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Bloomberg The International Energy Agency (IEA) welcomed the oil market’s return to surplus as Opec’s production surge sw-ells global stockpiles and drives prices into a bear market. Inventories in industrialised nations have increased for four straight months and are set to jump by 2 million barrels a day next half if current output is maintained, the IEA said in its …

Bloomberg SSE Plc is to split off its green generation into a separate business known as SSE Renewables under the UK utility’s increased focus on low-carbon generation. The new company will have 4 gigawatts of capacity by March including onshore and offshore wind, flexible hydro, run-of-river hydro and pumped storage. That compares with 7.3 gigawatts of conventional assets. We’re starting …

Bloomberg Amazon announced it has selected New York City and Arlington, Virginia, as the locations for new headquarters, with hiring at both locations beginning in 2019. Amazon will invest $5 billion and create over 50,000 jobs across two new headquarters. It selected Nashville as new operations center of excellence with over 5,000 jobs. The Washington DC metro headquarters in Arlington …

Bloomberg Driving electric cars and scrapping your natural gas-fired boiler won’t make a dent in global carbon emissions, and may even increase pollution levels. Higher electrification may lead to oil demand peaking by 2030, but any reduction in emissions from the likes of electric vehicles will be offset by the increased use of power plants to charge them, according to …

Bloomberg It may not just be OPEC that’s weighing whether to cut oil production. The pipeline bottlenecks that have strangled Canadian crude prices have at least one major energy producer calling for oil-rich Alberta to mandate output reductions. Oil-sands producer Cenovus Energy Inc. says the province already has legislation on the books that would allow it to require all drillers …

Bloomberg Embattled commodity trader Noble Group Ltd — which is pushing towards the final stages of a complex $3.5 billion debt-for-equity restructuring — reported another quarterly loss, with the result driven by costs from the revamp as well as getting caught out in the LNG market. The energy segment, which consists of liquefied natural gas, coal and oil liquids in …

Bloomberg Saudi Arabia said OPEC and its allies should reverse about half the increase in oil output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices. Producers need to cut about 1 million barrels a day from October production levels, Saudi Arabia’s Energy Minister Khalid Al-Falih said in Abu Dhabi on …

Bloomberg South Africa’s deputy energy minister expects the latest round of climate talks will make global markets cleaner starting next year and defended her nation’s coal use as a way to reduce poverty. “With the Germans, they can say ‘We’re moving from driving a Corolla to a BMW,’ while we are still trying to get the bicycle,” said Thembisile Majola, …

Bloomberg TransCanada Corp’s $8 billion Keystone XL pipeline may face another eight months of delay after a court ruling raised issues with a four-year-old environmental review. A Montana federal judge found that the 2014 environmental assessment by the Obama administration fell short. President Donald Trump used that review in a March 2017 decision allowing the project to proceed. Now, the …

Bloomberg The well-heeled, buttoned-down world of international oil now has competition from cowboy boots and jeans. EOG Resources’ $1.1 billion in Q3 adjusted net income vaulted biggest US shale driller into same league as Italian giant Eni, ConocoPhillips and Occidental Petroleum and ahead of Spain’s Repsol. But there’s one difference: EOG is growing production at more than 20 percent a …