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Bloomberg Canada’s lingering crude glut isn’t hindering the country’s growing oil output, according to the National Energy Board’s most recent forecast. The country’s oil production will average 4.59 million barrels a day, 22,000 more than previously forecast, data from the Canadian energy regulator show. The raised production outlook comes even as pipeline bottlenecks have driven Canadian crude prices to record …

Bloomberg Saudi Aramco will seek more acquisitions to speed its expansion in refining and petrochemicals as Saudi Arabia pushes ahead with plans to diversify its economy from reliance on sales of crude. The purchases will be in addition to Aramco’s planned purchase of government-controlled chemicals producer Saudi Basic Industries Corp, Aramco Chief Executive Officer Amin Nasser said on Tuesday in …

Bloomberg Africa is on the cusp of a liquefied natural gas (LNG) boom. That’s in part due to accelerating global demand. It’s also down to a fast-track method of getting the fuel to market. Kosmos Energy Ltd’s project in Mauritania and Senegal, set to get the go-ahead next month, will use a floating vessel to convert gas from the offshore …

Bloomberg Some liquefied natural gas (LNG) sellers aren’t in a rush to deliver their multimillion-dollar cargoes. With uncertain demand and no signs yet of bitter cold, some traders are preferring to keep their fuel inside vessels in the hope prices will rise. While the sight of stationary cargoes might not be unusual in the more-established oil market, technology has only …

Bloomberg Saudi Aramco aims to become a global refiner and chemical maker, seeking to profit from parts of the oil industry where demand is growing the fastest while also underpinning the kingdom’s economic diversification. The world’s biggest oil exporter is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion …

ABU DHABI / WAM Al Hilal Bank is the first Islamic bank in the world to leverage blockchain technology for the resale and settlement of an Islamic sukuk. Blockchain was used to transact a secondary market deal in Al Hilal Bank’s $500 million senior sukuk maturing in September 2023. This was the first time that block-chain has been used worldwide …

Bloomberg Plans in Australia to import gas to ease a supply squeeze may fail to bring down domestic prices as it pits the nation against some of the world’s biggest buyers for supplies. Australia finds itself in the odd position of having to consider four projects to import liquefied natural gas (LNG) while simultaneously being on track to become the …

Bloomberg President-elect Jair Bolsonaro is pursuing the sale of Brazil’s deep-sea treasure-trove of oil, but just weeks after his election he’s facing the same political obstacles as his two predecessors. While Bolsonaro’s transition team argues the sale could net some $30 billion to help plug fiscal deficits, a squabble over how to divvy up the spoils between various states and …

Bloomberg An influential panel of lawmakers in UK parliament is encouraging the government to develop hydrogen as a way to provide a green form of heat for industry and homes. The Committee on Climate Change, which advises the government on energy and environmental policies, said ministers should write a strategy for removing carbon emissions from heat in the next three …

Bloomberg Oil rose from its lowest settlement in more than a year in New York. Futures added 1.7 percent, after slumping 7.7 percent. Saudi Arabia is pumping as much as 11.2 million barrels of crude a day, the most since the kingdom extracted its first oil eight decades ago, according to a person familiar with the matter. Theb West Texas …