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(Investing) – LONDON/MOSCOW -OPEC+ agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production, while OPEC+ sources said that separate talks on Saturday could agree a further accelerated oil output hike for July. The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has been discussing new baselines – production levels from which each member makes cuts or increases – for the last few years. Baselines and quotas are controversial because some members such as the United Arab Emirates and Iraq have increased their production capacity, pressing the case for…
(Bloomberg) — Exxon Mobil Corp. will keep its capital allocation plans intact even if oil declines toward $50 a barrel, Chief Executive Officer Darren Woods said. Late last year, the Texas oil giant stress-tested its business at “more punitive scenarios” than the current environment and brought the results to the board, Woods said at Exxon’s annual meeting Wednesday. The result is that the company will continue investing in new projects and returning cash to shareholders even if oil declines from the current $65 a barrel. Though the company has the ability to be flexible, Wood said, “We don’t…
After spending the day promoting his company’s AI technology at a developer conference, Anthropic’s CEO issued a warning: AI may eliminate 50% of entry-level white-collar jobs within the next five years.”We, as the producers of this technology, have a duty and an obligation to be honest about what is coming,” Dario Amodei told Axios in an interview published Wednesday. “I don’t think this is on people’s radar.”The 42-year-old CEO added that unemployment could spike between 10% and 20% in the next five years. He told Axios he wanted to share his concerns to get the government and other AI companies to prepare…
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Petróleo Brasileiro SA (Petrobras) has commissioned a new diesel hydrotreater at the operator’s 434,000-b/d Refinaria de Paulínia (REPLAN) refinery—Brazil’s largest—in Paulínia, São Paulo. Entered into operation on May 27, the new diesel hydrotreating unit is equipped to produce 63,000 b/d of low-sulfur S-10 (10 ppm sulfur) diesel, preparing the refinery for the complete phase out of S-500 diesel (500 ppm sulfur), the operator said in separate releases on May 28. Alongside helping to improve the refinery’s energy efficiency and reducing emissions from both the site and fleet engines using the new production, the diesel hydrotreater also will be able to…
Scott Strazik, chief executive officer of GE Vernova LLC, speaks during the CERAWeek by S&P Global conference in Houston, Texas, US, on Thursday, March 13, 2025. Aaron M. Sprecher | Bloomberg | Getty ImagesPresident Donald Trump’s executive orders on nuclear power could lead to the deployment of small modular reactors in the U.S. by late 2030, GE Vernova CEO Scott Strazik said Wednesday.Trump on Friday ordered the Nuclear Regulatory Commission to decide on applications to construct and operate new nuclear plants within 18 months. The order also calls for the NRC to “adopt shorter deadlines tailored to particular reactor types.”…
Vice President JD Vance speaks at Bitcoin 2025, Wednesday, May 28, 2025, in Las Vegas.John Locker | APLAS VEGAS — Vice President JD Vance used his position on stage at the biggest bitcoin conference of the year to push the Trump administration’s efforts on stablecoin legislation, touting its potential benefits to the U.S. economy.”In this administration, we do not think that stablecoins threaten the integrity of the U.S. dollar. Quite the opposite,” Vance said, in his keynote at Bitcoin 2025 in Las Vegas on Wednesday. “We view them as a force multiplier of our economic might.”Months after a successful campaign…
(BOE Report) – Energy major ExxonMobil has entered into exclusive negotiations with the French unit of Canadian energy group North Atlantic to divest its majority-owned French subsidiary Esso, it said on Wednesday. The sale is expected to take place in the last quarter of this year, at a price of 149.19 euros ($168.82) per Esso share before distributions, or 32.83 euros after distributions, Esso said in a statement. Those include an additional distribution of up to 63.36 euros per share ExxonMobil aims for Esso to make prior to completion of the transaction, Esso said. Exxon is currently the majority shareholder…
(Bloomberg) – OPEC+ gathers online on Wednesday to review production quotas for this year and next, before eight key members decide at the weekend whether to bolster output again in July. Several delegates said they expect the Organization of the Petroleum Exporting Countries and its partners to leave unchanged their longer-term targets for 2025 and 2026, which underpin its current supply restraints. The more market-sensitive discussion on whether to continue their 411,000 barrel-a-day hikes, which have sent prices crashing over the past two months, will be finalized in a video conference on Saturday, delegates said, asking not to be identified…
New calls to revive a cancelled pipeline project pit Republican President Donald Trump against Democratic New York Gov. Kathy Hochul , with Coterra Energy caught in the middle. Conversations about the natural gas Constitution Pipeline resurfaced last week after Trump lifted a stop-work order on the Empire Wind 1 project as part of what appeared to be a compromise with New York. The pipeline met opposition during Trump’s first term and was shelved roughly five years ago. One of the original sponsors of the pipeline was Cabot Oil & Gas, which merged with Cimarex Energy in 2021 to form Coterra,…