News

Bloomberg Russia’s oil industry continued its long-term expansion last year, with production hitting a record even as President Vladimir Putin joined forces with OPEC to clear a global glut and lift prices. The nation’s oil output increased to an average 10.98 million barrels a day in 2017, up 0.1 percent from the previous year, according to data published on Tuesday …

DUBAI / Reuters Oman’s state budget for 2018, approved by ruler Sultan Qaboos, boosts spending at the expense of running a large deficit, despite increasing concern among credit rating agencies about the health of the country’s finances. The budget projects spending of 12.5 billion rials ($32.5 billion) this year, up from 11.7 billion in the original budget for 2017, local …

CHONGQING / Reuters China plans to launch a natural gas exchange in Chongqing in early 2018, aiming to create an Asian price benchmark as the nation’s use of the fuel surges amid its shift away from coal. China is the world’s third-biggest consumer of natural gas behind the United States and Russia. An exchange in its fast-growing market would be …

Bloomberg Norway is realising it will have to do without the deep pockets of the biggest oil companies as it seeks to extend an era that has made it one of the world’s richest countries. The most recent blow came when only 11 companies applied for new blocks in the Arctic Barents Sea, touted as the country’s most promising area …

Bloomberg The arctic blast that’s turning the northern half of the US into a giant icebox this week has been good news for oil and coal. Plants are using the most fuel oil in three years to produce the electricity that’s powering heaters across New England. In the PJM market, which stretches from Illinois to Washington, D.C., coal has once …

Bloomberg Oil bulls are charging ahead with unprecedented vigor, and the credit goes to OPEC. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined bets on rising prices for West Texas Intermediate and Brent crude reached record levels in December. “At least through the first half …

Bloomberg Justin Trudeau wants to make reviews of pipeline and other major projects run on time as Canadian producers struggle to get oil to market. The federal government will propose new rules for regulatory vetting of all major development projects in 2018, shortly after parliament reconvenes on January 29, Natural Resources Minister Jim Carr said. Trudeau instructed his ministers two …

Bloomberg The North Sea’s Forties Pipeline System — one of the world’s most important crude oil conduits — is fully back in business after being shut earlier this month due to the discovery of a hairline crack. “Ineos confirms the Forties Pipeline System is fully operational,” operator Ineos AG said in a statement. “All restrictions on the flow of oil …

ALGIERS / Reuters Algeria needs to exploit its shale gas resources to offset a surge in local energy consumption that is eating into vital exports, but developing the industry will take time and require far-reaching reforms at the state energy firm. The North African country is a key gas supplier to Europe, but exports have suffered from delays to several …

DUBAI / WAM The Board of Directors of the Sheikh Zayed Housing Programme on Wednesday approved housing support for 449 eligible Emiratis with a total value AED322 million. The housing support is part of the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and Vice President and Prime Minister of the UAE and Ruler of Dubai, His …