Bloomberg Oil closed near $54 a barrel in New York as estimates of record US stockpiles overshadow OPEC’s efforts to balance the market. Members of the Organization of Petroleum Exporting Countries are meeting more than 90 percent of the curbs they agreed to make, the group’s Secretary General Mohammad Barkindo, said in Abuja, Nigeria. The United Arab Emirates is …

  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 …