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☆ U.S. Approves $500 Million for Bahrain Oil Project, Despite Opposition
▼ + stars: | 2024-03-14 | by ( Hiroko Tabuchi | More About Hiroko Tabuchi | ) www.nytimes.com time to read: +1 min

The Bahrain deal comes just months after the United States joined nearly 200 other nations in a promise to transition away from fossil fuels, the burning of which is dangerously overheating the planet. It also comes as Mr. Biden is working to shore up support from climate-minded voters as he runs for re-election. In February, plans to finance the Bahrain projects prompted two of the bank’s climate advisers to resign. The Bahrain project is one of several controversial overseas fossil fuel ventures that ExIm Bank is currently considering. Also being considered are a natural gas export project in Papua New Guinea and an offshore pipeline in Guyana, alongside some projects related to renewable energy like a zinc-lead mine in Greenland.

Persons: Biden, Biden’s Organizations: United States, ExIm Locations: Bahrain, Papua New Guinea, Guyana, Greenland

Haiti’s future is being planned on two tracks — one involving traditional political power, the other focused on the power of gangs. Photos You Should See View All 60 ImagesPrime Minister Ariel Henry announced Tuesday that he would resign once the transitional presidential council was created. Guyana President Irfaan Ali said the transitional council would have seven voting members and two nonvoting ones. The transitional council includes a role for civil society alongside the Montana one, but some observers say that is far from enough. Specifically, outside actors have undermined civil society and failed to punish bad elements, he said, making the work of constructing a functional society infinitely more difficult.

Persons: Jimmy “, Chérizier, Ariel Henry, Irfaan Ali, ”, Michael Deibert, Moïse Jean, Charles, Guy Philippe, Philippe, Jean, Bertrand Aristide, Charles Joseph, Aristide, Henry, Robert Fatton, Francois Pierre, Louis, ” Pierre, Eric Farnsworth, “ Organizations: United States, Associated Press, Montana Accord, United, Former, University of Virginia, Queens College, City University of New, of, Americas Society Locations: Jamaica, Port, Guyana, Montana, Haiti, United States, EDE, RDE, Haitian, City University of New York, U.S, Americas

☆ Haiti’s Leader, Under Growing Pressure, Says He Will Resign
▼ + stars: | 2024-03-11 | by ( Emiliano Rodríguez Mega | ) www.nytimes.com time to read: +1 min

Haiti’s prime minister, who has come under growing pressure to resign as gangs have overrun the country, said late Monday that he would step down once a transitional council had been established, to pave the way for the election of a new president and help restore stability. “The government that I lead will withdraw immediately after the installation of this council,” Prime Minister Ariel Henry said in a speech posted on social media. The government that I lead cannot remain insensitive to this situation.”But it was far from clear when Mr. Henry, who had been under growing pressure to step down both in Haiti and abroad, would actually do so. Leaders from Caribbean nations, who have led the push to create a transitional council, met for discussions in Jamaica on Monday but said no plan had been finalized. Guyana’s president, Mohamed Irfaan Ali, who leads Caricom, a union of 15 Caribbean countries, said that “we still have a long way to go.”

Persons: Haiti’s, Ariel Henry, Henry, Mohamed Irfaan Ali, ” Organizations: ”, Caricom Locations: Haiti, Caribbean, Jamaica

☆ Haiti’s Prime Minister Ariel Henry resigns as gangs run rampant through country engulfed in crisis
▼ + stars: | 2024-03-11 | by ( Caitlin Stephen Hu | ) edition.cnn.com time to read: +2 min

Henry submitted his resignation, officials of the regional bloc CARICOM announced Monday night. “We acknowledge the resignation of Prime Minister Ariel Henry upon the establishment of a transitional presidential council and the naming of an interim prime minister,” Guyana leader and current CARICOM President Irfaan Ali said. Henry was under pressure from the US to secure a political settlement, but it is far from clear who will step in. One named touted is Guy Philippe, a rebel leader recently deported from the US to Haiti after serving time for money laundering. But his decision only further enraged protesters who had for months demanded he stand down as Haiti slid further into poverty and rampant gang violence.

