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How Western Sanctions Are Strangling Putin’s Arctic Gas Ambitions

CDN and International News, Conventional Energy, Latest, Natural Gas / By

Pipeline exports to Europe have slumped, turning focus to LNG Novatek’s Arctic LNG 2 is crucial to expanding export capacity Bloomberg Russia’s fortress economy has proved remarkably resilient to an onslaught of Western sanctions. Two years after the Kremlin’s invasion of Ukraine, it continues to fund a costly war and to prop up President Vladimir Putin. …

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U.S. Oil and Gas Rig Count Falls to Lowest Since January 2022 – Baker Hughes

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, US News / By

May 3 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of …

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Gasoline Demand Growth to Slow This Year on EV Growth in China, U.S.

Energy Topics & Technology, Gasoline, Latest, US News / By

Gasoline demand growth to slow this year on EV growth in China, U.S. Summary China to make up more than half of global EV sales in 2024, impact gasoline demand European margins to weaken after new Nigeria refinery ups output U.S. gasoline consumption likely to be flat in 2024 -analysts (Reuters) – Global petrol demand …

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Oil Climbs as Gaza Tensions Rise, Saudi Arabia Hikes Prices

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary Prospects for Israel-Hamas truce narrow Saudi Arabia hikes June crude oil prices for most regions China’s April business sentiment rises, data shows (Reuters) – Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas …

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After the Deal: Exxon to Take up to Two Years to hit Stride with Pioneer Purchase

Energy Topics & Technology, Exploration & Production, Latest, Pinned Primary / By

Exxon Mobil will take 18 to 24 months to achieve its desired production synergies from its $60 billion purchase of U.S. shale oil producer Pioneer Natural Resources, the company’s top shale executive said on Friday. Exxon this week closed all-stock acquisition after agreeing to an antitrust consent order that barred the former Pioneer CEO from joining …

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Oil Settles Down on U.S. Jobs Data, Steepest Weekly Loss in 3 Months

Conventional Energy, Latest, Oil, Tri-Pinned / By

Summary OPEC+ could extend supply cuts beyond June, sources say US job growth weaker than expected in April US drillers cut oil and gas rigs for second week in a row NEW YORK, May 3 (Reuters) – Oil prices settled lower on Friday, and posted their steepest weekly loss in three months as investors weighed …

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OPEC+ Likely to Extend Production Cuts in June

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far. If OPEC+ (Organization of the …

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ExxonMobil Completes Acquisition of Pioneer Natural Resources

Energy Topics & Technology, Latest, Mergers and Acquisitions, Pinned Primary, US News / By

Transforms ExxonMobil’s upstream portfolio by more than doubling the company’s Permian footprint Combines Pioneer’s sizeable acreage, entrepreneurial culture and deep industry expertise with ExxonMobil’s balance-sheet strength, advanced technologies and industry-leading project development capabilities Transitions Pioneer’s 2050 net-zero Permian goal to a 2035 plan SPRING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE: XOM) today announced it has closed its …

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