Regional News

Bloomberg YPF SA, Argentina’s state-run energy producer, is closing the tap on some of its natural gas wells as the nation’s second recession in three years curbs demand, according to people with direct knowledge of the matter. The company had been investing heavily in shale gas as the government subsidized production to reverse a costly energy trade deficit. But the …

Bloomberg Royal Dutch Shell Plc and its four partners have agreed to invest in a multibillion-dollar liquefied natural gas project in western Canada — the largest new one of its kind in years that would carve out the fastest route to Asia for North American gas. LNG Canada — comprised of Shell, Malaysia’s Petroliam Nasional Bhd, Mitsubishi Corp., PetroChina Co. …

Bloomberg Oil extended gains in London after the longest quarterly rally in a decade as a slowdown in American drilling added to concern that supply losses around the world will lead to a tight market. Brent crude rose as much as 0.7 percent, after front-month futures climbed for a fifth straight quarter. As concerns over a global crunch due to …

Bloomberg Bahrain’s credit risk declined to the lowest level in five months on optimism the nation’s neighbours will soon come to the island-state’s rescue with an aid package. The cost of insuring Bahrain’s debt against default fell 34 basis points last week on relief that Saudi Arabia, the United Arab Emirates and Kuwait were said to be considering a $10 …

Bloomberg The best-performing stock in Egypt this year might be about to reward investors even more as a turnaround plan moves forward and the company completes a long-awaited project. Qalaa Holdings SAE, the Egyptian investment firm formerly known as Citadel Capital, is pushing to end annual losses by selling underperforming assets and lowering debt before its flagship oil refinery venture …

Bloomberg It seems hedge funds are jumping on the $100 crude bandwagon. As speculation increases that global oil prices could again trade that high, money managers are piling on bullish wagers, while short-selling shrinks. They are the most optimistic on a rally of Brent crude in over four months. This week, the benchmark closed above $80 for the first time …

Bloomberg Mexico may finally buy US crude oil for the first time ever. After three years of announcements, negotiations, and potential deals, Petroleos Mexicanos is seeking to buy a trial cargo of 350,000 barrels for its refineries in October. The much-anticipated deal has been in the making since 2015, when US exports were still banned and Mexico applied for a …

Bloomberg Enbridge Inc. plans to overhaul its system of awarding space on the biggest pipeline carrying Canadian oil to US refiners. Canada’s largest pipeline operator wants to contract 90 percent of the capacity on its 2.85 million-barrel-a-day mainline system by signing long-term deals with potential shippers in an open season early next year, according to people familiar with the matter. …

Bloomberg Talks between a Nigerian oil labour union and Chevron Corp. over the US energy giant’s plan to fire thousands of workers ended on September 28 with the prospect of a resolution in sight, the union said. Discussions between the union, Chevron and the Nigeria’s Ministry of Labour and Employment “ended in a cordial way as of yesterday,” Fortune Obi, …

Bloomberg Brazil’s state-run energy explorer Petrobras will pay $853.2 million to settle claims by authorities in its home country and the US stemming from allegations that its executives facilitated bribes to politicians and then concealed those payments from investors in one of South America’s biggest corruption scandals. The bulk of the penalties — more than $682 million — will go …