Persons: Ariel Henry, Henry, “, Irfaan Ali, Guy Philippe, Haiti’s, Prince Organizations: CNN, CARICOM, Caribbean, UN Locations: Haiti, Caribbean, Guyana, Kingston, Kenya, Haitian, Port

☆ Exxon could make a bid for Hess' oil assets in Guyana if Chevron deal terminates
▼ + stars: | 2024-03-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Exxon Mobil indicated Wednesday it could make a bid for Hess' oil assets in Guyana if the company's merger agreement with Chevron fails due to a dispute over pre-emption rights. Exxon filed for arbitration at the International Chamber of Commerce in Paris Wednesday morning to adjudicate the dispute with Chevron over Hess' Guyana assets, Exxon senior vice president Neil Chapman said during an interview at a Morgan Stanley event. "We are extremely confident in our position that pre-emption rights exist in this contract, and we fully intend on ensuring that we preserve those pre-emption rights," Chapman said. Chevron entered an agreement in October to purchase Hess for $53 billion, in a play to gain a foothold in Guyana's massive offshore oil assets. The oil major has said Exxon's pre-emption rights under the joint operating agreement do not apply to its pending merger with Hess.

Persons: Hess, Neil Chapman, Morgan Stanley, Chapman Organizations: Exxon Mobil, Chevron, Exxon, International Chamber of Commerce, Hess Locations: Guyana, Paris, Hess

☆ Trump’s on the ballot, but the Supreme Court left key constitutional questions unanswered
▼ + stars: | 2024-03-06 | by ( John Fritze | Marshall Cohen | ) edition.cnn.com time to read: +8 min

But while the unsigned, 13-page opinion the Supreme Court handed down Monday decisively resolved the uncertainty around Trump’s eligibility for a second term, it left unsettled questions that could some day boomerang back to the justices. A state court removed Griffin from office and New Mexico’s top court dismissed his appeal and Griffin appealed to the US Supreme Court. And it just makes the presidential transition – if Trump wins – more complicated, unpleasant and problematic than it needed to be.”What about other qualifications for candidacy? The seemingly preposterous hypotheticals came up repeatedly during the Trump ballot cases. But the Supreme Court hasn’t addressed the issue and didn’t offer clues on the point in Monday’s opinion.

Persons: Donald Trump’s, Trump, ”, Donald Sherman, “, ” Trump, Ilya Somin, Couy Griffin, Griffin, Derek Muller, SCOTUS, Gerard Magliocca, Neil Gorsuch, hasn’t, ” Somin, Somin, nodded, isn’t Organizations: CNN, Court, Democratic, Trump, George Mason University, Capitol, Cowboys, New, Notre Dame Law School, Indiana University, Colorado, Appeals Locations: Washington, Colorado, New Mexico, disqualifying, Guyana, Denver

☆ Oil on pace for monthly gain as OPEC+ expected to extend production cuts
▼ + stars: | 2024-02-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria. Crude oil futures are headed for a second consecutive monthly gain as OPEC+ is expected to extend its production cuts through at least the second quarter. U.S. and Brent have gained about 6% month to date with first month contracts trading at a premium to later months. OPEC+ is considering extending its production cuts through at least the second quarter, three sources told Reuters Wednesday. The cartel could keep the cuts in place for the rest of the year, two of the sources said.

Persons: Brent Organizations: Organization of, Petroleum, West Texas Intermediate, Reuters Locations: Algiers, Algeria, OPEC, U.S, Canada, Guyana, Brazil, Israel, Lebanon, Red, Iran

☆ Exxon Raises Questions About Chevron’s $53 Billion Deal for Hess
▼ + stars: | 2024-02-27 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess Corp. for $53 billion, announced in October. With just 800,000 people, Guyana, long one of Latin America’s poorest countries, is now being compared to Qatar, the natural gas-rich Persian Gulf emirate. Exxon has raised concerns over Chevron’s effort to gain entry to this petroleum bonanza through a proposed purchase of Hess’s 30 percent stake in Stabroek. Exxon owns 45 percent of Stabroek and is the operator or manager of the area.

