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...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...At more than 13mn b/d, production is at record levels, exports of American hydrocarbons have surged and the scale of annual profits has been unprecedented — largely driven by a jump in commodity prices following...
...Shell and Trinidad’s national gas company signed an agreement to export Venezuelan offshore gas via the Caribbean island, while Spain’s Repsol and France’s Maurel & Prom also inked deals, according to news...
...Before the incident, Exxon pumped 45,000 barrels a day out of the country; afterwards it dropped to 15,000 b/d....
...If you’d like to see your insights featured in the newsletter — or simply give us a piece of your mind — drop us a line at moralmoneyreply@ft.com. — Patrick Temple-West The Moral Money Summit Europe is...
...Analysts estimate Opec+ has about 6mn b/d of spare capacity it can unleash on to global markets to lower prices if they spike into the triple digits to prevent demand destruction....
...and 360,000 b/d in 2025....
...has a head office in London and an R&D centre in Finland....
...In 2023, however, oil demand is on track to average 102.2mn b/d — its highest ever annual level, according to the IEA....
...At full capacity, the refinery will process 650,000 b/d, which could transform the country into a net exporter of refined fuels....
...one of the first fusion machines in the world to supply power to the grid by the early 2040s....
...Pre-salt production rose from 41,000 b/d in 2010 to 2.3mn last year, fuelling record annual profits of R$188bn (US$39bn) and dividends of R$216bn at the company....
...Its output has been reduced from about 10.5mn b/d in April to about 9mn b/d, through a combination of Opec+ mandated production targets and its voluntary cuts....
...The state-run oil producer said the energy ministry had ordered the move which would have increased its daily output from 12mn barrels a day to 13mn b/d by 2027....
...Rystad, a research group, said Venezuelan production could increase by a maximum of 200,000 b/d six months after sanctions are eased....
...But 18 other big companies attending COP28 got a grade of “D-minus” or worse....
...In November, Chevron received a licence from the US Treasury to resume limited oil production from joint ventures with PDVSA, Venezuela’s national oil company....
...About 7mn barrels a day of crude oil and refined products flow through the Bab-el-Mandeb strait but the route has become vital for Russia to export to Asia with 4mn b/d heading south, according to Kpler...
...The unusually fast ramp-up could push production to 1.2mn b/d by 2027 — equivalent to about a third of Exxon’s current daily production....
...“How would I feel if I was a new government at the start of 2025 and I had to deliver that in five years? I’d feel energised, motivated, slightly stressed.”...
...Community Interest Company....
...As Jake Sullivan, the president’s national security adviser, said last week: “It’s really the price of a gallon of gas for the American consumer . . . that is going to be his ultimate metric for whether...
...That suggests a global supply shortage of 2.2mn b/d in the third quarter. “This is a very significant global deficit,” said Bjarne Schieldrop, chief commodities analyst at SEB....
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