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Trudeau Faces Daunting Path to Sale of Canada’s $26 Billion Trans Mountain Pipeline

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

Plan to give Trans Mountain stake to Indigenous groups stalled Oil companies object to tolls; analysts question valuation Justin Trudeau has promised one of the largest government-led asset sales in Canadian history by divesting the Trans Mountain pipeline, a huge conduit that moves crude from the province of Alberta to the west coast. But the government faces …

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Once Soaring EV Stocks Now Face a Bleak Future

Electric Vehicles, Energy Topics & Technology, Latest / By

Almost all electric vehicle stocks that listed in the past five years are now trading lower Bloomberg News Gone are the days of starry stock market debuts that sent valuations of electric-vehicle makers soaring. Now, floating an EV stock is only for the brave. A torrent of bad news for the sector this week confirms how far …

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Power Loss Forces BP to Shut Biggest U.S. Midwest Refinery

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

(Reuters) – BP  was purging its 435,000 barrel-per-day (bpd) Whiting, Indiana, refinery of hydrocarbons on Thursday after a transformer failure caused a plant-wide power outage and forced an evacuation of all but the most essential workers, said people familiar with plant operations. It is not yet clear how long it will take BP to restart the …

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Rising U.S. Oil Production Frustrates OPEC+ Cuts: John Kemp

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

U.S. oil and gas drilling has slowed in response to the fall in prices over the last 18 months, but that has not yet translated into slower production, keeping prices under pressure. Exploration and production firms have continued to increase output despite drilling fewer wells, by concentrating on the best sites, accelerating drilling times and …

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OPEC+ to Review Oil Cut Extension in March, Ministers Leave Policy Unchanged

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

Summary OPEC+ JMMC panel meeting keeps 2.2 mln bpd cuts Brent crude trades above $81, Middle East tensions support Next JMMC meeting to be held on April 3 LONDON/DUBAI/MOSCOW, Feb 1 (Reuters) – OPEC+ will decide in March whether or not to extend voluntary oil production cuts in place for the first quarter, two OPEC+ …

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U.S. Oil Refiners’ Weekly Capacity Seen Down 225,000 bpd – IIR

Energy Topics & Technology, Latest, Refineries / By

U.S. oil refiners are expected to have about 1.8 million barrels per day (bpd) of capacity offline for the week ending Feb. 2, decreasing available refining capacity by 225,000 bpd, research company IIR Energy said on Wednesday. Offline capacity is expected to fall to 1.6 million bpd in the week ending Feb. 9, IIR added. …

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Phillips 66 Shuts Section of Oklahoma Panhandle Pipeline After Fire

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

Reuters (Reuters) – Phillips 66  said it has shut a section of a natural gas pipeline it operates in the Oklahoma Panhandle after fire and rupture that occurred on Tuesday morning. The company said it is responding to the rupture and fire, while it has not yet determined the cause of the incident. “There have …

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U.S. Seeks to Buy About 3 Million Barrels of Oil for SPR for June Delivery

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The United States is seeking to buy about 3 million barrels of U.S.-produced sour crude for the Strategic Petroleum Reserve for delivery in June, Department of Energy documents showed on Tuesday. The administration of President Joe Biden is slowly replenishing the emergency stash after selling 180 million barrels in 2022 following Russia’s invasion of Ukraine. …

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Baker Hughes Expects North America Oilfield Spend to Decline in 2024

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

Baker Hughes Expects North America Oilfield Spend to Decline in 2024 (Reuters) – U.S. oilfield technology firm Baker Hughes said on Wednesday it expects spending on drilling and well completion in North America to fall in 2024 as commodity prices remain volatile. Shale producers have looked to reduce drilling to counter weak prices. Many U.S. …

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Not So Fast! As Demand for Fast Deliveries Surges, the Industry Struggles on EV Transition

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

The cost of electric trucks and complications of charger installation hamper progress. The appetite for speedy package delivery is skyrocketing around the planet. Americans do more than 15% of their shopping online, with digital purchases of groceries, shoes, pet food and other goods quadrupling over the past decade to $1 trillion a year. Global e-commerce is expected …

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