Organizations: Exxon Mobil, Chevron, Hess Corp, Exxon Locations: Guyana, Latin America, Qatar, Stabroek

☆ Hess shares drop as fight with Exxon Mobil over Guyana oil threatens Chevron takeover
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Hess Corp shares fell Tuesday after Chevron warned investors that a dispute with Exxon Mobil and China's National Offshore Oil Corp. (Cnooc) over Guyana's offshore oil assets could jeopardize its bid to acquire the company. Chevron said Exxon and Cnooc's claims could delay or completely derail its acquisition of Hess. Chevron said in the filing that it does not believe the joint operating agreement applies to its acquisition of Hess. Neal Dingmann, an analyst at Truist, told CNBC's "Squawk Box" on Tuesday that it is unlikely Exxon and Cnooc will scoop up Hess' Guyana assets. The dispute with Exxon and Cnooc is the latest hurdle that Chevron's bid to acquire Hess faces.

Persons: Hess, —, Exxon, Neal Dingmann, CNBC's, Dingmann Organizations: Hess Corp, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Exxon, Cnooc, Federal Trade Commission Locations: Guyana

☆ Stocks making the biggest moves midday: Norwegian Cruise Line, Unity Software, Viking Therapeutics and more
▼ + stars: | 2024-02-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Norwegian Cruise Line — The cruise ship operator soared 18% on strong forward guidance. Unity expects adjusted EBITDA to range between $45 million and $50 million, versus the $113 million expected by analysts polled by FactSet. Viking Therapeutics — The clinical-stage biotech soared more than 90% after fulfilling primary and secondary endpoints in its Phase 2 GLP-1 study. Earnings came in at $1.57 per share, beating expectations of $1.47 per share, according to LSEG, formerly known as Refinitiv. Revenue of $1.92 billion matched analysts' expectations.

Persons: Viking, LSEG, Cava, Wells, Duolingo, CarGurus, — AutoZone, Microstrategy, —, Sarah Min, Michelle Fox, Alex Harring, Jesse Pound, Yun Li Organizations: Cruise, Unity Software, FactSet, Therapeutics, Hess Corporation, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Hess, Bank of America Securities, Seaport Research Partners, CleanSpark Locations: Cava

☆ Croft: Guyana has been a big driver of supply in the oil market, and is hugely important to Exxon
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCroft: Guyana has been a big driver of supply in the oil market, and is hugely important to ExxonRBC Capital's Helima Croft discusses the global importance of a giant oil block in Guyana, that's prompting a corporate dispute between Chevron and Exxon Mobil, and stoking geopolitical tensions.

Persons: Helima Croft Organizations: Exxon RBC, Chevron, Exxon Mobil Locations: Croft, Guyana

☆ Opinion: A Sydney ‘copshop’ with a dark history. And the gay community reclaiming it
▼ + stars: | 2024-02-22 | by ( Opinion Gary Nunn | ) edition.cnn.com time to read: +8 min

Police arrest a protester during a gay rights demonstration, which would become known as the first Sydney Gay and Lesbian Mardi Gras, June 1978. A permanent place to learn and healThere’s never been a more crucial time to record and display the stories and history of my LGBTQI community. LGBTQ+ activists demonstrate in what would evolve into the Sydney Gay and Lesbian Mardi Gras, 1978. Many arrested gay men were sent to Cooma — the world’s only known jail for gay men — also in New South Wales. My gay community finally gets to tell their own history in a venue that imprisoned and beat us for simply being ourselves.

Persons: Gary Nunn, Read, Gary Nunn Qtopia, Sydney’s, Anthony Albanese, “ ‘, ”, Darlo copshop, Steve Warren, Peter Murphy, Murphy, Qtopia, They’ve, videographers, There’s, —, David Polson, wasn’t, “, Cooma, David hasn’t, He’s Organizations: Sydney CNN, Darlinghurst Police, “ ‘ 78ers, ‘ 78ers, 78ers, Police, Sydney Gay, Mardi Gras, Sydney Morning Herald, Fairfax Media, Getty, Warren, Mardi, South Wales, Gay, NSW police, Goliath Locations: Sydney, Australia, Darlinghurst, San Francisco, London, South, Qtopia, New South Wales, Uganda, Malaysia, Guyana, Dominica, Nigeria, Pakistan

