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

Article 4452
Mexico oil auction succeeds in drawing world’s biggest drillers

Mexico’s first competitive deep-water oil auction surpassed expectations as eight of 10 blocks were awarded to some of the world’s top oil companies. The National Hydrocarbons Commission awarded all four blocks in the oil-rich Perdido Basin, where the geology is said to mirror the U.S. side of the G ...

Aramco IPO may have factored in Saudi Arabia’s push to cut OPEC production

To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug holes in its budget and the plan to sell a stake in the state-owned oil monopoly. Two years after the world’s biggest expo ...

BHP billiton named as Pemex’s 1st deep-water oil partner

BHP Billiton Ltd. will pay $624 million to be Petroleos Mexicanos’ first private partner in producing oil and natural gas in the deep waters of the Gulf of Mexico. BHP will partner with Pemex, as the state-owned operator is known, to develop oil in the Trion field. Trion, located just south of the m ...

Setback is probably only temporary for Dakota Access Pipeline

The U.S. Army Corps of Engineers decision to deny a permit for Energy Transfer Partners to build a section of the $3.8 billion Dakota Access Pipeline in North Dakota is likely to be a temporary setback. While the decision by President Barack Obama’s administration prevents the pipeline’s completion ...

Oil advances to 16-month high as focus shifts to non-OPEC cuts

Oil traded at a 16-month high as OPEC invited non-members to Vienna in an effort to secure additional output cuts following last week’s surprise deal to curtail supply. Futures rose as much as 1.4 percent in New York. The Organization of Petroleum Exporting Countries will meet producers from outside ...

Oil heads for biggest weekly advance in 15 months

Oil is headed for its biggest weekly gain in 15 months after OPEC approved its first supply cut in eight years, with attention now shifting to the deal’s implementation and how producers outside the group will react to any price rally. Futures were little changed in New York and poised for an 11 per ...

As Mexico welcomes oil giants, its colossus slowly erodes

In Mexico, the era of big oil is just getting started. But for the state oil dinosaur, its best days appear to be behind it. The reign of Petroleos Mexicanos, the government-owned oil producer known as Pemex, is slowly being dismantled after a 2013 overhaul ended its monopoly and opened up the indus ...

Crude above $50 a barrel after OPEC production deal

Oil traded above $50 and crude producers rose after OPEC approved its first supply cuts in eight years, with the focus now shifting to how strictly the group will implement the deal. Futures advanced 0.5 percent in New York after rising 1.6 percent earlier. Prices surged 9.3 percent Wednesday, the l ...

Is $60 a barrel oil on its way?

Oil prices may break above $60 a barrel if OPEC and Russia fully adhere to their promises to pump less, says Goldman Sachs Group Inc. West Texas Intermediate could rise by $6 above the bank’s current forecast of $55 a barrel and $56.50 for Brent in the first half of 2017, Goldman Sachs said in ... ...

Can Russia deliver on pledge to cut oil production?

Russia has committed to cooperate with OPEC by cutting as much as 300,000 barrels a day from its oil output but offered no clear method for enforcement, creating uncertainty about how easily the reduction can be delivered. Output cuts should be spread proportionally between Russian producers, who ha ...

More