News

Bloomberg Alberta’s plan to boost crude prices through mandatory production cuts is working a little too well. Just over a week after Premier Rachel Notley announced that oil producers will be required to curtail output by 8.7 percent, the price of heavy Canadian crude has more than do- ubled, in some ca-ses rendering Wes-tern Canadian Sel- ect too expensive to …

Bloomberg Angola’s state-run oil and gas company is ramping up efforts to lure foreign investors and halt a decline in crude output. Once Africa’s biggest oil producer, output has tumbled in recent years due to under-investment in new projects and natural declines at aging fields. If it fails to halt this decline it will put severe strain on an economy …

RED SEA COAST / WAM Over 700,000 Yemenis on the Red Sea Coast benefitted from the services and infrastructure aid provided by the UAE during the Year of Zayed, through its humanitarian arm, the Emirates Red Crescent (ERC) which launched 100 projects and sent urgent relief convoys to affected areas. The Emirates News Agency (WAM) is monitoring the UAE’s humanitarian …

Emirates Business Central Bank of the UAE (CBUAE) hosted a workshop with People’s Bank of China (Central Bank of China) and the Agricultural Bank of China on “Improving the Renminbi Clearing in the UAE”. The aim of workshop was to present results ac-hieved by the RMB Clearing Centre to date, and to identify actions to be tak-en to improve arrangements …

Bloomberg Oil rose on renewed optimism that production cuts announced by the Opec+ coalition will re-balance the market, while Libya’s biggest field remained shut. Futures in New York gained as much as 1.7 percent after slumping 3.1 percent amid uncertainty over implementation of the curbs by the Organization of Petroleum Exporting Countries (Opec) and its allies led by Russia. Saudi …

Bloomberg Some of the world’s biggest fossil-fuel producers are calling on taxpayers to help them kick their pollution habit. The world’s biggest oil, natural gas and mining companies are stepping up their campaign to deploy carbon capture and storage, or CCS, as way to slow global warming. But with a potential $90-billion-a-year price tag, it’s too rich for them to …

Bloomberg Big oil is investing more in US shale, not less, after the recent tumble in crude prices. The US shale sector has helped boost American production to an average of 10.9 million barrels a day this year, the most on record. Output is forecast to grow a further 11 percent next year, according the Energy Information Administration. ConocoPhillips said …

Bloomberg France will save 39 billion euros ($44.5 billion) if it refrains from building 15 new nuclear plants by 2060, and bets instead on renewable energy sources to replace its all its aging atomic facilities, a government agency said. France should spend 1.28 trillion euros over the next four decades, mostly on clean power production and storage capacities, networks, and …

Bloomberg Mexico plans to start awarding the construction of its seventh refinery as soon as March 2019, President Andres Manuel Lopez Obrador said at an event at the Dos Bocas port, in Tabasco, even as the nation´s refining system is operating at its lowest levels in three decades. Unveiling a plan for the nation’s refining system, Lopez Obrador said Mexico …

VIENNA / WAM The Opec Fund for International Development (OFID) has agreed to provide $50 million to support Egypt’s purchase of crude oil, petroleum products, and liquefied natural gas. A statement issued by OFID from its headquarters in Vienna declared that OFID contributes to cover the gap between fuel consumption and local production in Egypt. “Energy security is critical to …