News

Bloomberg OPEC and allied oil producers including Russia concluded that the crude market re-balanced in April, when their collective production cuts achi- eved a key goal of draining the surplus in global stockpiles. The excess in oil inventories, which has weighed on prices for three years, plun-ged in April to less than the five-year average for stockpiles in developed nations, …

Bloomberg Beleaguered CEFC China Energy Co. is set to meet an interest payment on a dollar bond, just days after defaulting on a separate debt obligation in the domestic market and as more of the once-promising energy conglomerate’s ambitious deals fail. Bank of Communications Trustee Ltd., the trustee for the $250 million of dollar bonds issued by CEFC Shanghai International …

Bloomberg Total SA will take 10 percent stake in a multibillion dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC. Total is aiming to become a key global LNG player, competing with Royal Dutch Shell Plc and Exxon Mobil Corp., after it snapped up assets from Engie SA last year. The world’s biggest oil companies are also …

Emirates Business The Global Manufacturing and Industrialisation Summit (GMIS) — the pioneering cross-industry forum that aims to unify the world in shaping the future of manufacturing — announced that Russia has secured the rights to host its second edition in 2019 in the city of Yekaterinburg. The announcement was made by the President of the Russian Fedration, Vladimir Putin, during …

Bloomberg OPEC and its allies are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, said Saudi Energy Minister Khalid Al-Falih. The Saudi comments, echoed by Russia, mark a major shift in the historic alliance they forged in 2016 to end a global oil glut. …

Bloomberg Exxon Mobil Corp. plans to reduce the amount of natural gas it burns as waste by a quarter within two years to reduce climate-changing emissions, something long demanded by environmental groups and activist investors. Efforts will be focussed on oil wells off the coast of West Africa, Exxon said in a statement. In that region and others, gas produced …

Bloomberg JPMorgan Chase & Co. is expanding its oil and gas group with two hires from Morgan Stanley. Jonathan Cox is joining the New York bank as global co-head of oil and gas investment banking and co-head of its Houston office, according to an internal memo obtained by Bloomberg and confirmed by a spokeswoman. Michael Johnson is joining as a …

Bloomberg US President Donald Trump said a trade agreement with China may be “too hard to get done” and that the world’s two largest economies may need to change their framework for a deal. “Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will …

Bloomberg Santos Ltd. rejected Harbour Energy Ltd.’s $10.9 billion final offer and terminated talks. The Australian oil and gas producer said its independent directors, managing director and chief executive officer unanimously decided to reject the proposal because it didn’t represent the full value of the company. Oil prices and shares of its peers traded in Australia have rallied 14 percent …

ABU DHABI / WAM The Central Bank announced that the Money Supply aggregate M1 increased 1.3 percent, from AED510.6 billion at the end of March 2018 to AED517.4 billion at the end of April 2018. The Money Supply aggregate M2 increased 1.5 percent, from AED1293.8 billion at the end of March 2018 to AED1313.1 billion at the end of April 2018. …