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Bloomberg Saudi Arabia, which recently pledged oil-supply increases to tame rallying crude prices, cut production last month, according to OPEC delegates familiar with the matter. The biggest member of the Organization of Petroleum Exporting Countries pumped 10.3 million barrels a day in July, according to the delegates, who asked not to be identified because the data is private. The kingdom …

Bloomberg Oil fell to the lowest in more than a week amid a surprise jump in US crude inventories and an escalating trade dispute between the US and China. Futures in New York fell as much as 1.4 percent. The American Petroleum Institute was said to report US stockpiles rose 5.59 million barrels last week. Meanwhile, the US will propose …

DUBAI / Emirates Business Emirates and Trenitalia, Italy’s national railway company, on Wednesday announced a new codeshare agreement which will enable Emirates customers from across its worldwide network to discover new destinations across Italy. With just one easy-to-book ticket, travellers will be able to fly on Emirates and reach some of Italy’s most picturesque cities and towns using high speed, …

Bloomberg Kuwait Foreign Petroleum Exploration Co. (Kufpec) is borrowing $1.1 billion to spend on oil and natural gas projects as the company plans to expand its shale operations, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said. Sumitomo Mitsui Banking Corp. and Societe Generale SA were the joint lead arrangers of the five-year loan for Kufpec, a unit of state-run Kuwait …

Bloomberg Saudi Arabia’s King Salman held his first-ever cabinet meeting in Neom, a planned $500 billion futuristic city that will host more robots than people in a desolate peninsula in the kingdom’s northwest. The sci-fi city on the Red Sea coast is designed to represent Saudi Arabia’s efforts to transform itself away from oil. The 82-year-old monarch’s visit there for …

BERBERA/ WAM The Khalifa bin Zayed Al Nahyan Foundation has concluded its third relief operation in Somalia’s Berbera region, distributing food aid packages to 10,000 families affected by the drought. According to a spokesperson from the organisation, the campaign was implemented in accordance with the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, with the support of …

Bloomberg Dubai’s main equity gauge posted its biggest monthly gain in a year, powered by a revival in the banking sector as better-than-estimated earnings help UAE stocks escape this year’s doldrums. The DFM General Index has surged 4.8 percent in July. In Abu Dhabi, the ADX General Index posted its largest monthly gain in more than two years, advancing 6.6 …

Bloomberg BP Plc reported a small and unusual loss from oil trading after being caught on the wrong side of Permian basin pipeline bottlenecks that prompted wild gyrations in US crude prices this year. “A lot of people got a little bit caught up in the bottlenecks in the Permian, we had some of that,” BP Chief Executive Bob Dudley …

Bloomberg Crude dipped this month as a slew of factors from threats of weaker demand to key OPEC producers boosting output has weighed on the market. Futures in New York have lost almost 7 percent in July as some of the largest producers are seen raising supply levels. On Tuesday, prices also declined amid low-volume trading and a strengthening dollar. …

Bloomberg Crude oil demand may be on the rise again, but Canadian National (CN) Railway Co.’s new leader insists energy shipments won’t displace longtime railroad staples such as grain and lumber. Grain farmers in the western Prairie provinces saw exports slow to a crawl when Canadian National proved unable to cope with a surge in demand starting in the second …