Energy Update

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* Net output cut could be 400,000 bpd -Energy Aspects

(Adds comment, updates prices)

* Good demand may mean less impetus for producers to cut
output

HOUSTON, Sept 29 (Reuters) - It was a moment U.S. shale oil
producers have been waiting on for more than two years: OPEC
nations finally agreed to cut production on Wednesday in a move
that lifted low prices ravaging their budgets.

SYDNEY, Sept 29 (Reuters) - Power was restored to the state
of South Australia on Wednesday after storms a day earlier
caused an unprecedented statewide blackout which disrupted
operations at mining majors like BHP Billiton, closed
ports and halted public transport.

* Too early to determine need for force majeure

(Adds BHP comment, details)

SEOUL, Sept 29 (Reuters) - South Korean conglomerate Lotte
Group, the subject of a wide-ranging corruption investigation,
is still intent on seeking an initial public offering for its
Hotel Lotte arm, but can only proceed with the plan after
prosecutors conclude their probe, a spokesman said on Thursday.

LAUNCESTON, Australia, Sept 29 (Reuters) - Under-promise and
then over-deliver is a well-worn tactic to boost one's fortunes,
with OPEC's somewhat woolly promise to cut crude oil output the
latest example of this strategy.

SINGAPORE, Sept 29 (Reuters) - Oil futures extended gains on
Thursday after rising nearly 6 percent the day before on a
surprise move by OPEC to curb crude output.

* Merger could pave way to combine reactor businesses

(Adds comment, detail)

* First veto of Obama presidency months before leaving
office

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