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Non-OPEC+ to Lead 2024 Oil Production Growth, Offsetting Output Cuts – EIA

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(Reuters) – Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday. The boost to supply comes as the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, this month …

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Democrats Warn U.S. Trade Bank on Backing Bahrain Oil Drilling

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Export-Import Bank set to vote on financing project Thursday Venture would undermine climate progress, lawmakers say Congressional Democrats are making a last-ditch appeal to leaders of the US Export-Import Bank before a critical vote Thursday, warning the agency its plan to underwrite oil drilling in Bahrain would undercut global efforts to fight climate change. “The world is …

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IEA Again Raises Oil Demand Outlook But Still Lags OPEC

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Summary IEA raises 2024 oil demand forecast by 110,000 bpd Houthi attacks on shipping lead to longer routes Economic headwinds still seen putting damper on growth LONDON, March 14 (Reuters) – The International Energy Agency raised its view for oil demand growth by 110,000 barrels per day (bpd) from its previous month’s forecast as Houthi …

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US Pump Prices Set to Jump as Refinery Outages Nip Supply, Analysts Say

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U.S. motorists are likely to see gasoline prices turn sharply higher in the coming weeks as major refinery outages have cut supplies ahead of a seasonal jump in demand, analysts said. The national average price for a gallon of gasoline has increased more than 9% from the start of the year to hover around $3.40 …

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Oil Prices Rise as Revised IEA Forecasts Suggest Tighter Market

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Oil prices extended gains on Thursday, as investors digested the International Energy Agency’s (IEA) latest oil market report, in which it made an upward revision to demand growth forecasts and cut its projection for non-OPEC supply in 2024. Brent crude futures for May rose 72 cents, or 0.86%, to $84.75 a barrel by 1021 GMT. …

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Methane Emissions from Energy Sector Near Record High in 2023, IEA Says

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(Reuters) – Methane emissions from the energy sector remained near a record high in 2023 despite a raft of commitments from the oil and gas industry to plug leaking infrastructure, a report by the International Energy Agency said on Wednesday. However, the agency said it was optimistic new satellites could help improve monitoring and transparency around leaks …

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Oil Rises on Russian Refinery Attacks, Signs of Strong Demand

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Summary API data shows drop in U.S. oil and fuel stocks, sources say Russian refineries attacked by Ukraine; Rosneft plant damaged OPEC remains upbeat on oil demand growth U.S. rate cut hopes have not been derailed by inflation data (Reuters) – Oil rose on Wednesday, supported by potential supply disruption after Ukrainian attacks on Russian …

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Heavy Oil Differential Narrows Slightly

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

 The differential of Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Tuesday. * WCS for April delivery in Hardisty, Alberta began and ended the trading session at $15.10 per barrel under WTI, according to brokerage CalRock. On Monday, WCS had traded between $15.15 and $15.30 …

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U.S. Trying to Help India Get Lower Prices for Russian Oil, Biden Envoy Says

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The United States is trying to help India negotiate lower prices for Russian oil as it deepens sanctions on tankers carrying the petroleum above Western price caps, President Joe Biden’s energy envoy said on Tuesday. Washington imposed sanctions late last month on Russia’s leading tanker group Sovcomflot on the two-year anniversary of Moscow’s full scale …

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U.S. Raises Crude Production Growth Forecast for 2024

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

The U.S. Energy Information Administration (EIA) on Tuesday raised its forecast for U.S. domestic oil growth in 2024 by 90,000 barrels, but lowered its forecast for global oil production growth due to production cuts from OPEC+. U.S. crude oil production will rise by 260,000 barrels per day (bpd) to 13.19 million bpd this year, the …

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