Tag Archives: Bloomberg News Agency

Oil declined for a third day as the coronavirus spread in Asia, particularly China, continued to threaten demand. West Texas Intermediate futures slumped 1.9%, after retreating 4.6% in the previous two sessions. The delta strain of Covid-19 has been detected in almost half of China’s 32 provinces in just two …

Saudi Arabia raised oil for prices for buyers in Asia and the U.S. for September in a sign the world’s largest crude exporter sees demand continuing to recover despite a surge in coronavirus cases in some of the world’s main energy importers. OPEC+, the oil-producers’ group led by the Saudis …

Russia increased oil production in July for the first time in three months, after more generous quotas were extended to the entire OPEC+ alliance. Producers pumped 44.24 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s about 10.46 million barrels …

Russia’s Lukoil PJSC is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, according to Iraqi state-run newspaper Al-Sabah. Iraq’s oil ministry has been in talks with the company for the last six months to convince it to repeal its decision, and …

Chinese oil companies processed a record volume of crude in June, offering further signs that Asia’s largest economy may surpass the U.S. to become the world’s biggest refining nation this year. Volumes hit 14.86 million barrels per day last month, up 3.8% from May, according to Bloomberg calculations based on …

The Biden administration is preparing to release a blueprint for limiting sales of U.S. drilling rights that falls short of the outright ban sought by some environmentalists, as rising oil and gasoline prices highlight the risks of curtailing domestic crude production. A draft of the leasing report has already been …

India can’t prioritize eliminating greenhouse gas emissions without sufficient financing from richer nations to help offset the high cost of transitioning to clean energy, according to a senior government official. In laying out its position ahead of key global climate talks later this year, the top bureaucrat in India’s environment …

Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month. The bitter clash has forced OPEC+ to halt talks twice already, with the next …

Iraq’s Oil Minister Ihsan Abdul said Lukoil PJSC sent him a notification to sell its stake in the West Qurna-2 field to Chinese companies, and that BP Plc wants to pull out of the giant Rumaila field. In a video posted on a Facebook page under his name, the minister …

Oil held losses below $73 a barrel as a coronavirus resurgence raised concerns about the demand recovery ahead of an OPEC+ meeting this week that’s expected to lead to increased output from the alliance. Futures in New York edged lower after declining 1.5% on Monday. The more infectious delta variant …