Regional News

Bloomberg Oil took a downward turn as concerns eased about Tropical Storm Nate’s threat to offshore crude platforms and coastal refineries while prices broke through a key technical barrier. Futures slipped 3 percent in New York, bringing this week’s decline to the steepest since May. While BP Plc, Chevron Corp. and other explorers cleared workers from the Gulf of Mexico ...

MOSCOW / Reuters A plan to list Saudi Aramco in 2018 is on track, senior Saudi officials said in Moscow. The plan to float around 5 percent of Aramco in an initial public offering (IPO) is a centrepiece of Vision 2030, a wide-ranging reform plan to diversify the Saudi economy beyond oil which is being championed by Saudi Crown Prince ...

Bloomberg Eskom Holdings SOC Ltd. allocated a contract number to Trillian Capital Partners, a company to which it said it has made ‘unlawful’ payments, according to documents seen by Bloomberg. Eskom has consistently denied that it has ever held a formal agreement with the company. The South African state-owned power utility said it will ask McKinsey & Co. and Trillian, ...

RIYADH / MOSCOW / Reuters The leaders of Saudi Arabia and Russia, the world’s biggest oil exporters, are expected to discuss cooperation on oil production and differences over Syria and Iran on Thursday during the first visit to Moscow by a reigning Saudi Monarch. A slew of investment deals, including on a liquefied natural gas (LNG) project and petrochemical plants, ...

Reuters Russia and Saudi Arabia plan to set up a $1 billion fund to invest in technology, the chief executive of a sovereign Russian wealth fund said on Wednesday. The joint venture is the latest in a series of deals expected to be signed during a visit to Russia by King Salman this week. Other deals include a $1 billion ...

Bloomberg Oil extended losses near $50 a barrel as US industry data showed an increase in gasoline stockpiles and a boost in crude inventories at the nation’s biggest storage hub. Futures lost as much as 1% in New York after falling 2.4% in the previous two sessions. Gasoline supplies rose by 4.91 million barrels last week, the American Petroleum Institute ...

Bloomberg Libya’s oil output, hampered by sporadic shutdowns at fields and ports, is on track to resume its recovery as the OPEC nation’s biggest crude deposit started pumping after a three-day forced halt. The Sharara field re-opened on Wednesday and is restoring production, the state producer National Oil Corp. said on its website. NOC lifted force majeure at the field ...

SINGAPORE / Reuters Saudi Aramco has raised the price of its Arab Light grade for Asian customers for loading in November by 30 cents versus the previous month to a premium of 60 cents a barrel to the average of Oman and Dubai quotes, a source familiar with the matter said on Wednesday. It also raised prices for two other ...

Bloomberg OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production in Libya, which along ...

Bloomberg BHP Billiton Ltd. is getting closer to drilling its first oil wells in Mexico’s deep waters. The Australian mining giant, which last year won rights to partner with state-owned Pemex in the Gulf of Mexico’s Trion field, hopes to have a drilling rig contracted this year and to spud two wells in the second half of 2018, Steve Pastor, ...