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US Imposes New Sanctions Targeting Iran Oil Trade, Hezbollah, Treasury Dept Says

Conventional Energy, Latest, Oil, US News / By

The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil …

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Trump’s Budget Bill Boosts Fossil Fuels, Hits Renewable Energy

Conventional Energy, Latest, Natural Gas, Oil, Renewable Energy, Solar, US News, Wind / By

(Reuters) – The budget bill the U.S. Senate passed on Tuesday and the House of Representatives is now debating for final approval would dampen development of wind and solar power, kill climate funding and boost oil, gas and coal output. Below are some details about the bill’s provisions on energy development and the environment: SOLAR, …

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Oil Futures, Options Trade at Record Levels in Q2 as Investors Navigate Volatility

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

(Reuters) – Total oil futures and options lots traded on the Intercontinental Exchange (ICE) hit record highs in the second quarter, as U.S. President Donald Trump waged a trade war and geopolitical conflicts in the Middle East escalated. WHY IT’S IMPORTANT Significant volatility in the second quarter had global benchmark Brent crude futures dropping to …

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US Net Imports of Crude Soar Last Week to Highest in a Year, EIA Says

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(Reuters) – U.S. net imports of crude oil rose to 4.6 million barrels per day (bpd), its highest since June 2024, data from the Energy Information Administration showed, as export tumbled due to a narrow spread between U.S. West Texas Intermediate crude and Brent. Net imports rose by 2.94 million bpd in the week to …

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US Crude and Gasoline Inventories Rise on Lower Exports, Demand, EIA Says

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

(Reuters) – U.S. crude oil and gasoline inventories rose unexpectedly last week as both exports and demand fell sharply, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 3.8 million barrels to 419 million barrels in the week ending June 27, the EIA said, compared with analysts’ expectations in a Reuters poll …

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Oil and Gas Activity Contracted Slightly in Second Quarter 2025, Dallas Fed Survey

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

(Reuters) – Activity in the U.S. oil and gas sector in Texas, Louisiana and New Mexico contracted slightly in the second quarter of 2025, the Dallas Fed survey showed on Wednesday, as firms grappled with a jump in steel tariffs. The decrease comes after U.S. President Donald Trump, who has encouraged U.S. producers to “drill, …

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Is OPEC’s Supply Surge a Precautionary Move or a Market-Share Grab?

CDN and International News, Conventional Energy, Latest, Oil / By

Crude shipments from key Middle East producers reached a two-year high in June. By Julian Lee Oil producers in the Middle East boosted crude shipments by 1 million barrels a day last month. But don’t worry: They say they’re not embarking on another free-for-all like the one we witnessed just before the Covid-19 pandemic crushed demand. The …

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Major Canadian Oil Site Vents Most Gas Since 2021 Due to Wildfire

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

Major Canadian Oil Site Vents Most Gas Since 2021 Due to Wildfire Cenovus Energy Inc.’s Christina Lake oil-sands site vented 151,511 cubic feet a day of natural gas into the atmosphere in May, the most in over four years, due to an emergency shutdown caused by a wildfire. The shutdown was prompted by a wildfire …

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Boom-and-Bust Oil Puts Houston at Center of Real Estate Crisis

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

President Donald Trump is championing a revival of American fossil fuels with calls to “drill baby drill.” But in the US energy capital, a pullback in the industry has already left its mark. Houston office buildings once packed with oil executives, engineers and energy traders are now marked by darkened floors and fewer desks. A wave of …

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