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EIA expects new production milestones for US crude oil amid sustained global petroleum demand and rising prices

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EIA expects sustained global demand for petroleum products and Saudi Arabia’s extended voluntary production cuts will contribute to oil prices rising through the year. The Brent crude oil price was near $75 per barrel at the beginning of July and increased throughout the month to surpass $86 per barrel on 4 August. per gallon.

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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. EIA forecasts US gasoline prices to average around $3.30 per gallon in 2023 and $3.10

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ExxonMobil adds 2.7B barrels oil equivalent to reserves; replaces 183% of 2017 production

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Other significant new proved reserve additions were made in Guyana, where the company funded the first phase of development last year, and in Mozambique, associated with the project funding of the Coral FLNG project in the gas-rich deepwater Area 4. Additional exploration drilling in Guyana is planned in 2018 on the 11.5

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ExxonMobil evaluating significant near-term capital and operating expense reductions; COVID-19

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ExxonMobil is looking to reduce spending significantly as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment.

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ExxonMobil seeking to boost growth, continue work on lower-emissions technologies including biofuels and carbon capture

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ExxonMobil expects to increase annual earnings potential by more than 140% and double potential annual cash flow from operations by 2025 from 2017 adjusted earnings, assuming a 2017 oil price of $60 per barrel adjusted for inflation and based on 2017 margins. billion barrels of discovered recoverable resource.

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Tesla Model 3, Model X are Google’s Most Searched for EVs globally

Teslarati

The Tesla Model 3 sedan and the Tesla Model X SUV are Google’s most searched for electric vehicles globally, according to new data from a price comparison website. The Model X claimed notable areas like Elon Musk’s home country of South Africa and other regions like Egypt, Kazakhstan, Guyana, and Nambia.

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