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Pemex Debt is Red Flag for Potential Partners as Mexico Seeks to Boost Oil Output

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It has been over a month since the head of Pemex made a plea for partners to help Mexico’s ailing state oil company on projects needed to boost dwindling production, but national and international companies have not yet bitten. “We’re open,” Victor Rodriguez told the assembled executives on October 23, at an energy event in …

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OPEC+ Members to Undergo Annual Oil Capacity Audit Under New Plan, Sources Say

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By Alex Lawler, Ahmad Ghaddar and Olesya Astakhova Consultants to be appointed to carry out capacity assessments Saudi minister says OPEC+ meeting was one of most successful in his career OPEC+ meeting on Sunday agreed a new maximum production capacity mechanism LONDON/MOSCOW, Dec 2 (Reuters) – OPEC+ members will undergo an annual assessment of their …

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Exxon in Talks With Iraq About Buying Lukoil Stake in Giant West Qurna 2 Oilfield, Sources Say

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By Ahmed Rasheed and Aref Mohammed Lukoil seeks to sell assets due to U.S. sanctions West Qurna 2 is Lukoil’s largest foreign asset Exxon preferred by Iraq for West Qurna 2 takeover BAGHDAD, Dec 2 (Reuters) – Exxon Mobil (XOM.N) has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil’s …

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Amber Energy Plans to Hold on to Citgo Refineries After Takeover

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By Marianna Parraga Sale, expected to close in 2026, needs OFAC approval Citgo’s refineries provide stable earnings throughout the year Amber expected to shake up Citgo’s board Some contractors might become permanent employees after deal HOUSTON, Dec 1 (Reuters) – Elliott Investment Management’s affiliate Amber Energy plans to keep Citgo Petroleum’s refineries, terminals and other …

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Oil Climbs Over $1 a Barrel on OPEC Action, Ukraine Attack

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By Erwin Seba Brent, WTI rise more than 1% Ukraine drone attacks hit tankers carrying Russian oil HOUSTON, Dec 1 (Reuters) – Oil prices rose more than 1% on Monday following drone attacks by Ukraine, the closure of Venezuelan airspace by the United States, and OPEC’s decision to leave output levels unchanged in the first …

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Harbour Energy to Cut 100 UK Jobs After Windfall Tax Retained

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By Olga Tanas Harbour Energy Plc, one of the largest independent oil and gas firms in the UK, expects to cut another 100 jobs after the government decided to keep a windfall tax on North Sea producers. The Labour government last week said it plans to retain the Energy Profits Levy — introduced by the …

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Targa to Buy Rival Permian Pipeline Operator for $1.25 Billion

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By Joe Ryan Natural gas pipeline operator Targa Resources Corp. reached a deal to buy smaller rival Stakeholder Midstream for $1.25 billion in cash. The move expands Houston-based Targa’s ability to ship and store oil and gas in the Permian Basin, according to a statement Monday. The region has long been short on gas pipeline …

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New OPEC+ Production Mechanism will Help Stabilise Markets, Saudi Energy Minister Says

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By Reuters (Reuters) – A new mechanism adopted by OPEC+ to assess members’ maximum output capacity will ultimately help to stabilise markets and reward those who invest in production, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The OPEC+ group approved the mechanism to assess members’ maximum production capacity to be used for setting baselines from …

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Chevron Says Oil Loadings Continue at Russia’s Black Sea CPC Terminal After Drone Attack

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Summary Companies One of three mooring points damaged, one offline Analysts estimate CPC exports halved Kazakhstan protests Ukraine strikes CPC exports had been seen rising (Reuters) – U.S. oil major Chevron  said late on Sunday that loadings of its Tengizchevroil venture’s crude oil were continuing at the Russian port of Novorossiysk following a Ukrainian naval drone …

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