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US Refinery Capacity Grew by Nearly 40,000 Bpd to 18.4 Million Bpd in 2024

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries / By

U.S. refinery crude oil processing capacity grew by nearly 40,000 barrels per day in 2024 to 18.4 million bpd, the U.S. Energy Information Administration said on Friday. Motiva Enterprises’ Port Arthur, Texas, plant became the largest single refinery by capacity at 640,500 bpd, passing Marathon Petroleum’s Galveston Bay Refinery in Texas City, Texas, according to …

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JP Morgan Says Strait of Hormuz Closure Could Trigger a Sustained Oil Price Shock

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

(Reuters) – JP Morgan believes that a Strait of Hormuz closure would likely trigger a sustained oil price shock that will reverberate through global macro developments, the bank said in a note. It said that in the most extreme case of a broader regional conflagration that includes the closure of Hormuz, it estimates oil prices …

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Citi Sees Oil Prices of $75-$78/bbl if War Disrupts 1.1 mln bpd of Iran’s Oil Exports

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By

June 19 (Reuters) – An escalation of the Iran-Israeli hostilities could keep Brent oil prices trading about 15% to 20% above pre-conflict levels if the war disrupts 1.1 million barrels per day (bpd) of Iranian oil exports, analysts at Citibank said on Thursday. “This implies Brent prices should be in the $75 to $78/bbl range,” …

Citi Sees Oil Prices of $75-$78/bbl if War Disrupts 1.1 mln bpd of Iran’s Oil Exports Read More »

Chevron Seeks Buyers for 50% Stake in Singapore Refinery, Sources say

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

Summary Chevron looking to sell refinery stake amid global restructuring Refinery partner PetroChina has first right of refusal on stake Chevron also gauging interest to sell other Asia assets Stake value estimated in $300 million to $500 million range SINGAPORE, (Reuters) – U.S. oil major Chevron  has sought non-binding bids for the sale of its 50% …

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US Crude Inventories Fall by Most in a Year, Fuel Stocks Build, EIA Says

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil, US News / By

(Reuters) – U.S. crude oil stockpiles fell sharply last week, posting their largest decline in a year, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 11.5 million barrels to 420.9 million barrels in the week ending June 13, the EIA said, compared with analysts’ expectations in …

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Houston’s Electric Utility Is Prepared for Storms After 2024 Blackout, CEO Says

Electricity Grid, Energy Topics & Technology, Latest, US News / By

By Naureen S Malik and Mark Chediak Downed power lines following Hurricane Beryl in July 2024. Photographer: Mark Felix/Bloomberg Houston’s electric utility is confident significant grid investments will prevent a repeat of widespread blackouts that occurred last summer following Hurricane Beryl. CenterPoint Energy Inc. is integrating artificial intelligence to predict tree growth, using light detection …

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Electric Cars Losing Appeal Among New Drivers: Shell Survey

Electric Vehicles, Energy Topics & Technology, Latest, US News / By

Nine in 10 current EV drivers indicated they would consider a similar purchase for their next vehicle Bloomberg News Electric cars are losing their appeal for new drivers in Western nations, even as existing owners report increasing satisfaction with their battery-powered vehicles, according to a survey conducted by Shell Plc. The findings show that high upfront cost …

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Senate Bill Would Raise Value of Tax Credit to Use Captured CO2 to Produce More Oil

Carbon Capture, Conventional Energy, Energy Topics & Technology, Latest, Oil, US News / By

By Valerie Volcovici WASHINGTON, June 17 (Reuters) – A U.S. Senate panel proposed making the tax credit for capturing carbon emissions for recovering oil equal to the $85/metric ton tax credit for permanently burying those emissions underground, a boon for oil and gas producers. The finance committee proposed the change to the so-called 45Q tax …

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Petrobras and Exxon Team Up to Win Offshore Blocks in Brazil

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

By Mariana Durao and Gabriel Diniz Tavares Camila Borges, a representative for Exxon Mobil Corp., presents a bid during a public session of the Agencia Nacional do Petroleo (ANP) oil concession offer in Rio de Janeiro on June 17. Photographer: Dado Galdieri/Bloomberg Petrobras, Exxon Mobil Corp. and Chevron Corp. won exploration rights in Brazil’s Equatorial …

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UAE Oil Firm ADNOC Upping US Investments, Says AI Once-in-a Generation Investment Opportunity

Artificial Inteligence, Energy Topics & Technology, Latest, US News / By

(Reuters) – ADNOC chief Sultan al-Jaber said on Tuesday the state oil company of the United Arab Emirates was looking to grow its U.S. energy investments six-fold to $440 billion in the next 10 years. “For us, the United States is not just a priority; it is an investment imperative,” Jaber told an audience at …

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