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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 ...

Oil rises after Saudi Arabia offers to cut output

Oil rose to about $45 a barrel as Saudi Arabia’s offer to cut output opened the door to a future OPEC deal, even though the kingdom doesn’t expect an agreement this week when members of the group meet. Futures added 1 percent in New York after slumping 4 percent on Friday. While Saudi Arabia and Ira ...

Oil firms expected to increase capital spending in 2017

The oil industry may be ready to open its wallet after two years of slashing investments. Companies will spend 2.5 percent more on capital expenditure next year than they did this year, the first yearly growth in such spending since 2014, BMI Research said in a Sept. 22 report. Spending will increas ...

Cheap gas means U.S. should ease auto efficiency, lawmakers say

The U.S. auto industry got strong backing from Republicans in Congress as it petitions the federal government for an easing of fuel-economy rules that carmakers say they cannot meet with low gasoline prices. Leaders on the House Energy and Commerce Committee Thursday echoed industry calls for relief ...

Top Permian producer says rig count there is about to soar

The biggest player in the Permian Basin, America’s most coveted oil field, thinks rig counts in region are poised for explosive growth. In an interview with Bloomberg, Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield predicted that 100 oil rigs will be added in the area co ...

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