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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 …

ABU DHABI / AGENCIES Many Organization of the Petroleum Exporting Countries (Opec) and allied oil producers see a need to cut output to stave off a new surplus, a key member of the coalition said, as delegates gathered in Abu Dhabi on Sunday. Twenty-six of the world’s leading oil and gas sector leaders gathered in the UAE capital, for a …

AL AIN / WAM Al Ain City signed a twin-city agreement with Wuxi, in southern Jiangsu province, China, for cooperation in urban planning, education, sports, tourism, culture and arts, as well as trade and investment. The signing occurred during a visit by an Al Ain City delegation that toured the Chinese city at the invitation of Acting Mayor of Wuxi, …

Bloomberg Buy high, sell low and guarantee a loss. It’s not exactly what Toshiba Corp planned when it dipped its toes in liquefied natural gas trading. Yet that’s exactly how it turned out, as the Japanese industrial giant capped off its five-year misadventure in LNG by paying ENN Ecological Holdings Co $806 million to take its interest in a US …

Bloomberg The oil fields of West Texas don’t sit still for long. Take Carrizo Oil & Gas Inc.’s operations, for instance. Just three months after moving drill rigs out of the Permian Basin because of pipeline shortages, the Houston-based explorer is already talking about bringing them back in the middle of next year. That’s one of several signs the end …

Bloomberg Almost two years after Exxon Mobil Corp removed billions of barrels of oil-sands crude from its reserves, its Imperial Oil Ltd unit is investing again, saying low Canadian crude prices that scared off the other majors make it a perfect time to build. Imperial Chief Executive Officer Rich Kruger puts the rationale for the C$2.6 billion ($2 billion) Aspen …