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...China relies on Iran for about a tenth of its oil imports but processes the oil not through its state-owned oil and gas companies but through smaller, private, refineries....
...Texas, the leading US oil-producing state, has declared Climate Action 100+ to be anti-oil and blocked financial companies, including BlackRock, from doing business with the government....
...BP’s interest in hydrogen suggests big energy companies see the potential for green hydrogen to generate revenue....
...West Texas Intermediate, the US equivalent, fell 3.1 per cent to $82.73....
...The US equivalent West Texas Intermediate rose 3 per cent to $87.55....
...Chevron’s acquired acreage is just west of Galp’s. The American oil company has applied to drill as many as 10 wells starting in the fourth quarter of this year....
...Reclaim Finance points out that this could be a big loophole....
...In early trading on Friday, Brent crude climbed above $90 a barrel while West Texas Intermediate rose towards $86....
...In November, oil-producing countries were accused of stalling the first international agreement on cutting plastic pollution. “Big Oil is betting on plastic to save itself,” Marsh said....
...Two senior women are leaving BP in the first big changes to the company’s management team since the departure last year of chief executive Bernard Looney in a scandal over his past relationships with colleagues.Chief...
...A worsening of the conflict risks shocking a tight oil market globally as demand escalates in big economies such as the US and China while Opec+ producers constrain supply....
...The move has been led by Saudi Arabia, which requires a high oil price in order to help pay for its big spending programmes, for instance on new cities or football....
...Brent crude, the international benchmark, rose 1.3 per cent to $90.96 a barrel while West Texas Intermediate, its US counterpart, added 1.6 per cent to $86.36 a barrel....
...West Texas Intermediate, the US equivalent, dropped 1 per cent to $86.01 per barrel....
...West Texas Intermediate, the US equivalent, was 1.2 per cent higher at $84.72 per barrel....
...Take a break from the news It looks like video games may be coming for the novel, writes Imogen West-Knights....
...In that announcement, a flagship initiative of COP28 president Sultan al-Jaber, big energy companies accounting for 40 per cent of global oil output pledged to eliminate carbon emissions from their operations...
...How Israel responds is the big wild card....
...The price of Brent crude, the international oil benchmark, settled about 1.5 per cent higher to $90.65 a barrel on Thursday, while the West Texas Intermediate, the US oil benchmark, rose about 1.4 per cent...
...In the past, global turmoil meant big increases in oil prices and big decreases in equity prices. Shale energy has profoundly changed this transmission mechanism....
...This year the oil company has had enough....
...So that’s a big change going from we’re going to have too much oil to we’re not going to have enough oil....
...The Biden administration defended the LNG pause this week in a letter to the American Petroleum Institute, a Big Oil lobby group that has campaigned against it, saying the approvals process needed updating...
...Big Oil used an industry conference this week to argue against a rapid transition to green energy, as fossil fuel companies are emboldened by high demand and record profits despite rising alarm over climate...
...Let us know what your reaction has been to this big week on our beat....
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