Regional News

Bloomberg Russia breached its oil-output quota agreed with OPEC for a third straight month as the producing alliance prepares for crucial talks this month on increasing supplies. Oil output averaged 10.97 million barrels a day in May, almost unchanged from a month earlier, according to data emailed by the Energy Ministry’s CDU-TEK statistics unit. That means its compliance with the ...

Bloomberg Royal Dutch Shell Plc is attempting to market some of its natural gas as clean energy, packaging it with credits for eco-friendly projects that offset pollution coming from the fuel. The oil giant is offering business customers in Europe a combination of gas and certificates that show emissions are offset with financing for carbon-reduction projects. It’s testing markets in ...

Bloomberg Italian power giant Enel SpA won a highly contested multibillion-dollar battle for AES Corp.’s Brazilian utility in a move that will more than double its presence in the country’s electricity distribution market. Enel’s 45.22 reais-a-share ($12.14) offer for Eletropaulo SA topped a final one by leading rival Iberdrola SA of Spain in sealed bids opened on the Sao Paulo ...

Bloomberg General Electric Co. is moving closer to a sale of its industrial gas-engine business for more than $3.5 billion after narrowing the list of bidders, according to people familiar with the matter. Manufacturers Cummins Inc. and Kohler Co., as well as a group comprised of investment firms KKR & Co. and B&C Industrieholding GmbH, advanced to the next round ...

Bloomberg Canada’s purchase of Kinder Morgan Inc.’s embattled pipeline is good news for the oil patch, so long as it doesn’t become the norm. While the $3.5 billion Trans Mountain takeover keeps alive a project seen as critical to expanding markets for Canada’s crude and improving the price oil-sands producers get paid, it also reveals how key infrastructure projects can ...

Bloomberg Gazprom PJSC’s profit jumped to the highest in three years as natural gas sales to Europe surged. Unexpectedly cold weather from Germany to the UK boosted Russia’s gas sales into the region by 8 percent in the first three months of the year. That along with stronger prices helped lift income for the nation’s gas-pipeline monopoly. The results may ...

Bloomberg The US shale surge is crashing headlong into a barrage of bottlenecks. From West Texas pipelines to Oklahoma storage centers and Gulf Coast export terminals, the delivery system for American crude is straining to keep up with soaring production. That’s limiting the industry’s ability to take full advantage of growing worldwide demand, with US barrels forced to take an ...

Bloomberg For oil traders, there’s no place quite like Saldanha Bay. When prices slumped in 2014, trading houses generated outsize profits by storing millions of barrels of crude in the deep-water harbor north of Cape Town. Now storage facilities at the port — where South Africa built vast concrete bunkers in the 1970s that helped insulate the apartheid regime from ...

Bloomberg Darren Woods is mounting a strong defense of his plan to rescue Exxon Mobil Corp. from its share-price slump with a multibillion dollar investment spree that’s at odds with the belt-tightening undertaken by rivals. Far from preaching spending caps or showering investors with cash, Woods’ solution, outlined in an interview, is to invest heavily in mega-projects that he says ...

Bloomberg PetroChina Co. rallied the most in two years after regulators unveiled a new gas market policy that harmonises prices for different users and is seen as an earnings boost for the nation’s biggest producer and importer of the fuel. The company’s Hong Kong-traded shares closed 6.5 percent higher in reaction to an announcement that the pricing mechanism for gas ...