Summary OPEC+ agreed to 2.2 mln bpd of cuts for the first quarter US Fed to move carefully on interest rates Global manufacturing data sluggish in November Israel-Hamas war resumes after week-long truce expired NEW YORK, Dec 1 (Reuters) – Oil prices slumped more than 2% on Friday on investor skepticism about the depth of OPEC+ …
Oil Prices Fall More Than 2% as Investors Skeptical of OPEC+ Cuts Read More »
(Reuters) – Michigan regulators on Friday approved Canadian pipeline company Enbridge Inc’s (ENB.TO) application to build a tunnel under the Great Lakes to house its aging Line 5 oil pipeline, a major step forward for the $750 million project. Enbridge is planning to replace a section of the pipeline, which runs underwater for 4 miles (6.4 …
Michigan Regulators Approve Enbridge Great Lakes Tunnel for Line 5 Oil Pipeline Read More »
By Cody Good Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Over the past five years, global renewable energy growth has been accelerated by significant technological advancements and declining costs, especially in solar and wind energy sectors. Policy specifically has played a key role, with governments implementing policies and incentives to foster this …
INFOGRAPHIC: 5-Year Growth in Global Renewables – ENERGYminute Read More »
Nearly 200 nations agreed on how to run a fund to help vulnerable countries deal with more extreme weather, and rich nations pledged at least US$260 million to start the program, marking a breakthrough as global climate negotiations opened in Dubai. Delegates at the COP28 summit on Nov. 30 adopted a framework for the World Bank-hosted …
COP28 Scores Early Win With $260 Million For Climate Damages Read More »
Summary Crude prices stable on Friday after 2% drop on Thursday OPEC+ agreed to 2.2 million bpd of cuts for the first quarter Market concerned about compliance, macroeconomic demand Global manufacturing data was sluggish in November Dec 1 (Reuters) – Oil prices were broadly steady on Friday following a 2% drop on Thursday, with the …
Oil Prices Stabilise After Slump on Underwhelming OPEC+ Cuts Read More »
OPEC+ oil-producing countries failed to produce a joint output reduction target on Thursday but did agree to voluntary curbs on production of nearly 2 million barrels per day (bpd) for the first quarter of 2024. Oil prices fell after rising by more than 1% earlier in the session after OPEC+ announced the voluntary output cuts. …
The U.S. Energy Department said on Thursday it has finalized contracts to purchase 2.73 million barrels of oil for the Strategic Petroleum Reserve (SPR). The U.S. has contracts to purchase 930 million barrels (MB) from Exxon Mobil, 600 million MB from Phillips 66, 600 MB from Sunoco and 600 MB from Macquarie. The contracts total $215,929,510, …
U.S. Buys 2.73 Million Barrels of Oil for Strategic Petroleum Reserve Read More »
By Alex Lawler, Olesya Astakhova and Maha El Dahan Summary OPEC+ announces no new group cut target for 2024 Instead members led by Saudi Arabia to make voluntary cuts Saudi to roll over 1 million bpd cut into Q1 Russia to cut 500,000 bpd OPEC+ invites Brazil to join LONDON/MOSCOW/DUBAI, Nov 30 (Reuters) – OPEC+ oil producers on Thursday …
OPEC+ Agrees to Voluntary Oil Output Cuts, Invites Brazil to Join Read More »
By Gavin Maguire LITTLETON, Colorado, Nov 30 (Reuters) – Over 60% of global electricity generated so far in 2023 was produced by fossil fuels, despite the ongoing aggressive roll-out of renewable energy sources in every major economy. Several key countries have sourced well over half of their electricity from fossil fuels this year, including the …
Fossil Fuels Still Dominate Global Power Systems Read More »
(Bloomberg) Occidental Petroleum Corp. is in talks to buy shale driller CrownRock LP, according to the Wall Street Journal, as the consolidation wave in North America’s most prolific oil field gathers momentum. A deal for CrownRock could be valued above $10 billion including debt and could come together soon, the newspaper reported, citing people familiar …
