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Oil Moguls Emerge as Key Cash Source for Trump as Race Nears End

Conventional Energy, Latest, Oil, US News / By

Trump helped broker plan to cut oil production, boost prices Petroleum chiefs’ support increasingly important to campaign Oil executives have emerged as an increasingly important source of funding for Donald Trump, as industry titans open their wallets to bolster the Republican nominee’s campaign for a second term in the White House. The billionaires backing Trump include Kelcy …

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BP Abandons Goal to Cut Oil Output, Resets Strategy

Conventional Energy, Latest, Oil, US News / By

Summary BP had aimed to cut output by 25% by 2030 BP eyeing investments in Iraq, Kuwait CEO Auchincloss to unveil new strategy in February (Reuters) – BP  has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence, three …

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Iran’s Oil Minister ‘Not Worried About Crisis’ Amid Israeli Threats

CDN and International News, Latest, Oil / By

By Reuters DUBAI, Oct 5 (Reuters) – Iran’s oil minister Mohsen Paknejad said on Saturday that he was “not worried” amid the escalating conflict in the region, the ministry’s Shana news site said, after reports that Israel may strike Iran. “I am not worried about the crises that the enemies of the revolution are creating, and this trip …

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OPEC+ Still Has an Asia Dilemma as Crude Imports Remain Soft: Russell

CDN and International News, Conventional Energy, Latest, Oil / By

By Clyde Russell (Reuters) – The OPEC+ group of crude oil exporters is still planning on lifting output from December, but it will be doing so against a backdrop of weak demand in the top-importing region of Asia. Asia’s imports of crude were 27.05 million barrels per day (bpd) in September, up marginally from August’s 26.47 …

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Oil Settles Up, Biggest Weekly Gains in Over a Year on Middle East War Risk

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary Brent crude posts biggest weekly gains since Jan 2023 Israel conducts air attack on Beirut, Iran calls on allies to step up anti-Israel struggle Biden says he would consider alternatives to striking Iranian oilfields if he was in Israel’s shoes Oil analysts caution prices could stay elevated until Middle East conflict is resolved Spare …

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Exxon Sees $1.6 Billion Earnings Hit From Oil, Refining Margins

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

Exxon Mobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period. The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday. The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and …

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The 2024 Disinflation Lesson: Ignore Oil at Your Peril: McGeever

Conventional Energy, Latest, Oil, US News / By

In today’s digital and services-dominated economy, one might be forgiven for buying into the narrative that oil no longer has any real bearing on inflation. That would be a mistake. Inflation is starting to undershoot some central banks’ targets, in large part because the year-on-year change in the oil price is deeply negative. This is …

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Russia’s Novak Says Market Wary of Oil Supply Cuts Due to Middle East Conflict

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

MOSCOW, Oct 2 (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil prices have increased as markets do not rule out a decline in oil supply due to the conflict in the Middle East. In televised comments after a meeting of top OPEC+ ministers kept oil output policy unchanged, including a …

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Enbridge to Build Pipelines to Service BP’s Kaskida Oil Hub

Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Pipelines, US News / By

Oct 3 (Reuters) – Enbridge  said on Thursday it would build and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the recently sanctioned Kaskida oil hub, operated by BP. The pipelines are expected to be operational by 2029 and would cost $700 million, the Canadian firm said. The crude oil …

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OPEC+ Could Cushion Iran Oil Shock But Not Broader Disruption

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC, Tri-Pinned / By

OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country’s facilities but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks. Israel’s …

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