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Enbridge to invest $6.2B in pipeline expansions for light oil from North Dakota and Canada

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billion program of pipeline expansions to carry an additional 400,000 barrels per day (bpd) of light oil from North Dakota and western Canada to refinery markets in Ontario, Quebec and the US Midwest. Specifics include: North Dakota System Expansion and Extension. Enbridge Inc. will proceed with a $6.2-billion

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J.D. Power: US growing increasingly divided on EV adoption

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of the total new-vehicle retail market. Meanwhile, the states with the lowest levels of EV adoption—Michigan, Iowa, Kansas, Arkansas, Mississippi, Wyoming, Louisiana, South Dakota, West Virginia and North Dakota—have gone in the opposite direction, with adoption rates declining on average in the first half of 2023.

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Statoil to begin transporting Bakken crude from North Dakota by rail to overcome limited pipeline capacity; more than 1,000 cars for unit trains

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In September, Statoil will begin transporting by rail Bakken crude from North Dakota to customers in the US East, West and Gulf Coasts, and Canada. Statoil plans to boost its North American production from less than 100,000 barrels oil equivalents per day (boepd) in 2011 to more than 500,000 boepd in 2020. Earlier post.).

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US EIA: US crude oil production fell by 8% in 2020, the largest annual decrease on record

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The production decline resulted from reduced drilling activity related to low oil prices in 2020. In March 2020, crude oil prices decreased because of the sudden drop in petroleum demand that resulted from the global response to the coronavirus (COVID-19) pandemic. In January 2020, US crude oil production reached a peak of 12.8

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VW Commits to a Very Cheap EV – in Europe

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7 in this country, deferring to changing market dynamics as a reason for the move. According to a post on X (Twitter) yesterday afternoon by an account belonging to the VW Group, a bite-sized electric vehicle will appear in 2027 with a price tag of just 20,000 euros. leaves no question as to the market for which this car is intended.

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White House: OPEC+ oil production increases “simply not enough”

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We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices. Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery. As a result, EIA’s crude oil price forecast remains mostly unchanged from the July STEO.

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Commentary: Could falling oil prices spark a financial crisis?

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trillion junk-bond market. As is the nature of the junk-bond market, lots of money flowed to companies with much riskier drilling prospects than, say, the oil majors. In order to tap the bond market, these companies had to pay a hefty interest rate. The situation will compound itself if oil prices stay low.