Bloomberg Russia plans to propose that OPEC and its allies be allowed to return production to October 2016 levels, rolling back most but not all of their output cuts within three months, according to a person familiar with Moscow’s thinking. All the nations would proportionally share out a 1.8 million barrel-a-day increase to their output limit starting as soon as …

Bloomberg OPEC members Iran and Venezuela could lose almost 30 percent of their oil output next year due to US sanctions and economic upheaval, requiring extra supplies from the group’s Gulf members, the International Energy Agency said. In its first detailed forecast for 2019, the IEA said new oil output from outside OPEC — in particular US shale — should …

Bloomberg Exxon Mobil Corp. is dipping its toe in the world of oil trading, hiring executives and showing an appetite for expanding its operations. Yet, the US-based company is moving carefully, still far away from building an in-house trading unit similar to the mighty businesses run Royal Dutch Shell Plc, BP Plc and Total SA. Exxon recently hired Paul Butcher, …

Bloomberg Top US energy regulators declined to endorse the notion that power grids face a national emergency during a Senate hearing, tacitly rebuffing President Donald Trump’s argument to prop up struggling coal and nuclear plants. The five members of the Federal Energy Regulatory Commission were testifying before the Senate Energy and Natural Resources Committee when asked by New Mexico Democrat …

Bloomberg American gas prices could double by 2040 as the US exports more liquefied natural gas, but consumers will be shielded as production of the fuel increases and trade balances improve. That’s the conclusion from a study commissioned by the US Department of Energy that found an almost 50 percent chance of gas reaching $5 to $6.50 per million British …

Bloomberg Next year, the US government doesn’t see global or US crude production as high as it once did. The Energy Information Administration decreased its 2019 forecast for global production to 102.21 million barrels a day, with most of the downward revision from the Organization of Petroleum Exporting countries. World demand growth is unchanged. At the same time, it sees …

Bloomberg US equities edged higher ahead of Wednesday’s Federal Reserve rate decision, while European stocks gained. The dollar slipped as benchmark Treasury yields held steady, and emerging-market currencies extended a drop. The S&P 500 Index rose tentatively in morning trading, with a surge in health-care stocks offsetting the telecom weakness brought on after the AT&T takeover of Time Warner won …

Bloomberg Bitcoin edged lower, bringing its four-day slide to about 16 percent, as questions mount about whether the world’s biggest cryptocurrency was manipulated during last year’s record price surge. The digital coin has closed below its 50-, 100- and 200-day moving averages for the past 16 days, the longest stretch below those support levels this year. Bitcoin, which surged more …

Bloomberg Inflation picked up in India for a second straight month, giving ammunition to the central bank to further tighten monetary policy and squeezing returns for bond investors. Consumer prices rose 4.87 percent in May from a year earlier, the statistics ministry said in a statement in New Delhi. That was broadly in line with the 4.9 percent median estimate …

Bloomberg The People’s Bank of China will raise borrowing costs in the open market if the US Federal Reserve decides to increase rates this week, according to a Bloomberg survey. A majority of 31 economists said the PBOC will increase by five basis points the rate it charges on reverse-repurchase agreements, which guide funding costs in financial markets, after the …