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

Article 4538
BP Gulf oil spill damage valued at $17.2 billion

BP Plc’s 2010 Gulf of Mexico oil spill caused damage to beaches, animals, fish and coral that the public values at $17.2 billion, according to a financial accounting released on the seventh anniversary of the disaster. The tally, published Thursday in the journal Science, is based on a survey of tho ...

OPEC, other producers reach initial deal to extend output cuts

A number of major crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia’s oil minister said Thursday, as persistently high stockpiles weigh on prices. OPEC and other major suppliers have failed, after three months of limiting production, to achieve their target o ...

Australian government reviews LNG exports amidst domestic gas shortage

Australia’s competition regulator said the possible sale of natural gas intended for the country’s domestic market to overseas customers instead must be reviewed amid high wholesale prices at home. Ahead of a meeting Wednesday between Prime Minister Malcolm Turnbull and energy producers over Austral ...

Saudi exports fall as production cuts take hold

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. Oil exports fell to 6.95 million barrels a day, the lowest since May 2015, from 7.7 million a day in Jan ...

BP well leak in Alaska stops

A well operated by BP Exploration Alaska Inc. on Alaska’s frigid North Slope is no longer spraying crude oil after leaks were discovered Friday morning. The crude spray onto the well pad, which occurred while the well in the Greater Prudhoe Bay area was venting gas, had stopped by Sunday afternoon. ...

Hilcorp zigging while competitors zag

With a $3 billion purchase from ConocoPhillips, billionaire oilman Jeffrey Hildebrand is once again trying to succeed in a corner of the oil and gas world others are leaving behind. Hildebrand’s Hilcorp Energy Co. agreed to buy the fields in the San Juan Basin, taking on holdings in the southwestern ...

Oil falls for first time in 6 days amid ample U.S. stockpiles

Crude declined, ending its longest winning streak this year amid speculation the U.S. glut will linger. Futures fell in New York after rising 5.7 percent over five sessions. Inventories probably fell by 1.75 million barrels from a record high last week, according to a Bloomberg survey before a gover ...

Pipeline built to survive extremes can’t bear slow oil flow

Here at the top of the world, January brought a glimpse of the anxious future facing Alaska’s once-mighty oil pipeline. The 800-mile Trans Alaska Pipeline System was built for extreme conditions. But as the state’s oil production declines, the pipeline faces a new challenge: flows so sluggish operat ...

Libya halts Sharara oil loadings as biggest field shuts down

Libya’s biggest oil field stopped producing just one week after it reopened, forcing the OPEC member to declare force majeure at a key export terminal, the latest disruptions to the country’s output and shipments of crude. The pipeline carrying crude from the Sharara field to the Zawiya refinery sto ...

Oil jumps after Syria strikes

Oil jumped as the U.S. cruise-missile attack against Syria roiled global financial markets. Futures in New York and London surged more than 2 percent to the highest in a month. The strike early Friday morning targeted hangars, planes and fuel tanks at one Syrian military airfield, according to a U.S ...

More