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Closing Out 2023 – U.S. Drillers Add Oil and Gas rigs for Second Year in a Row -Baker Hughes

(Reuters) – U.S. energy firms added oil and gas rigs for second year in a row, energy services firm Baker Hughes Co said in its report on Friday. The number of gas and oil rigs were overall unchanged for the week, with oil rigs falling one and gas rigs rising by one, Baker Hughes said. …

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Lack of Safety Practices Behind 2020 Chesapeake Oil-Well Blast: U.S. Safety Board

Reuters Dec 29 (Reuters) – A federal safety board investigation has found that Chesapeake Energy (CHK.O) and its contractors failed to provide adequate control measures at the site of a 2020 fire at a company-operated oil well, that claimed three lives. The U.S. Chemical Safety Board (CSB), which investigates industrial chemical accidents, said in a report published …

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OPEC Faces Declining Demand and Shrinking Market Share in Early 2024

LONDON, Dec 28 (Reuters) – OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the Covid-19 pandemic on the back of output cuts and member Angola’s exit, according to Reuters calculations and data from forecasters. The trend means the …

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U.S. Crude Inventories Seen Down Last Week, Products Likely Rose

U.S. crude stockpiles were expected to have fallen last week, while distillate and gasoline inventories likely rose, an extended Reuters poll showed on Wednesday. Seven analysts polled by Reuters estimated on average that crude inventories fell by about 2.7 million barrels in the week to Dec. 22. The poll was conducted ahead of reports from …

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U.S. Natgas Prices Trade Below Three-Week Peak Ahead of Storage Report

 U.S. natural gas futures traded below the previous session’s three-week high on Thursday as investors awaited a weekly storage report due later in the day. Front-month gas futures for February delivery on the New York Mercantile Exchange were trading around $2.53 per million British thermal units as of 10:08 a.m. EST. Prices rose as much …

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Sinopec Forecasts China’s Coal Consumption to Peak Around 2025

(Reuters) – China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an outlook released on Thursday. Non-fossil energy supply, led by solar and wind, will likely exceed the equivalence of 3 billion metric tons of standard coal by 2045 to become …

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Colombia Allows Indigenous, Minority Groups to Partner with Companies on Renewables

(Reuters) – Colombia will allow Indigenous, rural and other minority communities to form renewable energy generator and commercialization projects and develop joint ventures with private companies or the public sector, the energy ministry said. Leftist President Gustavo Petro has pledged to turn Colombia away from production of oil and coal, and toward renewables like solar …

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