You can read more from Bloomberg at www.bloomberg.com

Article 4496
Market coming into balance, OPEC says; Oil rises

Brent oil rose above $56 a barrel after OPEC members including Saudi Arabia said output cuts are bringing the market into balance, while the dollar weakened. Futures added 1.1 percent in London after advancing 0.7 percent Monday. The level of compliance with the output-reduction deal and the outlook ...

Saudis say output cuts unlikely to last beyond June

Oil traded near $52 a barrel as Saudi Arabia’s energy minister said it was unlikely OPEC would extend its supply cuts beyond June and the U.S. drilling expansion paused. Futures were little changed in New York after losing 3 percent last week. Rigs targeting crude in the U.S. fell for the first time ...

Saudi Arabia cuts output below target level

Saudi Arabia has reduced oil production to less than 10 million barrels a day,  below its targeted level, and will consider renewing its pledge to cut crude output in six months, Energy Minister Khalid Al-Falih said. The world’s biggest oil exporter is currently producing at a 22-month low. It had a ...

Non-OPEC producers say they are trimming output

Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna. Russia’s oil production has shrunk by around 130,000 barrels a day in ...

Is growth in U.S. drilling offsetting OPEC cuts?

Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid as much as 2.1 percent in New York after rising 3.2 percent the previous three sessions. Gulf oil producers Saudi Arabia, ...

U.S. grid in ‘imminent danger’ of cyberattack, study says

The U.S. Energy Department says the electricity system “faces imminent danger” from cyber-attacks, which are growing more frequent and sophisticated, but grid operators say they are already on top of the problem. In the department’s landmark Quadrennial Energy Review, it warned that a wi ...

Canada rules out Arctic drilling extensions for Exxon, BP

The Canadian government says it won’t grant extensions to exploration licenses for Exxon Mobil Corp., BP Plc and other oil firms as it prepares for consultations over the impact of an Arctic drilling moratorium. The companies hold leases that expire over the next six years, totaling C$1.9 billion ($ ...

Will OPEC deliver on output cuts? What to watch

The promise of production cuts from OPEC and its partners sent oil rallying in 2016. Now traders want proof they’re delivering on those vows. It won’t come easy. The challenge: Building a coherent picture from the morass of data that emerges at each step along the process, from the wellheads where t ...

Analysis: Big Oil’s moment in the sun will be brief

By Chris Bryant With oil prices near an 18-month high and Donald Trump about to enter the White House (joined by Exxon Mobil Corp.’s Rex Tillerson as Secretary of State), big oil’s enjoying a moment in the sun. Having slashed spending during the downturn, companies are itching to grow ag ...

Rex Tillerson’s holdings including stock in rival oil companies

Rex Tillerson’s personal investment portfolio includes stakes in some of the toughest competitors he battled for market share as chairman and chief executive officer of Exxon Mobil Corp. Tillerson, who stepped down from Exxon just days ago as President-elect Donald Trump’s prospective secretary of s ...

More