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Iraq ‘committed’ to compensate for oil overproduction in 2024, ministry says

Iraq’s oil ministry said it is fully committed to compensating for any crude oil overproduction in 2024, referencing estimates by secondary sources of overproduction by 203,000 barrels in May above levels agreed with OPEC+. The ministry “is committed to the production level required in the agreement, of 4 million barrels per day, for June and the subsequent months, in addition to compensating the surplus production since the beginning of this year throughout the compensation period, which will run until September 2025,” it said in a statement. OPEC+, which groups the ...

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US natural gas pipeline Mountain Valley prepares for start-up

U.S. natural gas pipeline venture MountainValley Pipeline said on Wednesday it was preparing the$7.85-billionpipe from West Virginia to Virginia to operate, afterreceiving approval from a U.S. energy regulator. The Mountain Valley project, the biggest gaspipeline currently underconstruction in the Northeast, has encountered numerous regulatory and court fights thathave stopped work several times since construction began in 2018. “Final preparations are underway to begin commercial operations,” a spokesperson at U.S. gas pipeline company Equitrans Midstream ETRN.N, the lead partner in the Mountain Valley venture, told Reuters in an email. Equitrans made ...

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Canada has room for multiple LNG projects, as LNG Canada is on the cusp of startup

Canada’s West Coast has room for multiple LNG export projects to meet a burgeoning global energy demand, particularly in Asia led by Japan and South Korea, even as the North America nation’s first greenfield LNG facility is “on the cusp of a startup,” industry participants said June 12. “LNG Canada is now over more than 90% complete and we will be the first to be built on the [Canadian] West Coast,” Senior Vice President Teresa Waddington said at the Global Energy Show in Calgary. “We will have the advantage of ...

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Oil softens on Fed rate decision, ample supply outlook

Oil prices slipped on Thursday as investors digested that the U.S. Federal Reserve had likely pushed back an interest rate cut to December and as U.S. crude and fuel stocks rose. Brent crude futures lost 37 cents, or 0.5%, to $82.23 a barrel, as of 0655 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.4%, to $78.16. Both benchmarks had gained about 0.8% in the previous session. The Fed held rates steady on Wednesday and pushed out the start of policy easing to perhaps as late as ...

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Oil demand set to peak by 2029, major supply glut looms, IEA says

Global oil demand will peak by 2029 and begin to contract the next year, the International Energy Agency said on Wednesday, while oil supply capacity is due to vastly outpace demand by the end of the decade. The Paris-based energy watchdog sees supply capacity hitting nearly 114 million barrels per day (bpd) by 2030, or a full 8 million bpd above projected demand in its annual oil report. “This report’s projections, based on the latest data, show a major supply surplus emerging this decade, suggesting that oil companies may want ...

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US crude dominates Dated Brent benchmark as shale exports boom

U.S. crude has dominated global benchmark oil pricing in the year since booming shale exports joined the mix of European crude used to calculate how much a barrel of the world’s most traded commodity costs. The shale revolution of the past 15 years has made the U.S. the world’s top oil producer and also transformed the country from a top importer to a major exporter after Washington ended a 40-year ban on foreign shipments. Last May, price reporting service S&P Global’s Platts added U.S. WTI Midland crude from the Texas ...

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EIA expands coverage of crude oil and natural gas production with regional forecast

Beginning with this month’s Short-Term Energy Outlook (STEO), we are including new regional crude oil and natural gas production forecasts to provide a more complete breakout of U.S. Lower 48 (L48) states production data. We will include a crude oil and marketed natural gas production forecast for: Appalachia Bakken Eagle Ford Haynesville Permian The rest of the U.S. L48 The forecasts will be available in STEO Table 4a and STEO Table 5a. Previously, our crude oil and natural gas production forecasts were limited to total L48, Alaska, and Federal Gulf ...

