Bloomberg While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a …

Bloomberg First-quarter profit at Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, rose on higher prices and sales volumes, in spite of a 1.1 billion Saudi riyal ($290 million) charge for restructuring. Net income increased 5.4 percent to 5.51 billion riyals compared with the same quarter a year earlier, the Riyadh-based company said in a statement to the …

Bloomberg Inside the largest refiner merger of all time is a hidden pipeline grab. Andeavor purchased a 25 percent stake last week in Phillips 66 Partners LP’s Gray Oak pipeline, which will haul Permian shale oil to the US Gulf Coast starting in the end of next year. The integrated refining company also owns oil gathering assets in the world’s …