Shares of Energy Companies Are Trading Lower, Pulling Back After Recently Rising Amid Middle East Tensions. China Stimulus Uncertainty May Also Be Impacting the Demand Outlook.
Express News | Shares of Energy Companies Are Trading Lower, Pulling Back After Recently Rising Amid Middle East Tensions. China Stimulus Uncertainty May Also Be Impacting the Demand Outlook
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The Middle East conflict combined with a hurricane approaching, Brent crude oil rose above $80 for the first time in a month, with WTI crude oil temporarily rising over 4%.
Over the weekend until Monday, Israel was successively attacked by missiles from Lebanon and Hamas. Hurricane Milton rapidly escalated into a Category 5 hurricane in the Gulf of Mexico on Monday, threatening local fuel supplies. The meteorological department warned that the Tampa area in Florida will face the most severe storm in over a century.
Oil Futures Extend Rally on Middle East Geopolitical Tensions
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bp plc abandons oil & gas production reduction targets and instead seeks to increase output.
According to reports, bp plc has abandoned its target of reducing oil & gas production by 2030. Meanwhile, the chief executive of this british energy giant is trying to rebuild investor confidence in the company. Media reports indicate that BP CEO Murray Auchincloss is realigning the company's global strategy in energy transition, giving up the aforementioned goal of reducing oil & gas production, and instead seeking to increase investments in the Middle East and Gulf of Mexico to boost its oil & gas production. A spokesperson for the company stated that they 'will seek to become a simpler, more'
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bp plc reportedly abandons its oil & gas production reduction target for 2030.
According to sources, bp plc has abandoned its goal of reducing oil & gas production by 2030. The new goal is to make several new investments in the Middle East and the Gulf of Mexico to increase its oil & gas production. It is reported that CEO Murray Auchincloss will introduce the latest global strategy at the investors' day in February.
Enbridge to Build $700M Pipeline Project to Service BP's Kaskida Oil Hub
Express News | Enbridge Will Build, Own, And Operate Crude Oil And Natural Gas Pipelines In US Gulf Of Mexico For Kaskida Development, Operated By Bp Exploration & Production Company, Detailed Design And Procurement Activities Will Start In Early 2025 And Be...