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Canada Oil Industry Group Calls for Changes to Anti-Greenwashing Laws

CDN and International News, Conventional Energy, Energy Topics & Technology, Environment, Latest, Natural Gas, Oil / By

(Reuters) – The Canadian Association of Petroleum Producers (CAPP) on Thursday urged the country’s Competition Bureau to make changes to anti-greenwashing legislation passed earlier this year, and repeated calls for recent amendments to the law to be scrapped entirely. CONTEXT The Competition Bureau is developing guidance on how companies should interpret recent changes to Canada’s Competition …

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JPMorgan Sees OPEC+ Holding Output Steady for Another Year

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

JPMorgan expects OPEC+ to maintain its current production levels for at least another year, leading to an average price of $75 for Brent crude in 2025, JP Morgan said in a note on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, on Thursday said they agreed to delay a …

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Venezuela’s Oil Exports Climb to Four-Year High in August

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(Reuters) – Venezuela’s August oil exports hit their highest in more than four years, according to shipping data, fueled by expanded shipments to China, the U.S. and Europe as the risk of fresh U.S. sanctions grew amid an electoral dispute. The U.S. Treasury Department last year granted a broad license allowing Venezuela to freely export …

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US Crude and Distillates Inventories Fall, Gasoline Stocks Rise, EIA Says

Conventional Energy, Latest, Oil, US News / By

(Reuters) – U.S. crude stocks and distillate inventories fell while gasoline stocks rose in the week ending August 30, the Energy Information Administration (EIA) said on Thursday. Crude inventories fell by 6.9 million barrels to 418.3 million barrels in the week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 993,000-barrel …

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API Shows Weekly US Crude, Fuel Stockpiles Fall, Market Sources Say

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

(Reuters) – U.S. crude oil and fuel inventories fell last week, according to market sources citing American Petroleum Institute figures on Wednesday. The API figures showed crude stocks fell by 7.431 million barrels in the week ended Aug. 30, the sources said, speaking on condition of anonymity. Gasoline inventories fell by 336,000 barrels, and distillates …

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Citi Says 2025 Oil Prices Could Average $60/bbl Without Deeper OPEC+ Cuts

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

Sept 4 (Reuters) – If producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in a note on Wednesday. Citi said that while a technical rebound was possible, the market could lose …

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Argus Launches Three Price Quotes for Trans Mountain Oil Pipeline Exports

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

Oil pricing agency Argus launched on Wednesday three daily price quotes for crude exported from western Canada’s newly expanded Trans Mountain (TMX) pipeline amid rising demand for the oil from Asia.   The agency will assess prices of crude loaded from the TMX pipeline onto Aframax-sized tankers capable of carrying 80,000 metric tons (584,000 barrels) …

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COMMENTARY: Crude Oil Bears Run Rampant as Bullish News Ignored

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

By Clyde Russell (Reuters) – The response of crude oil markets to a series of developments this week shows how the bearish mindset is dominating the narrative. News that should be positive for oil prices is largely discounted and ignored, while factors that add to negative sentiment are embraced and reflected in price movements. Global …

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OPEC+ Discussing Delay to Planned Oil Output Hike in October

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

(Reuters) – OPEC+ is discussing a delay in a planned output increase next month as oil prices hit their lowest in 9 months, three sources from the producer group told Reuters on Wednesday. Oil prices have been falling together with other asset classes on concerns about a weak global economy and particularly soft data from …

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