☆ Tobago's Tourism, Fishing Hit as Oil Slick Spreads Across Caribbean
▼ + stars: | 2024-02-16 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

The spill has spread miles from Tobago's shore, the area first impacted by the incident, leading authorities to alert its Caribbean neighbors, including Venezuela and the island of Grenada. I cannot simply sit down and do nothing," said Edwin Ramkisson, who makes a living fishing for snapper and salmon in Lowlands, on Tobago's Atlantic shore. The slick has reached about 144 kilometers (89 miles) into the Caribbean Sea and is moving at a rate of 14 km per hour, Tobago's Chief Secretary Farley Augustine said on Thursday. The barge is believed to have carried as much as 35,000 barrels of fuel oil, according to Augustine. The spill has stained Tobago's beaches, impacting wildlife and tourism, and has posed a risk to the Scarborough cruise ship port.

Persons: Curtis Williams, Edwin Ramkisson, Farley Augustine, Augustine, Tobago's Emergency Management Agency Allan Stewart, TankerTrackers.com, Marianna Parraga, Bill Berkrot Organizations: Tobago's Coast Guard, Tobago's Emergency Management Agency, Puerto La Locations: Curtis Williams SCARBOROUGH , Tobago, Trinidad, Tobago's, Venezuela, Grenada, Lowlands, Scarborough, Tobago, Panama, Guyana, Puerto, Puerto La Cruz, St, Vincent, Grenadines

☆ Saint Vincent Court Rejects Challenge to Colonial-Era Anti-Gay Laws
▼ + stars: | 2024-02-16 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

By Robertson S. HenryKINGSTOWN (Reuters) - The top court in Saint Vincent and the Grenadines dismissed a challenge to anti-gay laws dating to British colonial rule on Friday, leaving the Caribbean country among a handful that still prescribes harsh criminal penalties against gays and lesbians. Local laws call for up to ten years incarceration for anyone who has same-sex relations, under a 1988 criminal code that upheld laws from the colonial era. In her ruling, Judge Esco Henry held that Johnson and Macleish did not have the standing to challenge the laws since they do not live in the country. Activists argue that the laws that criminalize consensual same-sex relations between adults encourage physical abuse and discrimination, even though they are rarely if ever enforced. But elsewhere in the Caribbean, Saint Kitts and Nevis, Antigua and Barbuda, and Barbados have decriminalized gay sex in 2022, while Trinidad and Tobago struck down its ban altogether in 2018.

Persons: Robertson S, Henry KINGSTOWN, Javin Johnson, Sean Macleish, Judge Esco Henry, Johnson, Macleish, Cristian Gonzalez, Saint Vincent, Henry, Sarah Morland, David Alire Garcia, Raju Gopalakrishnan Organizations: Reuters, Eastern Caribbean Court of Appeal, Activists, Rights Watch Locations: Saint Vincent, Grenadines, Caribbean, Jamaica, Dominica, Saint Lucia, Guyana, Grenada, Saint Kitts, Nevis, Antigua, Barbuda, Barbados, Trinidad and Tobago, Kingstown, Mexico City

☆ Why oil prices aren’t soaring despite Middle East uncertainty
▼ + stars: | 2024-02-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea. One factor that could be keeping the cap on oil prices is waning demand. “Global oil demand growth is losing momentum,” said the agency in its February report. While global oil demand growth is slowing, supply has stayed relatively strong, potentially putting further downward pressure on oil prices. “Higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand,” said the report.

Persons: Bell, ”, Donald Trump, Matt Egan, —, Trump, Jay Ritter, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit Organizations: CNN Business, Bell, New, New York CNN, West Texas, Brent, International Energy Agency, “, shuttering, Federal, US, United Arab Emirates, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Mortgage Bankers Association Locations: New York, Russia, Ukraine, Yemen, Red, United Kingdom, Japan, Germany, Iraq, United States, Brazil, Guyana, Canada

☆ Oil prices fall on forecast global demand in 2024 will grow at half last year's rate
▼ + stars: | 2024-02-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil demand is expected to grow by 1.2 million barrels per day this year, down nearly 50% from growth of 2.3 million bpd in 2023, according to the Paris-based International Energy Agency. "The expansive post-pandemic growth phase in global oil demand has largely run its course," the IEA wrote in its February oil market report Thursday. Supply, meanwhile, is expected to exceed demand and grow by 1.7 million bpd this year driven primarily by higher production in the U.S., Brazil, Canada and Guyana. "Given heightened geopolitical risks and low global oil inventories, a modest surplus may help contain market volatility," the IEA said. OPEC, on the other hand, is forecasting a much tighter oil market this year, with demand growing by 2.2 million bpd, outpacing production growth of 1.2 million bpd outside the cartel.

