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The alliance has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said.

But work on some renewable energy projects will halt.

Rising consumption in emerging markets, sluggish energy efficiency gains, geopolitical tensions and the persisting use of petrochemicals all point to peak demand in 2030 at the earliest.

A commenter in a Federal Reserve Bank of Dallas energy survey wrote: “What was once the world’s most dynamic energy engine has been gutted by political hostility and economic ignorance.”

The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.

The bill marks a sharp shift from years of regulatory scrutiny by the state’s lawmakers toward its oil and gas industry and decades of declining in-state crude production.

Restrictions would impose a setback to Sable Offshore and its controversial project off the coast of Santa Barbara County.

A flurry of bets on Brent crude falling below $60 a barrel this year changed hands recently, a sign investors are hedging against the risk of another large production hike from OPEC and its allies.

The majority of the oil giant’s job cuts, which are in the range of 20% to 25% of its roughly 13,000-strong workforce, will occur this year, the company said in an email Sept. 3.