World Oil Supply Hits Year High, Boosted by U.S. Shale Surge
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Shale producers are roaring back to life, pushing the global oil supply to its highest level in a year and undermining OPEC's efforts to rebalance the market, the International Energy Agency said.
Oil Steady After IEA Raises U.S. Output Forecast
Oil prices were steady, hovering below multiyear highs, after the International Energy Agency said U.S. supply will grow faster than previously forecast.
Warburg Pincus Group Invests $780 Million in Texas Shale Startup
A group led by Warburg Pincus agreed to invest $780 million in an oil-exploration company, one of the largest private equity investments in a shale startup.
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Westinghouse Says Sales Process Generated Significant Interest
A Westinghouse Electric lawyer said Wednesday that the exploratory sale process the company is conducting has generated significant interest from potential suitors.
U.S. Oil Inventories Decline Sharply
Crude-oil stockpiles fell by 5.1 million barrels to 443 million barrels, for the week ended Dec. 8, and are now in the middle of the average range for this time of year, the EIA said. Analysts surveyed had predicted crude supplies would fall by 2.9 million barrels on the week.
OPEC Oil Output Falls to Six-Month Low but U.S. Fills Gap
OPEC production fell to its lowest in six months but rival U.S. production was surging faster than expected, meaning oil markets may not rebalance before the end of 2018, the oil cartel said in its closely watched monthly oil report.
U.S., Japan Express Concern Over China's Interest in Saudi Oil Giant
The U.S. and Japan have urged Saudi Arabia to pursue an international listing for oil giant Aramco, fearing the possible sale of a stake to China would give Beijing too much sway in the Middle East.
U.S. Criticizes Germany's Support of New Russian Natural-Gas Line
The top State Department official overseeing Europe offered harsh words for Germany over the country's continued support for a new Russian gas pipeline to Europe.
Investors Pledge Cuts to Fossil-Fuel Commitments at Paris Meeting
Global institutions pledged to cut financing of fossil-fuel projects at a summit in Paris, backing French President Emmanuel Macron's call for the private sector to do more to combat greenhouse-gas emissions.
Blast at Austrian Import Hub Chokes European Natural Gas Supply
An explosion at Austria's largest import hub for natural gas left one dead, a state of emergency in Italy and the highest gas prices in 3 years in the U.K. just as the cold winter months set in.
(END) Dow Jones Newswires
December 14, 2017 07:15 ET (12:15 GMT)