OPEC, Allies Agree to Boost Oil Output as Demand Roars Back
Oil producers agreed to increase production by 400,000 barrels a day, moving to restore capacity they cut at the start of the Covid-19 pandemic.
Oil ends higher, but U.S. prices log biggest weekly drop since March
Oil futures end higher on Friday, but the U.S. benchmark logs its biggest weekly fall since March as traders brace for more crude supplies and weigh the risk to global demand.
U.S. Oil-Rig Count Rises by 2 in Latest Week, Baker Hughes Says
The number of rigs drilling for oil in the U.S. rose by two in the latest week to 380, according to oil-field services company Baker Hughes.
Growth Blowback for Wind Turbines
Wind-turbine maker Siemens Gamesa warned investors about its profits, highlighting some of the risks of a rapidly growing market.
Energy & Utilities Roundup: Market Talk
The latest Market Talks covering Energy and Utilities
Oil-Demand Rebound Could Spur Inflation, Pressure Debt-Laden Nations, OPEC Says
Despite uneven Covid-19 vaccination rates and the rise of the Delta variant, the Organization of the Petroleum Exporting Countries expects pandemic-containment measures and stimulus measures to boost oil consumption.
Siemens Energy Tumbles After Unit Issues Warning
Shares in Siemens Energy and Siemens Gamesa fell sharply after the Spanish wind turbine maker issued a profit warning, forcing its parent company to revise its outlook too.
Siemens Gamesa Warns on Margin Outlook
Siemens Gamesa said it now expects a negative operating margin for the year, as higher provisions led to an operating loss of EUR150 million in the third quarter.
Aker Solutions Posts Surprise Profit
Aker Solutions reported an unexpected second-quarter net profit on strong order growth and said tender activity was at a record high.
OPEC Reaches Compromise With U.A.E. Over Oil Production
OPEC agreed to raise the amount of crude the cartel member can eventually pump, but it is subject to approval by a wider group of producers that includes Russia.
(END) Dow Jones Newswires