Bloomberg Asia’s oil refineries are turning to the North Sea for crude supplies like never before as their primary suppliers restrict output in an effort to eliminate a glut. Crude exports to Asia from the North Sea are poised to reach a record 12 million barrels in January, data compiled by Bloomberg show. Tankers hauling 9 million barrels from …

  Bloomberg US oil advanced to trade above $53 a barrel as Iraq said it’s close to implementing its share of pledged output curbs agreed with OPEC to trim bloated global inventories. Futures rose as much as 1 percent in New York after dropping 0.9 percent on Monday. Iraq, the second-biggest OPEC producer, has reduced supply by 180,000 barrels a …

  Bloomberg Cnooc Ltd. plans to raise capital spending for the first time since crude began its crash in 2014 as China’s biggest offshore oil and gas producer prepares for life after the slump and a second year of falling output. The Beijing-based explorer will increase expenditure, including in the Gulf of Mexico, to 60 billion to 70 billion yuan …