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U.S. Unveils Charges, Seizures Linked to Iranian Oil Network

Conventional Energy, Latest, Oil, US News / By

The U.S. Department of Justice (DOJ) on Friday announced terrorism and sanctions-evasion charges and seizures linked to a billion-dollar oil trafficking network that it says finances Iran’s elite Islamic Revolutionary Guard Corps (IRGC). “The Department of Justice’s actions are critical to stemming the flow of money that Iran uses to engage in activities that threaten …

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Oil Falls to End the Week as U.S. Jobs Data Dents Hope for Near-Term Rate Cuts

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

Summary U.S. employers added far more jobs in January than expected International Monetary Fund sees China economic growth slowing Whiting refinery power restored after outage NEW YORK, Feb 2 (Reuters) – Oil prices fell by about 2% on Friday and were headed for weekly losses after U.S. jobs data shrank the odds of imminent interest …

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Trudeau Faces Daunting Path to Sale of Canada’s $26 Billion Trans Mountain Pipeline

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

Plan to give Trans Mountain stake to Indigenous groups stalled Oil companies object to tolls; analysts question valuation Justin Trudeau has promised one of the largest government-led asset sales in Canadian history by divesting the Trans Mountain pipeline, a huge conduit that moves crude from the province of Alberta to the west coast. But the government faces …

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Power Loss Forces BP to Shut Biggest U.S. Midwest Refinery

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

(Reuters) – BP  was purging its 435,000 barrel-per-day (bpd) Whiting, Indiana, refinery of hydrocarbons on Thursday after a transformer failure caused a plant-wide power outage and forced an evacuation of all but the most essential workers, said people familiar with plant operations. It is not yet clear how long it will take BP to restart the …

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Exxon Says Investors to Withdraw Climate Proposal from Annual Shareholder Meeting

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(Reuters) – Exxon Mobil Corp said in a court filing on Thursday activist investors were withdrawing a climate proposal the oil giant sought to block from being voted on during a shareholder meeting in May. Exxon filed a complaint in a Texas court earlier this month seeking to prevent activist investment firm Arjuna Capital and …

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Chevron Beats Q4 Estimates, But Annual Profits Fall Nearly 40%

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(Reuters) – Chevron Corp  on Friday beat analysts’ earnings estimates and increased dividends on higher oil and gas production, after a year of sharply lower profits on missteps and charges. Shares in the pre-trading market rose a fraction after the company beat analysts’ consensus forecast by 24 cents with adjusted earnings of $3.45 per share in …

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Exxon Beats Estimates, Ends 2023 With a $36 Billion Profit

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(Reuters) – Exxon Mobil  on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production. Oil majors are expected to report 2023 profits down by about a third from record levels in 2022, as oil and gas prices retreated from the peaks that followed Russia’s invasion of …

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Rising U.S. Oil Production Frustrates OPEC+ Cuts: John Kemp

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

U.S. oil and gas drilling has slowed in response to the fall in prices over the last 18 months, but that has not yet translated into slower production, keeping prices under pressure. Exploration and production firms have continued to increase output despite drilling fewer wells, by concentrating on the best sites, accelerating drilling times and …

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OPEC+ to Review Oil Cut Extension in March, Ministers Leave Policy Unchanged

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

Summary OPEC+ JMMC panel meeting keeps 2.2 mln bpd cuts Brent crude trades above $81, Middle East tensions support Next JMMC meeting to be held on April 3 LONDON/DUBAI/MOSCOW, Feb 1 (Reuters) – OPEC+ will decide in March whether or not to extend voluntary oil production cuts in place for the first quarter, two OPEC+ …

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Oil Buoyed by U.S. signals on Interest Rate Cuts

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

Summary OPEC+ meeting keeps 2.2 mln bpd cuts -sources China reveals support measures after Evergrande liquidation Energy market remains ‘on edge’ over Middle East -analyst LONDON, Feb 1 (Reuters) – Oil prices edged higher on Thursday, boosted by the U.S. Federal Reserve signalling a possible start to interest rate cuts. There was limited immediate price …

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