Regional News

  Bloomberg BP Plc said it will need a crude price of about $40 a barrel in 2021 to cover spending and dividends, down from $60 this year, as Chief Executive Officer Bob Dudley seeks to reassure investors on the oil major’s growth outlook and finances. The break-even level will fall as BP keeps capital spending at no more than …

  Bloomberg STEP Energy Services Ltd., a fracking services provider, plans to raise about C$200 million ($152 million) in the biggest initial public offering in the Canadian oil and gas industry in more than two years. The shares are expected to be sold at C$14 to C$16 a piece, giving the Calgary-based oilfields service firm a valuation of about C$802 …

  Bloomberg Royal Dutch Shell Plc is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude’s crash forced competitors to write down Canadian reserves. While Shell’s existing oil-sands operations generate strong cash flows, the expense of developing new projects discourages additional investments, Chief Executive Officer Ben Van Beurden said in an interview. Oil …

  Bloomberg Qatar Petroleum plans to merge two petrochemical units in its latest consolidation of businesses, as the world’s fourth-biggest oil and natural gas producer seeks to trim costs in its domestic operations and expand internationally. The state-run company will fold the operations of Qatar Vinyl Co., part of Mesaieed Petrochemical Holding Co., into Qatar Petrochemical Co., a unit of …

  Bloomberg India’s central government will transfer its stake in state-run refiner Hindustan Petroleum Corp. to the country’s biggest oil explorer as part of its plans to create an integrated oil company, The Economic Times newspaper reported, citing people it didn’t identify. The government of Prime Minister Narendra Modi will issue a proposal for approval by the country’s cabinet to …

  Bloomberg Saudi Arabia is seeking ways to boost foreign investment in its bourse, almost two years after easing access to the one of the world’s most restricted exchanges. The Tadawul, as the market is known, will hold talks with companies already trading on other Gulf Cooperation Council exchanges for a cross-listing in the kingdom by 2018, Chief Executive Officer …

  Bloomberg The exact dollar value of Saudi Aramco may be up for debate, but the listing of the world’s biggest company will be priceless for the kingdom’s markets. The highly-anticipated share sale has become emblematic of Saudi Arabia’s push to transform its economy and open its doors to more foreign capital. Whatever you think of the valuations involved — …

  Bloomberg Another week, another record for US crude exports. Producers and traders shipped out 1.21 million barrels a day of US crude in the week that ended February 17, the most in Energy Information Administration data going back to 1993. Domestic output increased to 9 million barrels per day last week, the fastest pace since April, while US refiners …

  Bloomberg OPEC pumped at will the past two years to defend its turf against rivals. Its recent volte-face has left it contending with additional threats in the world’s biggest oil market. Crude that’s rarely or never-before seen coming to Asia is now sailing from all over the globe to the region, with the door to the market seemingly held …

  Bloomberg In his first blog post since succeeding Rex Tillerson, the new head of Exxon Mobil Corp. focused on climate change, calling for a carbon tax to discourage use of polluting fuels. Chairman and Chief Executive Officer Darren Woods said a revenue-neutral carbon tax “would promote greater energy efficiency and the use of today’s lower-carbon options, avoid further burdening …