Conventional Energy

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Oil Slides After Pakistani Source Says US and Iran are Close to Framework Peace Deal

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

Summary US crude oil stocks expected to fall further Brent crude drops below $100 a barrel Benchmarks set for biggest daily declines in a month (Reuters) – Oil prices extended declines ​on Wednesday, slumping to two-week lows after a Pakistani source said that the ‌United States and Iran were nearing an initial peace deal. Brent crude …

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Middle East Truce in Doubt as US and Iran Fight for Control of Strait of Hormuz

Conventional Energy, Latest, Natural Gas, Oil, US News / By

(Reuters) – The fragile truce in the Middle East was in jeopardy on Tuesday after the U.S. and Iran launched new attacks as they wrestled for control of the Strait of Hormuz. The U.S. military said on Monday it destroyed six Iranian small boats, as well as cruise missiles and drones, after President Donald Trump …

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Trump Broke OPEC. He May Regret It: Bousso

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

(Reuters) – U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S. and energy markets worse off. For decades, the Organization of the Petroleum Exporting Countries, …

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Marathon Petroleum Profit Beats Estimates as Iran War Drives Refining Margins

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May 5 (Reuters) – Marathon Petroleum (MPC.N) on Tuesday beat Wall Street estimates for first-quarter profit, benefiting from stronger refining margins amid ​tighter global supply driven by the Middle East war. Its shares rose ‌2.8% in early trading, with the stock up 60% so far this year. The company approved an additional $5 billion share …

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Norway Offers up to 70 New Oil and Gas Drilling Permits

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Natural Gas, Oil / By

OSLO, May 5 (Reuters) – Norway’s ​government said on Tuesday it is offering ‌70 new blocks for energy companies to explore for oil and gas in its annual licensing round as the ​country seeks to extend the life of ​its petroleum industry. The new blocks include 38 areas ⁠in the Barents Sea, 10 areas in …

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UAE Oil Head Says OPEC Exit Gives Ability to Speed Up Investment

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OPEC’s control over production levels was a sticking point in the UAE’s participation in the group going back years By Anthony Di Paola The United Arab Emirates’ surprise exit from OPEC gives it greater ability to accelerate investment and expand, the head of the country’s state-run oil company said. “It serves our national interests and …

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Oilsands Group Says Progress on MOU Too Slow, Takes Aim at ‘Uncompetitive Industrial Carbon Tax’

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‘We are at risk of letting this opportunity pass Canada by,’ said the Oil Sands Alliance, which represents five of Canada’s largest oilsands companies By Naimul Karim Capital investment in Canada’s oilsands has nearly halved over the past decade compared to the previous one, an industry group said Monday, warning the country is not moving …

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Global Oil Slips But Middle East Fighting Limits Losses

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Summary Iran counters with Gulf attacks on vessels and UAE oil port US Navy escorts Maersk vessel through Hormuz (Reuters) – Global oil prices slipped on Tuesday a day after the ‌United States launched an operation aimed at reopening the Strait of Hormuz to shipping, although exchanges of fire between the U.S. and Iran limited the …

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GETTING CLOSE: Canada-US Oil Pipeline Close to Reaching Commitment Requirement

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pinned Primary, Pipelines, US News / By

    Summary Oil companies commit to move at least 400,000 bpd, or about 72% of the pipeline’s initial capacity, sources say South Bow, Bridger aim to reach about 450,000 bpd in committed capacity to green-light pipeline Commitments signal oil companies are eager for takeaway capacity for Canadian output HOUSTON, (Reuters) – A proposed pipeline …

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Oil Prices Jump 6% as Iran Sets UAE Oil Port Ablaze, Strikes Vessels in Strait of Hormuz

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

(Reuters) – Oil prices jumped about 6% on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April. Brent futures rose $6.27, or 5.8%, to settle at $114.44 …

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