Regional News

  Bloomberg After five years of snapping up more oil assets than any of its peers in North America, Crescent Point Energy Corp. is turning its focus to getting more out of them. Chief Executive Officer Scott Saxberg says that rather than scouting for new assets to buy, the company is trying to keep a lid on costs, drilling new …

  Bloomberg OPEC is certain to extend cuts in oil output when its ministers meet later in May and will need to keep limiting production until as late as the end of 2018, a veteran market analyst said. The reaction of global crude inventories to the cuts will determine how long the Organization of Petroleum Exporting Countries and allied producers …

  DHAHRAN / Reuters State oil giant Saudi Aramco plans to launch its overhauled Muajjiz oil terminal on the Red Sea next year, lifting its total loading and export capacity to as much as 15 million barrels per day, Saudi officials said. Located on the Red Sea, Muajjiz had been used as an export terminal for Iraqi crude through the …

  Bloomberg Libya’s crude production rebounded to more than 700,000 barrels a day as OPEC member’s biggest oil field and another deposit in its western region resumed pumping after a halt. The Sharara field is currently producing 216,400 barrels a day, while the El Feel, or Elephant, deposit is pumping 26,500 and is expected to boost output further, Jadalla Alaokali, …

  Bloomberg The White House has a new darling in the energy sector: liquefied natural gas. First Gary Cohn — President Donald Trump’s top economic adviser — voiced support for a terminal in the US Northwest that would send tankers full of LNG to Asia. Then, Energy Secretary Rick Perry praised an export terminal proposed by Exxon Mobil Corp. and …

  Bloomberg Exxon Mobil Corp. has boosted it’s dividend every April for at least a decade, delivering more than $98 billion directly to shareholders. This year, the payout will likely rise again. The open question is by how much. Exxon slowed quarterly dividend growth the last two years as the industry fought through the worst price rout in a generation. …

  Bloomberg Oil’s recovery is helping ease the pain of shrinking output by China’s biggest energy producers. PetroChina Co., the country’s largest producer, reported first quarter earnings swung to a profit thanks to the surge in prices, even as total output fell 6.3% from a year ago. China Petroleum & Chemical Corp., the refining giant known as Sinopec, saw net …

  PARIS / Reuters The oil market is moving towards a balance between supply and demand with the help of an agreement reached between OPEC and other producers to cut production, the chief executive of Saudi Aramco said on Thursday. OPEC, Russia and other producers agreed to cut output by 1.8 million barrels per day (bpd) for the first half …

  Bloomberg The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts amid a developing consensus that they should prolong their joint effort to curb supply. Saudi Minister of Energy and Industry Khalid Al-Falih said that he will talk with Russia’s Alexander Novak by phone this week and meet …

  Bloomberg When Russia’s biggest tanker operator launches four new vessels next year, they won’t just be carrying oil to northern Europe but the hopes of the liquefied natural gas industry. Sovcomflot’s Aframax ships, capable of shifting 600,000 barrels of oil through the icy waters of the Baltic Sea to the port of Rotterdam, will be the first tankers run …