Regional News

  Bloomberg A crippled spillway is threatening to submerge an entire region of northern California after a recent deluge of rain. And the state’s power market may already be feeling it. As state officials rush to repair an emergency spillway for the Oroville dam — just 150 miles (241 kilometers) north of San Francisco — an 819-megawatt hydropower plant, capable …

  Bloomberg Williams Cos. is following through on a promise to unload assets and double down in a region of the U.S. where natural gas production is still booming: the Marcellus shale formation. On Thursday, the master-limited pipeline partnership controlled by Williams Cos. said it had struck a deal with Western Gas Partners LP to exchange its 50 percent stake …

  Reuters Russian crude imports to China have risen in early 2017 as the country’s independent, or teapot, refiners have expanded their diet to include the Urals grade, trade sources said on Tuesday. Russia could expand its market share in China, the second-largest oil consumer, this year after a drop in Brent prices relative to Middle East crude benchmark Dubai …

  Bloomberg There are limits to investors’ love affair with OPEC. After unprecedented optimism that the Organization of Petroleum Exporting Countries will manage to ease a global supply glut, money managers reduced their bets on rising West Texas Intermediate prices for the first time in a month. While the group and other major exporters are pumping less crude, US inventories …

  Bloomberg Egyptian Finance Minister Amr El-Garhy said he expects surging inflation to peak by the end of the first quarter as the price shocks following an increase in fuel prices and the pound’s flotation fade. El-Garhy said policy makers expected prices to jump after currency controls were abandoned in November to help Egypt clinch a $12 billion International Monetary …

  Reuters Iraq, OPEC’s second-largest producer, plans to cut crude exports from its southern port of Basra to 3.013 million barrels per day (bpd) in March, a loading programme obtained by Reuters on Monday showed. The March volume is 628,000 bpd less than what was planned for February and the lowest since the August programme, adding to signs that Baghdad …

  Bloomberg The latest challenge facing a $27 billion liquefied natural gas terminal that Malaysia’s Petroliam Nasional Bhd. wants to build in western Canada: the race for the office of the premier in British Columbia. John Horgan, leader of the province’s opposition New Democratic Party thrust the LNG project into the middle of his campaign on Friday, telling reporters it …

  Bloomberg Teva Pharmaceutical Industries Ltd.’s chief executive officer unexpectedly left after just three years, leaving the world’s largest maker of cheap copycat medicines floundering for a new boss as its outlook dims and the shares slump. Chairman Yitzhak Peterburg became CEO on an interim basis following Erez Vigodman’s departure, and a search is underway for a successor, the Petach …

  Bloomberg OPEC achieved the best compliance rate in its history at the outset of an accord to clear the oil glut, a plan that’s being supported by surprising strength in demand, the International Energy Agency said. The Organization of Petroleum Exporting Countries implemented 90 percent of promised output cuts in January, the first month of its agreement, as key …

  Bloomberg Petroleo Brasileiro SA’s $5.2 billion sale of a natural gas distribution unit to Brookfield Asset Management Inc. and other investors has just hit a legal snag. A Brazilian federal judge granted an injunction against the acquisition of Nova Transportadora do Sudesteon on grounds that the sale wasn’t sufficiently publicized to foster competition, according to a copy of the …