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Search resuls for: "Swati Verma"


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☆ Enbridge says it agreed to pay $11 mln on Line 3 pipeline penalties
  + stars: | 2022-10-17 | by ( ) www.reuters.com   time to read: +1 min
Companies Enbridge Inc FollowOct 17 (Reuters) - Enbridge Inc (ENB.TO) said on Monday it has reached an agreement on penalties over its Line 3 oil pipeline replacement project and that it will pay $11 million to various Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. The Canadian company said $7.5 million of the total will be used to provide financial assurances and fund multiple environmental and resource enhancement projects, as part of the agreements with the Minnesota regulators and the Fond du Lac Band of Lake Superior Chippewa. Line 3, built in the 1960s, carries oil from Edmonton, Alberta, to refineries in the U.S. Midwest, but for years was transporting less than its capacity because of age and corrosion. The replacement project, announced in 2014 and amounting to roughly $8.2 billion, was opposed by environmental and Native American groups, particularly in the last stage of the expansion in Minnesota. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Seher Dareen and Swati Verma in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
☆ Goldman cuts 2023 oil price forecast due to weakening demand outlook
  + stars: | 2022-09-27 | by ( ) www.reuters.com   time to read: +2 min
Sept 27 (Reuters) - Goldman Sachs on Tuesday cut its 2023 oil price forecast due to expectations of weaker demand and a stronger U.S. dollar, but said the ongoing global supply disappointments only reinforced its long-term bullish outlook. Goldman's commodities research division lowered the forecast for next year by $17.5 per barrel on average, even as it saw a seasonally adjusted global oil market deficit in the fourth quarter of 2022 and in 2023. The short-term path for oil prices is likely to remain volatile, Goldman said, adding that a sharply appreciating dollar and lower demand expectations will continue to put downward pressure on oil for the rest of this year. It would take an economic hard landing and a contraction in global GDP growth to justify sustained lower prices, the note said. Goldman does not expect OPEC to increase its production quotas this year and sees the oil exporting group stabilizing output near current levels through 2023.
☆ Saudi Arabia's July crude oil exports rise to over 2-year peak
  + stars: | 2022-09-19 | by ( ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterGeneral view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahSept 19 (Reuters) - Top oil exporter Saudi Arabia's July crude oil exports gained for a second-straight month to their highest in more than two years, data from the Joint Organisation Data Initiative (JODI) showed on Monday. Saudi Arabia's exports rose 2.5% to 7.38 million barrels per day (bpd) in July - highest since April 2020 - from 7.20 million bpd in June. read moreSaudi production also climbed to its highest in more than two years to 10.815 million bpd from 10.646 million bpd in the previous month. Saudi's domestic crude refinery throughput fell about 3% to 2.763 mln bpd in July, while oil products exports stood at 1.429 mln bpd.
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