Bloomberg Representatives from about 40 companies are expected to accompany President Donald Trump on the first presidential trade mission to China from Nov 8-10 and sign deals for billions of dollars in US investments. One of the biggest deals the Trump administration is currently negotiating is a multibillion-dollar energy investment from Chinese oil and gas giant China Petroleum & Chemical …
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Bloomberg Brent surged above $60 a barrel for the first time in more than two years amid enthusiasm that OPEC may extend its supply-restraint deal and indications that the situation between Iraq and the Kurds remains fragile. The global benchmark jumped to levels last seen in July 2015 and crude in New York closed near an eight-month high. Saudi Arabian …
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RIYADH / Reuters The $500 billion mega-city planned by Saudi Arabia will be floated on financial markets alongside oil giant Saudi Aramco as part of the kingdom’s drive to diversify away from oil, the crown prince told Reuters in an interview. Crown Prince Mohammed bin Salman also said Aramco’s initial public offering is on track for next year and the …
Read More »QUITO / Reuters Ecuador will ask to withdraw from OPEC for two years if the organization does not approve its request to be exempt from production quotas, the oil minister said. The Andean country, which is facing a huge deficit and funding needs because of low oil prices and a devastating earthquake last year, is planning to present its request …
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Bloomberg Oil was little changed before the release of US inventory data, while OPEC and its allies reassured traders that they’ll complete their strategy to clear a global crude surplus. Futures slipped 0.5 percent in New York after rising 1.1 percent. Government data on is forecast to show that inventories of crude oil fell and gasoline rose, both for the …
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TOKYO/KUALA LUMPUR / Reuters Malaysian state energy company Petroliam Nasional Bhd, or Petronas, signed a three-year liquefied natural gas (LNG) supply agreement with JERA Co, with smaller volumes and for a shorter period than its previous deal with the biggest LNG buyer in Japan. JERA, the fuel purchasing joint venture between Tokyo Electric Power and Chubu Electric Power, will buy …
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Bloomberg Venezuela’s biggest market for crude sales — the US — is becoming a harder and harder place for the socialist nation’s oil producer to do business as sanctions and diminishing quality controls discourage would-be buyers. Oil sales to US buyers have fallen for two straight months and now are 56 percent lower than their 2016 average, according to ship-tracking …
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Bloomberg Saudi Arabia announced on Tuesday a $500 billion plan to build a business and industrial zone that links with Jordan and Egypt, the biggest effort yet to free the kingdom from dependence on oil exports. The 26,500 square km (10,230 square mile) zone, known as NEOM, will focus on industries including energy and water, biotechnology, food, advanced manufacturing and …
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Agencies Saudi Arabia reassured global investors that it’s on track to sell shares in oil giant Aramco in 2018 as the who’s who of global finance and business gathered in Riyadh for a conference dubbed the “Davos in the Desert.†The kingdom plans next year to sell a stake in Saudi Arabian Oil Co., as the world’s biggest oil exporter …
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Bloomberg Iraq began using a new offshore crude-exporting facility to boost shipments by sea and make up for a drop in pipeline exports from the country’s north due to a conflict with the self-governed Kurdish region. The supertanker Chloe, which can transport about 2 million barrels of oil, moored at the new loading point in the Persian Gulf off the …
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