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Bloomberg Saudi Arabia told OPEC that it pumped about 10.489 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter. The biggest member in the Organization of Petroleum Exporting Countries (OPEC) pledged last month it would raise output as consumers grow alarmed by …

Bloomberg Africa’s richest man, Aliko Dangote, plans to start selling gasoline, diesel and aviation fuel by early 2020 from an oil refinery he’s building near Lagos, Nigeria’s commercial capital. The $10 billion refinery, set to be one of the world’s largest and process 650,000 barrels of crude a day, should be near full capacity by mid-2020, Edwin Devakumar, group executive …

Bloomberg Oil explorers deployed more rigs in the US this week as crude prices breached $75 per barrel for the first time since 2014. The US working oil rigs rose by five this week to 863, halting two straight weeks of declines, according to data from Baker Hughes. Shale fields in the Southwest and Great Plains accounted for most of …

Bloomberg Abu Dhabi investment firm Waha Capital PJSC plans to hire more people as it seeks to start new funds, one of which will target undervalued US and European equities. “Our strategy is to increase fee income by raising third-party assets under management,” Chief Executive Officer Michael Raynes said in an emailed response to questions. “The focus is to take …

Bloomberg Uber Technologies Inc and Careem Networks FZ are in preliminary talks to combine their Middle Eastern ride-hailing services, hoping to resolve a costly rivalry as Uber prepares for a public offering next year, according to three people familiar with the matter. The companies have discussed a number of potential deal structures, but they haven’t come to an agreement on …

Bloomberg Venezuela’s distressed oil sector may get some much needed financing from China, Finance Minister Simon Zerpa said after meetings with officials from China Development Bank and China National Petroleum Corporation. China Development Bank will invest more than $250 million to boost Venezuela oil production in the Orinoco Belt, Zerpa, who is currently in Beijing for bilateral talks, said in …

Bloomberg Canadian oil prices are poised to continue their slow, steady march upward next year as shipping bottlenecks ease and US refiners look north to fill the gap created by decreasing output from Venezuela, according to Deloitte. Western Canada Select at the Hardisty hub will average C$53.35 this year and climb to C$54.55 a barrel next year, according to a …

RIYADH / WAM The Saudi-led Arab Coalition to Restore Legitimacy in Yemen has expressed its rejection of a report issued by the UN Secretary-General Antonio Guterres, saying it contains inaccurate data on children who lost their lives in the armed conflict in Yemen. Colonel Turki Al Malki, the Coalition’s official spokesperson, said that the report included false, baseless infor- mation …

Agencies Abu Dhabi National Oil Company (Adnoc) said it’s ready to increase oil output in line with guidance set by OPEC and allied producers, echoing comments by Saudi Arabia that it will boost supply to meet demand. The oil giant confirmed on Tuesday that it currently has an oil production capacity of around 3.3 million bpd, and remains on track …

Riyadh / Emirates Business The health of the Saudi Arabian non-oil private sector improved at the fastest pace in 2018 so far during June. An upturn in output and new order growth were the key components behind the latest expansion. Furthermore, many panel respondents noted sharper capacity pressures, which led to the fastest build-up in backlogs of work in 11 …