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Logo of the Organization of the Petroleum Exporting Countries (OPEC)Andrey Rudakov | Bloomberg | Getty ImagesU.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year. The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+…

Weekly Light Crude Oil Futures The bearish outlook hardened over the weekend, as OPEC+ officially agreed to increase production again in June, bringing total supply growth over two months to more than 800,000 barrels per day. This decision, led by Saudi Arabia and backed by eight key members, caught the market off guard and exceeded most analyst forecasts. Combined with weak demand growth and constrained investment across the sector, the market now faces a clear oversupply threat. Fundamentals point to a bearish oil prices forecast in the near term unless there’s a marked improvement in economic conditions or a surprise…

Golar LNG has reached final investment decision (FID) for the 20-year re-deployment charter of the FLNG Hilli Episeyo (FLNG Hilli), first announced on July 5, 2024. The vessel will be chartered to Southern Energy S.A. (SESA), offshore Argentina, to monetize gas from the Vaca Muerta shale formation. Vaca Muerta is the world’s second largest shale resource. In addition, Golar and SESA have signed definitive agreements for a 20-year charter for the MKII FLNG, currently under conversion at CIMC Raffles shipyard in Yantai, China. The MKII FLNG charter remains subject to FID and the same regulatory approvals as granted…

(Bloomberg) – The Trump administration sued Michigan and Hawaii seeking to block the states from suing oil companies for damage caused by climate change, less than two months after the U.S. Supreme Court rebuffed a Republican bid to derail such legal efforts. The U.S. claims the anticipated lawsuits interfere with federal policy on greenhouse gas regulation and are an “extraordinary extraterritorial reach” that goes beyond the states’ authority. “The United States is facing an energy crisis,” Justice Department lawyers said in the complaints. “Overly restrictive policies and regulation have caused inadequate development of America’s abundant energy resources.” The…

2025-05-04T17:25:42Z Share Facebook Email X LinkedIn Copy link lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Trump said he’d offer TikTok another extension if it can’t find a buyer by June. A law requires TikTok to divest from ByteDance, its Chinese owner, or face a ban in the US. Trump told NBC’s “Meet the Press” on Sunday that he had a “warm spot” for TikTok. President Donald Trump…

Five of Australia’s biggest fossil fuel producers could be on the hook for hundreds of billions of dollars in damages after a US research team developed a method to link individual companies to specific climate harms and put a dollar figure to the impact.This is the result of a new peer-review study published in the journal Nature that sought to establish a method that would allow courts to quantify the economic loss caused by fossil fuel producers for one kind of climate impact – extreme heat.Looking at the period 1991 to 2020, the researchers, Christopher Callahan at Stanford University in…

National Ocean Industries Association (NOIA) President Erik Milito issued a statement on Friday in support of the House Natural Resources Committee reconciliation package:  “Chairman Westerman’s bill is a game-changer for offshore energy, delivering regulatory certainty, responsive royalty rates, and a robust schedule of 30 Gulf of America lease sales over 15 years,” Milito said. “By streamlining permitting, protecting key lease sales, and fostering operational efficiency, this legislation strengthens America’s energy security, supports high-paying jobs, and ensures our nation remains a global energy leader. NOIA proudly supports this forward-thinking approach.”Regular, mandated lease sales in the Gulf of America are…

YPF, the largest non-U.S. shale oil operator, and Globant, a digitally native company focused on reinventing businesses through digital technology, have signed a Memorandum of Understanding (MoU) that marks a significant milestone in the transformation of YPF’s supply chain operations. “This alliance supports the work we are doing at YPF to become increasingly efficient,” said Horacio Marín, President and CEO of YPF. “We compete with the world’s leading players, and our suppliers play a key role in our competitiveness. We trust that Globant’s expertise will help us implement new tools to better manage YPF’s entire value chain.”  “Collaborating with…

Elon Musk can now add “city founder” to his résumé after residents surrounding his SpaceX complex in South Texas voted this weekend to incorporate the area as “Starbase.”The near-unanimous decision — 212 votes in favor to just 6 against, according to county election data — formalizes SpaceX’s dominance in the remote coastal area it has rapidly reshaped over the past seven years.SpaceX employees and their families make up virtually all the residents within the roughly 1.5-square-mile zone, which was previously known as Boca Chica. The city’s first elected officials — all current or former SpaceX staff who ran unopposed —…

BEIJING (AP) — Two boats carrying roughly 70 people capsized in the Wu river in China’s southwestern Guizhou province Sunday afternoon, leaving about 20 people missing. As of Sunday evening, rescuers had gotten 50 people out of the water, according to the official Xinhua news agency. Rescuers were still looking for others late Sunday in Guizhou’s Qianxi area. The boats capsized after a sudden rain and hail storm and strong winds hit the Wu, a tributary of the Yangtze, one of the two longest rivers in China. In one video, shared by state media a man could be seen performing…