Oil rallies as US glut eases, Russia backs cuts
Crude rebounded from a six-week low on signs the U.S. supply glut is easing and as Russia signaled support for extending output cuts with OPEC.
Sistema slumps in Moscow as Rosneft files $1.9bn suit
Sistema PJSC, billionaire Vladimir Evtushenkov’s holding company, plunged as much as 32 percent in Moscow trading Wednesday and borrowing costs surged after state-run oil producer Rosneft PJSC filed a $1.9 billion court claim against it.
Oil nears one-month low on rising US fuel supplies
Oil traded near its lowest close in a month as investors weighed the outlook for shrinking U.S. crude stockpiles against forecasts for increasing fuel supplies.
Oil down as US rig count rises and Libya lifts output
Oil declined as rigs targeting crude in the U.S. rose for a fifteenth week and output from Libya rebounded.
Anadarko shuts wells in Colorado after deadly home explosion
Anadarko Petroleum is shutting all its vertical wells across northeast Colorado following a home explosion in the town of Firestone earlier this month that killed two people.
Australia PM mirrors Trump with gas export restrictions
Australia’s Prime Minister Malcolm Turnbull is taking a leaf out of U.S. President Donald Trump’s “America First” playbook.
Saudis losing market share to Iran, Iraq on oil cuts
Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority.
Oil bull Andurand says recovery close despite ‘choppy’ market
Oil’s jerky path to recovery has been a frustrating, money-losing affair for hedge fund trader Pierre Andurand this year, but he’s sticking to his view that the commodity is set to rebound.
North Sea oil flooding to Asia like never before on Opec cuts
North Sea oil is flooding into Asia like never before thanks to the most competitive crude prices in seven years. OPEC’s own output cuts are partly to blame.
Saudi to tender 1GW of renewables contracts this year
Saudi Arabia will offer as much as 1 gigawatt of contracts to buy renewable electricity by the fourth quarter of this year, a government official said, putting more detail on a program designed to stimulate the kingdom’s wind and solar industry.
Extending oil output cuts a tough task for Russia
For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with the Organization of Petroleum Exporting Countries was an easy win. Extending the deal will be less straightforward.
Oil rises as OPEC committee backs extending cuts, dollar drops
Oil rose the first time in six days as an OPEC-led committee was said to back prolonging supply cuts and as investors favored riskier assets after the first round of French presidential elections.
Mexico seeks new home for its oil as Gulf Coast turns to Canada
Shipments of crude to the U.S. from Mexico fell to a new low last week, extending a trend that goes back to when the Energy Information Administration began compiling preliminary weekly import data in June 2010.
UK has first day without relying on coal for power since 1880s
The U.K. had its first full day without burning coal to make electricity since the Industrial Revolution more than a century ago, according to grid operator National Grid Plc.
Oil heads for biggest weekly loss since early March on US supply
Oil headed for its biggest weekly loss since early March as signs that OPEC will continue with output reductions was offset by growing U.S. production.
Goldman says ‘no evidence’ to justify oil market sell-off
Goldman Sachs Group Inc. says there’s no fundamental evidence in the oil market to justify this week’s selloff in prices.
Brent rallies as Saudi signals potential for extending output cuts
Brent crude rebounded after the biggest slump in six weeks as Saudi Arabia said OPEC-led supply cuts may need to be extended past June to drain bloated global crude inventories.
Russia to support prolonged oil output cuts
Russia is likely to support extending a multinational deal to cut oil output as higher prices boost revenue in the run-up to next year’s presidential election, a Bloomberg survey shows.
Opec faces unexpected outcome after oil cuts: higher stockpiles
When OPEC and Russia meet next month to assess the impact of their oil cuts they face a surprising outcome: stockpiles are even higher than when they started.
Taqa to sell North America energy assets
Abu Dhabi National Energy Co., the government-run company known as Taqa, is generating cash from overseas oil and natural gas operations and wants to sell some higher-cost wells in North America after reporting a record $5.2 billion loss last year.
Oil producers closer to re-balancing market, Opec chief says
Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said.
Commodity hedge fund Blenheim opens up ownership for first time
Willem Kooyker, a pioneer of investing in commodities, broadened the ownership of his $1.5 billion hedge fund for the first time since it was created almost three decades ago.
Saudi oil exports drop to 2015 low as production cuts upheld
Saudi Arabia, the world’s largest crude shipper, trimmed exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude.
Citi sees oil surging $10 in season to have faith in commodities
Citigroup Inc. joined Goldman Sachs Group Inc. in backing commodities, saying it’s the season to have faith in raw materials and oil will probably rally to the mid-$60s by the end of the year.
Exxon, Shell join Ivanka Trump to defend Paris climate pact
As President Donald Trump contemplates whether to make good on his campaign promise to yank the United States out of the Paris climate accord, an unlikely lobbying force is hoping to talk him out of it: oil and coal producers.