1/31/2024 0 Comments Marketwatch oil![]() ![]() The measure was approved with only Democratic votes in Congress. ![]() Joe Manchin of West Virginia, a supporter of the oil-and-gas industry who cast the deciding vote in favor of the landmark climate law. The lease sale was required under a compromise with Democratic Sen. Environmental groups appealed, but the New Orleans-based 5th Circuit Court of Appeals last month rejected their arguments against the sale and threw out the plans to scale it back. ![]() Subsidiary Shell Offshore, the American Petroleum Institute and the state of Louisiana sued to reverse the cut in acreage and block the inclusion of the whale-protecting measures in the lease-sale provisions.Ī federal judge in southwest Louisiana ordered the sale to go on without the whale protections, which also included regulations governing vessel speed and personnel. Wednesday’s online auction was originally scheduled for September but got delayed by a court battle after the administration reduced the area available for leases from 73 million acres to 67 million acres as part of a plan to protect the endangered Rice’s whale. ![]() The next sale will be conducted in 2025, to the frustration of energy companies and Republicans who say the administration is hampering U.S. The dollar amount of the successful bids marked a sharp increase from the previous sale in March 2023, when the Interior Department awarded leases covering about 2,500 square miles for $250 million. Department of Interior’s Bureau of Ocean Energy Management. (United Arab Emirates) have publicly expressed dissatisfaction with the group’s decisions recently - were to follow Angola out the door, prices would come under downward pressure,” he wrote.Offered bids on more than 300 parcels covering 2,700 square miles, according to the U.S. If larger producers with available spare capacity - some such as the U.A.E. “It does, however, suggest that cracks may be forming in OPEC. Read: Angola leaves OPEC, raising questions about ‘unity and harmony’ within oil cartel Underinvestment has left the country struggling to increase output, leaving it unlikely to produce much beyond its previous OPEC quota, Tompkins said. That move by itself is unlikely to have any impact on prices, analysts said. Oil futures fell Thursday after Angola announced its departure from OPEC. Read: Attacks in the Red Sea add to global shipping woes “A perfect storm has erupted, as low water levels in the Panama Canal have coincided with shipping companies avoiding the Suez Canal following attacks by Houthi rebels in the Red Sea,” Kieran Tompkins, commodities economist at Capital Economics, said in a note. earlier this week announced a naval coalition would move to halt the attacks. Several shipping companies have suspended shipments through the Red Sea after a series of drone and missile attacks by Iran-backed Houthi rebels since the start of the Israel-Hamas war. Gained 1.5% to end at $2.61 per million British thermal units. The global benchmark, fell 32 cents, or 0.4%, to settle at $79.07 a barrel on ICE Futures Europe, leaving it with a 3.3% weekly rise.įell 1.3% to $2.13 a gallon, while January heating oil Lost 33 cents, or 0.5%, to close at $73.56 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude for February delivery ![]()
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