Summary Saudi Arabia extends 1 mln bpd output cut to September Says output cut could be extended further or deepened Russia to cut exports by 300,000 bpd in September LONDON, Aug 7 (Reuters) – Oil prices edged lower following a protracted rally, but retained support from pledges by top producers Saudi Arabia and Russia to …
Oil Dips After Sustained Rally Bolstered by Supply Cuts Read More »
John Kemp U.S. crude oil production was essentially flat in May compared with April – a sign lower prices and a slowdown in drilling activity are finally causing output to peak and turn down. Crude and condensates production for the Lower 48 states excluding federal waters in the Gulf of Mexico rose by just 19,000 …
HOUSTON, Aug. 04, 2023 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported second-quarter 2023 results and provided updated 2023 guidance as highlighted below. Plains also announced a bolt-on acquisition in the Permian and provided updates regarding its NGL segment. Second-Quarter Results Reported Net income attributable to …
Russia expects to get a huge inflow of energy revenue by the end of this year despite an oil price cap imposed by Group of Seven nations, and may channel it toward spending as the government continues to pour resources into the war in Ukraine. In the last five months of 2023, total extra proceeds …
Russia Expects $11 Billion Energy Windfall in 2023 Despite Cap Read More »
About 15 miles south of Martha’s Vineyard, Massachusetts, a massive structure emerges from the Atlantic Ocean. Nearby it will have the biggest turbines in the Atlantic, as tall as the Washington Monument with the Statue of Liberty stacked on top. It’s the first offshore power substation in the US and in October it is expected …
Atlantic’s Biggest Offshore Wind Turbine to Rise Next Week in U.S. Read More »
Summary Saudi, Russia pledge output cuts ahead of OPEC+ meeting OPEC+ unlikely to tweak overall oil output policy LONDON, Aug 4 (Reuters) – Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through September. Brent crude futures …
Oil Prices Rise, Set for Sixth Weekly Gain on Extended Supply Cuts Read More »
By Alex Epstein It is crucial to have powerful criticisms of President Biden’s terrible energy policies, as they are an existential threat to our country. But we must avoid inaccurate criticisms. Introduction It is crucial to have powerful criticisms of President Biden’s terrible energy policies, as they are an existential threat to our country. However, it …
The U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) on Wednesday announced $64.4 million in funding to states to improve the safety of pipeline and underground natural gas (UNGS) operations. “These grants provide states with resources to inspect pipelines and UNGS facilities, ensuring they are complying with federal and state regulations,” the …
U.S. Regulator Grants $64.4 million to Improve Pipeline Safety Read More »
(Reuters) – U.S. manufacturers reported another decline in activity in July 2023, but industrial electricity and especially diesel consumption have declined less than expected in recent months, explaining why prices remain relatively firm. The Institute for Supply Management’s purchasing managers index increased slightly to 46.4 (13th percentile for all months since 1980) in July from …
Column: U.S. Manufacturing Slowdown Fails to Rebuild Diesel Stocks – John Kemp Read More »
Aug 3 (Reuters) – The United States remains confident that the Group of Seven’s price cap on Russian oil is working to squeeze Moscow’s revenues and stabilize energy markets despite a recent upturn in prices, a senior U.S. Treasury official said on Thursday. In remarks prepared for a London conference, acting Assistant Secretary for Economic Policy …
U.S. sees price cap on Russian oil working despite upturn in prices Read More »
