Saudis Optimistic a Long-Term OPEC Output Deal is Close

by Jeff Yoders on NOVEMBER 18, 2016

The energy minister for top Organization of Petroleum Exporting Countries member-state Saudi Arabia said on Thursday on Saudi state-run television that he was optimistic about OPEC’s deal to limit oil output and mentioned the lower end of a previously agreed production target, helping spur a rally in the price of crude.

The cartel, at a meeting in Algeria in September, made a preliminary deal to limit oil output. Its details are still being worked out.

SolarCity Shareholders Approve Tesla Merger

Shareholders of Tesla Motors Inc. and SolarCity Corp. approved Tesla’s $2.1 billion all-stock offer to merge and create one company headed by Elon Musk that would sell emissions-free cars and rooftop solar panels that power them.

“Your faith will be rewarded,” Mr. Musk told Tesla investors on Thursday after the company announced shareholders overwhelmingly approved the deal.

Tesla announced that the merger was approved by 85% of Tesla shareholders, excluding Mr. Musk and other affiliated shareholders. SolarCity didn’t disclose the percentage of its shareholders voting.