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U.S. Manufacturers in Halting Recovery but Diesel Use Tepid

By John Kemp (Reuters) – U.S. manufacturers are gradually emerging from a prolonged but shallow slowdown over the last two years, but progress has been fitful, and their consumption of diesel remains tepid, which is weighing on oil prices. The Institute for Supply Management’s manufacturing index slipped to 48.7 (22nd percentile for all months since 1980) …

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BP Tightens Workplace Relationships Policy After Looney Dismissal

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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Oil Nudges Higher on Hopes of Summer Fuel Demand

Summary US jobs data dampens hope for near-term interest rate cuts Goldman Sachs forecasts Brent rise to $86 in third quarter Other analysts expect inventory draws to support prices (Reuters) – Oil prices edged up on Monday, buoyed by hopes of rising fuel demand this summer, though gains were capped by a strengthening of the …

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COP29 Host Sees Gas Demand Soar Despite Phase-Out Plans

Azerbaijan has agreed to double gas exports to Europe by 2027 ‘Long list’ of nations asking for gas, deputy minister says Months after the world agreed to transition away from fossil fuels at UN-led climate talks, the demand for natural gas from the host of this year’s COP29 is growing in Europe and elsewhere. Azerbaijan, …

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

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

(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 …

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Entergy, NextEra to Jointly Develop 4.5 GW of Energy Storage Projects

(Reuters) – Utility firm Entergy and a unit of NextEra Energy on Friday entered into an agreement to develop up to 4.5 gigawatts (GW)of new solar and energy storage projects. The five-year agreement will help Entergy provide renewable energy to more than 3 million customers in Arkansas, Louisiana, Mississippi and Texas, the company said in a statement. …

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Berkshire Buys Additional 2.57 Million Shares in Occidental Petroleum, Filing Shows

(Reuters) – Warren Buffett’s Berkshire Hathaway bought around 2.57 million shares of common stock in Occidental Petroleum over June 5-7, according to a U.S. securities filing. Buffett’s company bought additional shares in Occidental’s common stock for more than $150 million and now owns about 250.6 million shares in the energy producer. Occidental shares closed at $59.48 …

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