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COMMENTARY: OPEC⁺ Surprise Triggered Record Hedge Fund Oil Sales – John Kemp

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

 Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on …

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BP Tightens Workplace Relationships Policy After Looney Dismissal

CDN and International News, Latest / By

Summary BP updates its conflict of interest policy Senior staff have three months to disclose relationships Staff face potential sacking for failure to comply (Reuters) – BP employees must disclose any intimate relationships with colleagues or risk losing their jobs, the oil major told staff in a policy update, following the sacking of former CEO …

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New Zealand Set to Scrap Oil, Gas Exploration Ban in Second Half

CDN and International News, Energy Topics & Technology, Latest, Offshore / By

Government says reversing the ban will bolster energy security Green Party labels the move a backward step for climate aims New Zealand’s government is pressing ahead with plans to lift a ban on offshore petroleum exploration, citing energy security challenges from “rapidly” declining natural gas reserves. Gas is “critical” for the economy during periods of …

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Over Half of Aramco Share Sale allocated to Foreign Investors, Sources Say

CDN and International News, Energy Topics & Technology, Finance, Latest / By

(Reuters) – Saudi Arabia placed over half of an $11.2 billion share sale in Aramco  with foreign investors, two people with knowledge of the matter told Reuters on Saturday. Saudi Arabia has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. Yet …

Over Half of Aramco Share Sale allocated to Foreign Investors, Sources Say Read More »

Canada’s Oil Sands CEOs Speak to Ottawa, Push Back Against Trudeau’s Proposed Oil and Gas Emissions Cap

CDN and International News, Conventional Energy, Latest, Oil / By

Canada’s biggest oil sands producers support a paying a tax on carbon but see a proposed federal oil and gas emissions cap as unnecessary legislation, the companies’ CEOs told lawmakers in Ottawa on Thursday. Executives from Suncor Energy, Imperial Oil, Cenovus Energy, Enbridge and Shell appeared via videolink before a House of Commons committee to answer questions on their efforts to cut …

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Saudi Arabia Set to Raise More Than $11.2 Bln from Aramco Stock Offering – WSJ

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

Saudi Arabia is set to raise more than $11.2 billion after pricing its offering of Aramco stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday. Saudi Aramco’s bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each, according to the report. …

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OPEC+ Could Tweak Oil Pact if Needed, Ministers Say

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

Summary Russia defends OPEC+ oil pact, but ready to react UAE minister calls countries making voluntary cuts the ‘Great 8’ OPEC head rejects criticism over oil deal, says demand is good (Reuters) – OPEC+ could tweak its latest oil output agreement which calls for some output cuts to be reversed later this year if needed …

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North Sea Firms Postpone Oilfield Opening After Early UK Election Called

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

Three British energy companies have decided to delay by a year the planned start of oil production at their joint-venture oilfield in the North Sea, citing the need for clarity on the fiscal policies of the next government. Jersey Oil and Gas, which owns 20% of the Buchan field, gave the update on Wednesday on …

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Indigenous Group Urges Boycott of Canadian Coastal GasLink Bond Deal

CDN and International News, Energy Topics & Technology, Latest, Pipelines / By

An open letter asserts that the pipeline project involved a “campaign of violence” against the Wet’suwet’en people Bloomberg News Some Indigenous leaders in Canada are asking investors not to buy bonds issued by a natural gas pipeline company that’s marketing the country’s largest-ever corporate debt deal. Hereditary Chiefs of the Wet’suwet’en First Nation said investors should shun the …

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OPEC+ Switches Strategy to Defend Market Share: Kemp

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

Oil futures prices have fallen to the lowest level for four months and calendar spreads have slumped after OPEC+ ministers signalled their intention to start increasing production from the fourth quarter of 2024. Front-month Brent futures closed at $78 per barrel on June 3, the first day of trading following the OPEC+ ministerial meeting on …

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