed in 2000, preferring to concentrate on strengthening ...

  Bloomberg Saudi Arabia’s state oil producer is in a league of its own. The world’s most valuable company, which supplies about one in every nine barrels of crude produced and runs refineries from the US Gulf coast to the South China Sea, is preparing for an initial public offering to raise about $100 billion as soon as 2017. Selling ...

  Reuters Iran’s new oil and gas contracts will need amendments, its oil minister said after a meeting with the speaker of parliament, adding that the new contracts will not be sent to the assembly for final approval. The launch of the Iran Petroleum Contract (IPC) has been postponed several times as hardline rivals of pragmatist President Hassan Rouhani resisted ...