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OPEC Oil Output Rises in October as Libyan Supply Rebounds, Survey Finds

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(Reuters) – OPEC oil output rebounded in October from its lowest this year the previous month as Libya resolved a political crisis, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain. The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels …

OPEC Oil Output Rises in October as Libyan Supply Rebounds, Survey Finds Read More »

OPEC Positive on Global Oil Demand, Sees No Peak on Horizon

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(Reuters) – The Organization of Petroleum Exporting Countries (OPEC) is very positive on demand for oil in both the short and long term, Secretary General Haitham Al Ghais said at an energy industry event in Abu Dhabi on Monday. “There are some challenges, but the picture is not as negative as some make it sound,” …

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Canadian Government Wants Energy Sector to Cut Emissions by up to 35% Below 2019 Levels

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Nov 4 (Reuters) – The Canadian government on Monday released draft regulations that would cap emissions of greenhouse gases from the oil and gas sector by 35% from 2019 levels, slightly less than initially envisaged. The regulations would create a cap-and-trade system designed to recognize better-performing companies and give an incentive to higher-polluting firms to make their production processes …

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Oil Rollercoaster: OPEC Actions Increasing Volatility and Hampering New Investment in Oil and Gas, CEO Says 

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(Reuters) – OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in energy markets and hampered investment in new production, the CEO of Italian energy company Eni said on Monday. Speaking at an industry event in Abu Dhabi, Claudio Descalzi said he expected high volatility in the energy markets experienced in …

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Venezuela’s Oil Exports Hit a 4-Year Peak on Higher Output, Sales to US, India

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HOUSTON/MARACAY, Nov 1 (Reuters) – Venezuela’s oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA. The increase happened despite a large storage terminal fire last month, …

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Iran Braces for Trump Victory, Fearing More Israeli Strikes, Western Sanctions

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 Iran’s leadership and allies are bracing for what they would regard as a dreadful outcome of the imminent U.S. presidential election: A return to power of Donald Trump. Opinion polls suggest the Republican Trump and Democratic Vice President Kamala Harris remain locked in a close contest. But Iranian leaders and their regional allies in Lebanon, …

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Exxon Agrees to Sell Argentina Shale Oil Assets to Pluspetrol

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Deal still needs the approval of Neuquen Province, person says Exxon is exiting Vaca Muerta shale patch to focus elsewhere Exxon Mobil Corp. has agreed to sell most of its assets in Argentina’s Vaca Muerta shale patch to Pluspetrol SA, according to people familiar with the matter. The province of Neuquen, where the assets are located, has …

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China’s BYD Revenue Eclipses Tesla for First Time as EV Giants Go Head to Head

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Both electric carmakers have emerged as breakout threats to legacy automakers Bloomberg News BYD Co. Ltd. notched up another win over Tesla Inc. on Wednesday, reporting quarterly revenue that beat Elon Musk’s carmaker for the first time since the pair have gone head-to-head in global electric vehicles sales. Revenue for China’s best-selling automaker soared 24 per cent year-on-year to 201.1 billion …

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OPEC+ Could Delay December Oil Output Hike, Sources Say

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By Alex Lawler, Olesya Astakhova and Dmitry Zhdannikov Output hike of 180,000 bpd due to proceed in December Decision on delay could come as soon as early next week Sources cite concern about economic backdrop and demand LONDON/MOSCOW, Oct 30 (Reuters) – OPEC+ could delay December’s planned increase to oil production by a month or …

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UK Increases Windfall Tax on North Sea Oil Producers

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By Ron Bousso and Arunima Kumar LONDON, Oct 30 (Reuters) – The British government will increase a windfall tax on North Sea oil and gas producers to 38% from 35% and extend the levy by one year, finance minister Rachel Reeves announced on Wednesday. Presenting the first budget under the new Labour government, Reeves said …

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