Persons: Brent Organizations: International Energy Agency . Futures, Brent, West Texas Intermediate, IEA, OPEC Locations: Loving County , Texas, U.S, Paris, Brazil, Canada, Guyana, East, Israel, Lebanon, Cairo, Gaza

☆ These oil companies could be the next takeover targets in Permian Basin after Diamondback deal
▼ + stars: | 2024-02-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.

Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon

“Climate and conflict are two leading drivers of (our) global food crisis,” the secretary-general said. And in Myanmar, prospects of ending hunger have gone into reverse because of conflict and instability, he said. Simon Stiell, the United Nations climate chief, told the council that climate change is contributing to food insecurity and to conflict. Framework Convention on Climate Change said the Security Council “must acknowledge more can be done rather than hoping the problem will go away — which it won’t.”The U.N.’s most powerful body should be requesting regular updates on climate security risks, he said. But climate change, environmental and security pressures have led to increased tensions and competition between herders and farmers for scarce resources including water and land, she said.

Persons: Antonio Guterres, “, ”, Guterres, Simon Stiell, ” Stiell, Beth Bechdol, ” Bechdol, Bechdol, Mohamed Irfaan Ali, ” Ali, U.N, Vassily Nebenzia, Nebenzia Organizations: UNITED NATIONS, United Nations, ”, . Security Council, Security, Agriculture Organization Locations: Russia, “, Gaza, Syria, Myanmar, United, Food, Central Africa, Africa, Haiti, United States, Yugoslavia, Libya, Afghanistan, Iraq, Russian

CARACAS, Venezuela (AP) — The government of Venezuela accused neighboring Guayana Sunday of granting illegal oil exploration concessions in territory the two nations are disputing. The comments Sunday came after Guyana said Saturday that it has satellite imagery showing Venezuelan military movements near the South American country’s eastern border with Guyana. Venezuela has been laying claim to the mineral-rich Essequibo region, which covers about two thirds of Guyana’s surface area. But for more than 60 years Venezuela has accused the commission of cheating it out of the Essequibo region. Several top American administration and military officials have visited Guyana in recent weeks as a show of support.

Persons: Guayana, Vincent, Robert Persaud, Irfaan Ali, Nicolás Maduro Organizations: ”, ExxonMobil, Argyle, US Center for Strategic, International Studies, Venezuelan Locations: CARACAS, Venezuela, Guyana, Essequibo, Caribbean, St, Brazil, Punta Barima, Netherlands, U.S

☆ RBC's Helima Croft talks escalating military tensions between Venezuela and Guyana
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBC's Helima Croft talks escalating military tensions between Venezuela and GuyanaHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Helima Croft, Brian Sullivan, “ Organizations: CNBC Locations: Venezuela, Guyana

☆ Venezuela builds forces near Guyana border despite agreement to de-escalate
▼ + stars: | 2024-02-09 | by ( Vasco Cotovio | Allegra Goodwin | ) edition.cnn.com time to read: +3 min

CNN —Satellite images show Venezuela has bolstered its military presence near the border with Guyana, despite Caracas saying it would pursue a diplomatic avenue to try and resolve the long-standing territorial dispute over an oil-rich piece of Guyanese land. Anacoco Island military base on July 28, 2021. Satellite image ©2024 Maxar Technologies Anacoco Island military base on January 13, 2024. Satellite image ©2024 Maxar Technologies Aerial views of Anacoco Island military base on July 28, 2021 and January 13, 2024. Venezuela later reached an agreement with Guyana on December 15 to avoid escalation and try to settle the dispute between the two countries without force.

