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Heavy Oil Shortage Spells Higher Cost for U.S. Shippers, Road Builders

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

(Reuters) – Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners’ costs with a likely knock-on effect to industries ranging from shipping and construction to Middle Eastern power plants. Prolonged OPEC supply cuts and international sanctions on Venezuela, Iran and …

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Shell Smashes Forecasts with $7.7 Billion Quarterly Profit

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, LNG, Natural Gas, Oil, Tri-Pinned, US News / By

Summary Shell announces further $3.5 bln in buybacks Oil trading boosted by Red Sea diversions and Russia disruption LNG earnings beat expectations LONDON, May 2 (Reuters) – Shell  reported first-quarter profit of $7.7 billion on Thursday, sharply beating expectations after disruptions in the Red Sea and Russia lifted oil refining and trading. The company also said …

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OPEC+ Could Extend Oil Cuts, Formal Talks Yet to Start

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

Summary OPEC+ meets on June 1 Voluntary cuts of 2.2 mln bpd are in place until end-June ‘Good chance’ OPEC+ will extend, Energy Aspects says LONDON/MOSCOW, May 2 (Reuters) – OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but …

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WTI Delivered to East Houston Hits Highest Premium in Nearly Three Years

Conventional Energy, Latest, Oil, US News / By

Oil takeaway capacity from the Permian basin, the largest U.S. shale field, is expected to tighten next month due to scheduled pipeline maintenance, which is already driving up the premium for delivered WTI into East Houston. The 642-mile Wink-to-Webster pipeline, operated by Exxon Mobil and which ships more than 1 million barrels per day (bpd) of crude …

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U.S. Oil and Gas Production Rebounds After Winter Storm: Kemp

Conventional Energy, Exploration & Production, Latest, Natural Gas, Oil, US News / By

U.S. oil and gas production rebounded sharply in February after extensive disruption the previous month caused by freezing wells and other outages stemming from Winter Storm Heather in the middle of January. Nationwide crude and condensates output jumped by 0.6 million barrels per day (b/d) in February reversing a decline of 0.7 million b/d in …

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Canada’s Long-Delayed Trans Mountain Oil Pipeline Set to Start Operations

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

(Reuters) – After 12 years and C$34 billion ($24.7 billion), Canada’s Trans Mountain pipeline expansion project (TMX) is set to start shipping oil on Wednesday, a major milestone expected to transform access to global markets for the country’s producers. Pipeline constraints have forced Canadian oil producers to sell oil at a discount for many years, but TMX …

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U.S. Lawmakers Condemn Oil Industry’s ‘Deception’ on Climate Action

Conventional Energy, EnergyNow News and Press Releases, Latest, Oil, US News / By

The report, which completes an investigation started nearly three years ago, includes the release of internal corporate documents. Democratic lawmakers in the US lambasted oil companies in a new report on Tuesday, claiming that the industry has engaged in “an elaborate campaign of deception and doublespeak” to forestall meaningful climate action and sustain their outsized …

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TotalEnergies Talks Up New York Listing With Sector Abuzz About Switches

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

Total Talks Up New York Listing With Sector Abuzz About Switches Shell, Glencore already subject of speculation over move to US ESG more important to European investors than on Wall Street TotalEnergies SE is increasingly making noise about moving its stock listing to New York, adding to chatter around European giants potentially being lured by US investors’ …

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U.S. Oil Output Rose by the Most in Feb Since Oct 2021, EIA Says

Conventional Energy, Latest, Oil, US News / By

U.S. field production of crude oil rose in February by 578,000 barrels per day to 13.15 million bpd, the biggest monthly increase since October 2021, data from the U.S. Energy Information Administration showed on Tuesday. The increase came as output in North Dakota and Texas recovered from massive production outages in January from extremely cold …

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