Energy

  Bloomberg Oil closed in a bear market, but don’t abandon hope. Analysts are looking beyond the current slide to next year for a rebound. Crude has plunged by more than a fifth in less than two months as refineries created a glut of gasoline while failing to eliminate excess supply of crude. That wrecked refining margins and hurt the ...

  Bloomberg Kuwait’s government approved an increase in prices of gasoline sold locally by as much as 83 percent, becoming the latest oil-rich Arab nation to cut subsidies as lower crude prices squeeze finances. The OPEC member will raise the price of the lowest octane gasoline by 42 percent to 85 fils per liter (30 cents) starting September, local media ...

  Reuters Egypt’s Ministry of Investment will assess eight state-owned petroleum companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, Petroleum Minister Tarek El Molla told Reuters on Tuesday. The Egyptian presidency announced in January that Egypt would soon offer shares of “successful” state-owned companies and banks on the local bourse – its ...

  NEW YORK / AP Iran is hoping to join an international project in southern France that hopes to build the first machine to generate significant amounts of energy using nuclear fusion, which is considered a clean, safe and virtually limitless form of nuclear power. Laban Coblentz, spokesman for the ITER project, said a high-level Iranian delegation led by nuclear ...

  Bloomberg Rooftop-solar panels are being installed in the region covered by the biggest U.S. power grid at a faster pace than expected. That will accelerate the shift away from large generators. Distributed solar generation on the grid managed by PJM Interconnection LLC, which serves more than 61 million people in the East, jumped 30 percent in April from a ...

  BENGHAZI / Reuters Libya’s oil guard brigades, which control Ras Lanuf and Es Sider, two major export terminals closed since 2014, are working with the unity government’s state oil company, NOC, and preparing to reopen fields to pump crude again, a spokesman said. The spokesman for Ibrahim Jathran’s PFG forces did not give any details whether that would include ...

  Bloomberg Carbon markets, the free-enterprise solution to saving the world from global warming, are now in danger themselves. The idea was simple enough: Set a cap on carbon emissions, issue enough permits to allow power plants, refineries and the like to stay within those limits and then shrink the cap over time to achieve reductions. The companies whose emissions ...

  REUTERS Kuwait loaded crude oil onto a supertanker on Monday, shipping data shows, despite a workers’ strike that has cut its output by 60 percent. Supertanker BW Ulan loaded 2 million barrels of crude at the Mina al Ahmadi port and will head to Ulsan in South Korea, live ship-tracking data on Thomson Reuters Eikon shows. Three other supertankers ...