President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
talk@ (Adds comments from Canada ambassador)
MEXICO CITY, July 2 (Reuters) - Mexican national power company CFE said on Tuesday it is seeking $899 million in a dispute with natural gas pipeline firms and talks with Canada's TC Energy Corp and billionaire Carlos Slim's Grupo Carso would start within days.
The Comision Federal de Electricidad (CFE) is seeking to negotiate "fairer" terms for a number of pipeline contracts signed by Mexico's previous government. President Andres Manuel Lopez Obrador has questioned the contracts, arguing they are too costly.
The dispute has led to diplomatic friction with Canada and concerns that Lopez Obrador's government could put in jeopardy contracts signed under previous administrations that he characterizes as part of a corrupt "neo-liberal" era.
Canada's ambassador to Mexico on Tuesday raised concerns about CFE's actions but urged a start to talks, saying that he felt confident a solution could be reached.
CFE head Manuel Bartlett lashed out at the critics of the Mexican government's efforts to rework the deals, suggesting they were ill-informed about the process and that the companies had sought arbitration before the government did so.
The pipeline companies "pursued arbitration before entering into negotiations with us," Bartlett told reporters, saying the government wanted to recover $899 million in payments made to pipeline companies
The companies involved include U.S.-based Sempra Energy's Mexican unit IEnova, Canada's TC Energy and Mexican firms Fermaca and Grupo Carso.
Following Bartlett's comments, IEnova denied having begun arbitration against CFE and reiterated its readiness to hold talks with the utility.
"The company did not begin any arbitration process against the CFE following a meeting with the CFE Chief Executive the past February 13," IEnova said in a statement.
Since that date, IEnova said it has been waiting for an invitation to continue talks.
Canada's ambassador to Mexico, Pierre Alarie, told reporters that the CFE's statements had generated confusion.
"There is a difference between a legal proceeding and arbitrage. The companies did protect themselves, but they didn't start an arbitrage process," he said.
He also said the CFE's actions were at odds with Lopez Obrador's vows to respect contracts, echoing concern from the U.S. Chamber of Commerce. However, he expressed optimism about resolving the dispute.
"I am sure that we are going to find a solution. Dialog has to begin with the CFE, and it has to happen soon," he said.
The CFE has challenged the contracts through a mediation process overseen by the London Court of International Arbitration (LCIA).
The LCIA declined to comment on Tuesday to maintain the confidentiality of the arbitration process.
The CFE began talks with pipeline builder Fermaca on Monday, and talks with the other companies would begin in the next few days, Bartlett said.
One of the pipelines at the center of the dispute, known as the Gasoducto Marino Sur de Texas-Tuxpan, was completed this month. But for transportation services to begin, the CFE still had to issue a notification acknowledging the work had been completed, IEnova has said.
Not only have Canada and others raised concerns about the dispute, Moody's ratings agency said the spat was "credit-negative" for the utility, the companies involved and the sector as a whole. (Reporting by Abraham Gonzalez and Lizbeth Diaz, Additional reporting by Sharay Angulo; Writing by David Alire Garcia and Daina Beth Solomon; Editing by Leslie Adler and Richard Pullin)