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Oil advances to second monthly gain, propelled by OPEC deal

Oil advanced to its a second monthly gain, after OPEC agreed to its first production cut in eight years on Wednesday. Futures rose as much as 0.9 percent in New York as the dollar retreated, bolstering investor demand for commodities. Prices are up 7.5 percent for the month, heading for the first Se ...

OPEC blinks. What will it mean for U.S. shale drillers?

OPEC finally blinked in its two-year price war with U.S. oil producers. Whether that translates into a financial victory for the American shale industry remains to be seen. Oil prices and the shares of U.S. drillers kept climbing on Friday, two days after the Organization of Petroleum Exporting Coun ...

Cheniere moves to simplify corporate structure

Cheniere Energy Inc. offered to buy the 20 percent of Cheniere Energy Partners LP Holdings LLC it doesn’t already own in a stock-for-stock exchange valued at $21.90 a share in a deal that simplifies its corporate structure. The Houston company, the first to export U.S. shale gas, is offering 0.5049 ...

Winners and losers in OPEC’s plan to cut production

The Organization of Petroleum Exporting Countries’ agreement to cut production ends two years of Saudi Arabia’s pump-at-will policies, which had sunk oil prices to the joy of drivers in the Western world and the consternation of central bankers seeking to stave off deflation.  With the r ...

Oil prices jump on OPEC’s preliminary deal to cut production

OPEC agreed to a preliminary deal that will cut production for the first time in eight years, according to delegates briefed on the matter. Oil prices gained more than 6 percent as Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the group adopted in ...

Saudi’s indicate possibility of output deal with Iran at next OPEC meeting

Saudi Arabia gave the strongest indication yet it’s ready to compromise with regional rival Iran, potentially paving the way for the first limit on oil production in two years, although a deal is unlikely until OPEC’s next meeting in November. Khalid Al-Falih, who inherited a chronically oversupplie ...

DTE, Rice Energy doubling down on eastern shale gas

DTE Energy Co. and Rice Energy Inc. are the latest energy companies to make billion-dollar bets on the natural gas-rich shale formations of the eastern U.S. DTE agreed on Monday to buy natural gas pipeline assets from M3 Midstream LLC and  Vega Energy Partners Ltd. for $1.3 billion. The Canonsburg, ...

Oil falls after Iran balks at output freeze

Oil extended declines as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day, damping expectations for OPEC to reach a deal to stabilize markets when the group meets Wednesday in Algiers. Futures fell as much as 2.1 percent in New York ...

First U.S. shale gas arrives in UK

The U.K. is about to receive its first American shale gas. The Ineos Insight tanker carrying ethane — a feedstock for chemical production — will arrive at Grangemouth, Scotland, on Tuesday, Richard Longden, a spokesman for petrochemical maker Ineos Group Ltd., said by phone. U.S. liquefi ...

Activist commends Williams’ decision to name 2 new directors

Williams Cos. announced two new directors to its board prompting an activist shareholder to withdraw plans for a proxy fight over governance of the pipeline owner. Stephen Chazen, former president and chief executive officer of Occidental Petroleum Corp., and Peter Ragauss, former chief financial of ...

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