TC Energy, Increased Venezuelan Oil Exports: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CORPORATE
TC Energy Shareholders Vote to Spin Off North American Oil Pipeline Business - TC Energy Corporation (NYSE:TRP) (Calgary, Alberta) shareholders voted in favor of spinning off the company's liquids pipeline business on Tuesday, creating a new energy infrastructure firm known as South Bow Corporation whose assets include the Keystone oil pipeline. The spinoff will help TC lower its high debt load and focus on moving natural gas. South Bow's assets consist of nearly 4,900 kilometers of liquids pipelines that connect oil supply in Alberta and parts of the U.S. to refining markets in Illinois, Oklahoma and Texas. (Reuters)

CRUDE OIL
Venezuela's May Oil Exports Up During U.S. Wind-Down - Venezuela's oil exports recovered in May from a low figure the previous month as state oil company PDVSA's (Caracas) customers rushed to take cargoes ahead of the resumption of U.S. sanctions on the country. The U.S. Treasury Department in April did not renew a broad license that had allowed Venezuela to freely export its oil, but gave companies until the end of May to complete transactions, including crude oil and fuel sales. The volume of oil shipped in May was 30% larger than in April, and 7% above the same month a year earlier. (Reuters)

Oil Prices Down on OPEC+ Decision - Oil prices fell more than $1 a barrel on Tuesday on skepticism about a decision from the Organization of the Petroleum Exporting Countries and allies led by Russia (OPEC+) to boost supply later this year into a global market where demand has already shown signs of weakness. OPEC+ agreed on Sunday to extend most of its oil output cuts into 2025 but left room for voluntary cuts from eight members to be unwound gradually, beginning in October. The planned October unwinding adds jitters about oversupply in an environment where traders are already spooked about high interest rates hampering global economic activity. Extending losses from a four-month low reached on Monday, Brent crude futures settled down 84 cents, or 1.07%, at $77.52 a barrel on Tuesday. Brent's closing price on Monday was below $80 for the first time since February 7 after falling more than 3%. U.S. West Texas Intermediate (WTI) crude oil futures finished down 97 cents, or 1.31%, at $73.25 on Tuesday. WTI had fallen by 3.6% on Monday to settle near a four-month low. (Reuters)

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About Industrial Info
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