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Kazakhstan says it will offset May oil overproduction in June

Kazakhstan was 45,000 barrels per day above its OPEC+ quota in May and will compensate that overproduction and be fully compliant in June, the country’s energy ministry said on Wednesday. It also said Kazakhstan would fully offset all of this year’s overproduction by September 2025 and would submit a revised offset schedule to the OPEC+ secretariat within days. Source: Reuters (Reporting by Mariya Gordeyeva, Writing by Olzhas Auyezov; Editing by Jacqueline Wong)

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Prices edge up on re-emerging supply concerns, Asia LNG demand

Dutch and British gas prices edged up on Wednesday morning amid supply concerns due to outages at some liquefied natural gas (LNG) facilities and growing Asian demand pulling cargoes from Europe. The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 inched up by 0.90 euro to 35.18 euros per megawatt hour (MWh), or 10.99 USD/mmBtu, by 0849 GMT, according to LSEG data. In the British market, the day-ahead contract TRGBNBPD1 was up 2.00 pence at 84 pence per therm and the front-month TRGBNBPMc1 contract was up 1.52 pence at ...

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Asia Naphtha/Gasoline-Gasoline refining margin lingers below $7/bbl

Asia’s gasoline refining profit margin continued to hover below $7 per barrel on Wednesday even as U.S. inventories declined, as high supplies weighed on market sentiment. The crack traded at $6.21 per barrel over Brent crude. U.S. gasoline inventories fell by 2.549 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday. Global oil demand will peak by 2029 and begin to contract the next year, the International Energy Agency said on Wednesday, while oil supply capacity is due to vastly outpace demand by the ...

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Europe’s gas surplus narrows as LNG redirected to Asia

Europe’s gas storage has got off to an unusually slow start to the refill season, narrowing the record seasonal surplus inherited from last winter and boosting prices back well above the long-term average. Inventories in the European Union and the United Kingdom have accumulated by just 148 terawatt-hours (TWh), or 2.1 TWh per day, since March 31, data from Gas Infrastructure Europe (GIE) show. The refill was the second-slowest since 2012 and well below the prior ten-year seasonal average of 206 TWh, or 2.9 TWh per day. Europe emerged from ...

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Oil little changed as surprise crude stock build caps gains

Oil prices were broadly steady on Wednesday after three key forecasters predicted that global oil inventories would fall in the second half of 2024, but gains were capped by a surprise build in U.S. crude inventories. Brent crude futures were up 13 cents, or about 0.16%, to $82.05 a barrel at 11:18 a.m. EDT (1518 GMT), with U.S. West Texas Intermediate (WTI) crude futures up by 6 cents, or roughly 0.08%, to $77.96. Prices had eased more than 2% last week after OPEC and its allies said they would phase ...

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US EIA lowers 2024 oil price outlook by $3/b after steep price declines in May

The US Energy Information Administration lowered its 2024 crude price forecasts by more than $3/b to account for an $8/b decline in Brent prices from April to May, although the agency expects prices to rebound in the second half of the year. “Although we expect oil prices to rise from early June levels, lower-than-expected Brent prices in May mean our forecast for 2024 is $84/b, 4% lower than our May forecast,” the EIA said in its June Short-Term Energy Outlook. The agency’s Brent price forecast for 2024 represents a $3.64 ...

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Slowing demand growth and surging supply put global oil markets on course for major surplus this decade

New IEA medium-term outlook sees comfortably supplied oil markets to 2030, though unwavering focus on energy security will remain crucial as powerful forces transform sector Growth in the world’s demand for oil is expected to slow in the coming years as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity towards levels unseen outside of the Covid crisis, according to the IEA’s new oil market outlook. Oil 2024, the latest edition of the IEA’s annual medium-term market ...

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US crude, fuel inventories rose last week, EIA says

U.S. crude stockpilesrose unexpectedly last week, driven largely by a jump in imports, while fuel inventories also increased, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 3.7 million barrels to 459.7 million barrels in the week ended June 7, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1 million-barrel draw. The surprise build came as U.S. crude imports USOICI=ECI rose by 2.56 million barrels per day (bpd), EIA said, hitting the highest level since August 2019. Commercial crude imports were the ...

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