Regional News

AGENCIES OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.83 million barrels per …

Bloomberg Oil steadied near $48 a barrel as refiners on the US Gulf Coast continued to recover following two strikes from Hurricane Harvey, while Irma weakened further after moving inland. Futures slipped 0.5 percent in New York after rising 1.2 percent. US refiners closed by Hurricane Harvey more than two weeks ago continue to restart, including the nation’s largest, operated …

BASRA / BAGHDAD / Reuters Worsening clashes among tribes and a political void is threatening security at oil installations in Iraq’s main southern oil producing region, officials and security sources said. Iraq has concentrated security forces in the north and west of the OPEC oil producer in the biggest campaign since the US-led invasion in 2003 to retake territory lost …

DUBAI / Reuters The government of Bahrain is expected to offer investors significant premiums over its outstanding debt when it issues bonds this week because of growing concern over its finances in an era of cheap oil, portfolio managers said. A triple-tranche issue may follow, including a long seven-year sukuk issue maturing in 2025, a 12-year conventional bond and, subject …

DUBA / Reuters Saudi Arabian Energy Minister Khalid al-Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry said. OPEC and other producers, including Russia, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce …

Bloomberg Petronet LNG Ltd. has reached an agreement to rework a liquefied natural gas supply agreement with Exxon Mobil Corp., the second such renegotiation by the Indian company for gas supplies after reaching a similar deal with Qatar, according to people with knowledge of the development. Under the new terms, the cost of the gas from the Gorgon LNG project …

LONDON / Reuters Oil rose as Hurricane Irma weakened after hitting Florida, while Gulf Coast refining continued to recover following storm Harvey. Futures added 0.5 percent in New York after falling 3.3 percent on Friday. The intensity of Irma’s top winds have dropped to 75 miles (120 kilometers) per hour after making landfall Sunday as a Category 4 storm. About …

Bloomberg When a recovery in crude prices sparks more deals in Norway’s oil industry, BASF SE’s Wintershall AG unit will be among those looking for opportunities. “Once oil prices increase, momentum will occur,” Wintershall Chief Executive Officer Mario Mehren said in an interview. “Norway’s attractive for M&A activities as they take place very transparently and the framework’s stable.” Wintershall has …

Bloomberg Billionaire Mukesh Ambani’s Reliance Industries Ltd. and its partner BP Plc are reviving investment plans for a gas block close to a military missile launching facility in the Bay of Bengal. Reliance and its British partner are preparing a new development plan for the gas-rich NEC-OSN-97/2 block, also called NEC-25, in the Mahanadi basin offshore eastern India, according to …

Bloomberg The global glut plaguing liquefied natural gas markets may start to dwindle in five years, threatening to spur a deficit equivalent to twice the output of leading producer Qatar. New projects are needed to fill the shortfall, with demand for the super-chilled fuel forecast to double in the 20 years to 2035, Cedigaz, a Paris-based industry research group, said …