Persons: “, ” Organizations: CNN, 11th Armoured Brigade, 6th Venezuelan Army Corps Engineers, Venezuelan Army, Center for Strategic, International Studies Locations: Venezuela, Guyana, Caracas, Guayana, Republic, Washington, Venezuelan

WASHINGTON (AP) — The fate of former President Donald Trump’s attempt to return to the White House is in the hands of the U.S. Supreme Court. That part of her decision was reversed by the Colorado Supreme Court. All seven of the justices on Colorado’s Supreme Court were appointed by Democrats. The majority quoted a ruling from Neil Gorsuch, one of Trump’s conservative Supreme Court nominees, from when he was a federal judge in Colorado. A number of them are on hold because state courts are waiting to see what the U.S. Supreme Court will do.

Persons: Donald Trump’s, “, Trump, Justice Salmon Chase, Neil Gorsuch, Colorado’s, Kamala Harris, George Floyd’s Organizations: WASHINGTON, U.S, Supreme, Colorado Supreme, Republican, Trump, TRUMP, ”, Colorado Supreme Court, “, U.S . Capitol, Citizens, Colorado’s, Democratic, Biden Locations: Colorado, United States, Washington, Guyana, Maine, Illinois, Minnesota, Oregon, California, New York, U.S, Mexico, Minneapolis

GEORGETOWN, Guyana (AP) — ExxonMobil said it plans to explore for oil and gas in a disputed area off South America’s coast where the Venezuelan military had previously expelled two U.S. oil companies. The president of ExxonMobil Guyana, Alistair Routledge, told reporters that the concessions were granted by Guyana and that the company is committed to its operations despite the country’s ongoing tensions with Venezuela. In 2019, ExxonMobil was forced to abandon exploration activities after a Venezuelan military helicopter tried to land on a seismic vessel. The latest push by ExxonMobil comes as Guyana and Venezuela prepare to meet for a second time to try and diffuse the dispute over the Essequibo region. Essequibo is a mineral-rich territory that accounts for two-thirds of Guyana and lies near big offshore oil deposits.

Persons: Robert Persaud, Alistair Routledge, ” Organizations: ExxonMobil, Venezuelan, Associated Press Locations: GEORGETOWN, Guyana, America’s, Venezuela, Essequibo, ExxonMobil Guyana, Venezuelan, Texas, U.S

☆ Wealth manager for the super-rich names 3 stocks to buy right now
▼ + stars: | 2024-02-05 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +5 min

For Kevin Teng, CEO of Wrise Wealth Management Singapore, which serves ultra-high-net-worth individuals across Asia, the Middle East and Europe, three top stocks stand out as good plays right now. Of 52 analysts covering the stock, 48 give it a buy or overweight rating at an average price of $460.37, according to FactSet data. Barrick Gold Beyond tech and energy, Teng is also bullish on gold, naming Canadian miner Barrick Gold among his top picks. Spot gold prices are up around 7.5% over the last 12 months. Shares in Barrick Gold are down over 15% over the last 12 months.

Persons: Kevin Teng, Teng, Morgan Stanley, — CNBC's Jordan Novet, Fred Imbert Organizations: Big Tech, U.S . Federal, Wrise Wealth Management Singapore, Microsoft, Google, Apple, Nvidia, Tesla, CRM, CNBC Pro, ExxonMobil, Natural Resources, Exxon, Barrick, Barrick Gold Locations: Asia, East, Europe, West Texas, New Mexico, Guyana, Zambia, Pakistan

☆ Oil market will face supply shortage by end of 2025, Occidental CEO says
▼ + stars: | 2024-02-05 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. For now, the market is oversupplied, which has held oil prices down despite the current conflict in the Middle East, Hollub said. But the supply and demand outlook will flip by the end of 2025, Hollub said. The forecast implies a supply deficit unless OPEC ditches current production cuts and boosts its own output. Hollub told CNBC in December that Occidental expects WTI to average around $80 in 2024.

Persons: Vicki Hollub, Hollub, CNBC's Tyler Mathisen, WTI, Brent Organizations: CNBC, Smead Investor Oasis Conference, West Texas Intermediate, Brent, Occidental, CNBC PRO Locations: Occidental, Phoenix, U.S, Brazil, Canada, Guyana, China, OPEC, WTI

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