Agencies Abu Dhabi National Oil Company (Adnoc) said it’s ready to increase oil output in line with guidance set by OPEC and allied producers, echoing comments by Saudi Arabia that it will boost supply to meet demand. The oil giant confirmed on Tuesday that it currently has an oil production capacity of around 3.3 million bpd, and remains on track …

Riyadh / Emirates Business The health of the Saudi Arabian non-oil private sector improved at the fastest pace in 2018 so far during June. An upturn in output and new order growth were the key components behind the latest expansion. Furthermore, many panel respondents noted sharper capacity pressures, which led to the fastest build-up in backlogs of work in 11 …

Bloomberg Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day. Energy ministers Khalid Al-Falih and Alexander Novak spoke on the phone, and reiterated the terms of the agreement reached last month in Vienna, according to statements from the Saudi and Russian energy ministries. …

Bloomberg Gulf Arab energy companies retreated from debt markets in the first half of 2018 after a banner year for borrowing as higher oil prices curbed financing needs for existing operations and new projects. Oil and gas producers, pipeline operators and refiners in countries including Kuwait, the United Arab Emirates and Saudi Arabia borrowed $6 billion through loans and bonds …

Bloomberg US refiners have returned from maintenance with a vengeance, processing more than 18 million barrels a day of crude and other oils for the first time in the week ended June 22. What does that mean for the markets? Gasoline stockpiles have increased 2.9 percent in June, the biggest gain for the month since 2009. There’s enough supply to …

Bloomberg Argentina’s move to a free market for energy prices remains on track. A recent decision to cap crude oil prices and limit fuel price gains in order to stem inflation was an outlier, according to Javier Iguacel, the nation’s new energy minister. Restricting crude price increases only extinguishes competition and, in turn, the possibility of cutting costs, he said. …

Bloomberg US stocks rose with European shares on Tuesday after China said it won’t use the yuan as a weapon in any trade dispute. Oil briefly rose above $75 a barrel for the first time since November 2014. All major US benchmarks were higher, paced by strength in energy, on lighter than normal volume heading into the US. Telecom companies …

Bloomberg Crude soared above $75 a barrel in New York for the first time since 2014 on signs global supply outages outweigh OPEC’s pledged production rise. Futures in New York jumped as much as 1.7 percent. Even as US President Donald Trump — facing sky-high retail gasoline prices ahead of midterm elections — urges to boost output more than it …

Bloomberg Two top Chinese central bank officials vowed to keep the yuan stable on Tuesday, stoking speculation that policy makers are prepared to take tougher actions to arrest the plunge in the currency. Using standard language to describe the stance on the currency, People’s Bank of China Governor Yi Gang said China will “keep the yuan exchange rate basically stable …

Bloomberg The South African Reserve Bank has written to the National Credit Regulator requesting a probe into loan- origination fees charged by Capitec Bank Holdings Ltd., according to a person familiar with the matter. The referral came after the issue was raised in a report by short-seller Viceroy Research in January, said the person, asking not to be identified because …