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(Reuters) – OPEC+ is working on a complex deal to be agreed at its meeting on Sunday that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on Thursday. OPEC+ has made a series of cuts since late 2022 amid rising output …
OPEC+ Working on Complex Production Cut Deal for 2024-2025 Read More »
The Canadian government has guaranteed another C$1 billion ($731 million) in commercial loans for the Trans Mountain pipeline expansion, taking the total government-backed loan facility to C$19 billion, Trans Mountain’s quarterly earnings statement showed on Thursday. The expansion project, which has so far cost C$34 billion, nearly triples capacity to ship oil from Alberta to …
Canada Increases Loan Guarantees for Trans Mountain to C$19 Billion Read More »
U.S. oil firm ConocoPhillips won a Trinidad & Tobago court order granting it the right to enforce a $1.3 billion claim against Venezuela for past expropriations, casting a shadow over a proposed offshore natural gas venture between the two countries. Conoco has the right to enforce the order by seizing any future compensation Trinidad may …
Trinidad Court Recognizes ConocoPhillips’ $1.3 billion Claim Against Venezuela Read More »
(Reuters) – Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said. The landmark sale follows Aramco’s record IPO nearly five years ago, as the kingdom pushes ahead plans to diversify its economy away from …
Mexico plans to resume oil shipments to Cuba after a three-month pause, shipping data showed on Wednesday, a move that could help ease power outages and worsening fuel scarcity on the island. Cuba desperately needs the fuel. Blackouts that were occasional on the communist-run island have become routine in recent months as the country struggles …
Mexico to Resume Oil Exports to Cuba After 3-Month Pause Read More »
(Reuters) – Siemens Energy’s wind turbine division Siemens Gamesa is planning to cut 4,100 jobs, or around 15% of its workforce, the unit’s Chief Executive Jochen Eickholt said in an internal letter to staff seen by Reuters on Tuesday. “Our current situation demands adjustments that go beyond organizational changes. We have to adapt to lower business …
Jobs to the Wind: Siemens Energy’s Gamesa to Cut 4,100 jobs, CEO Says in Staff Letter Read More »
(Reuters) – OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation’s output target is calculated from its notional capacity. Members of OPEC+ – comprising OPEC and allies such as Russia – tend to push for …
NOW YOU KNOW: Why Does OPEC+ Often Clash Over Oil Production Capacity? Read More »
Bloomberg Australia’s leaders like to portray the nation as a trailblazer in the energy transition, touting a solar buildout that has installed panels on almost one in three rooftops and rapid growth in battery storage. The more valuable lesson, though, may be in its struggle with coal. Eraring, the country’s largest power plant, burns through as much as 6 million …
Coal’s Australian Reprieve Is an Energy Transition Reality Check Read More »
(Reuters) – Norwegian oil and gas investments are expected to hit a record high this year and will remain strong in 2025, driven by a string of new developments as well as cost inflation, a national statistics office (SSB) survey showed on Tuesday. The country’s biggest business sector now expects to invest 246.9 billion Norwegian …
Norwegian Oil Companies to Make Record High Investments in 2024 Read More »
Petrobras’ new chief executive said a basin in Brazil’s Equatorial Margin, an environmentally sensitive offshore prospect seen as the country’s most promising frontier for oil exploration, was a matter of “national interest.” Magda Chambriard, who took over as the state-controlled oil company’s chief executive after President Luiz Inacio Lula da Silva fired its former CEO …
New Petrobras CEO Pushes Offshore Oil Prospect as Matter of ‘National Interest’ Read More »
