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OPEC+ Eyes July Output Hike—Can the Market Absorb More Barrels? Oil prices slid over 1% Thursday following a Bloomberg report that OPEC+ is weighing a production increase of 411,000 barrels per day for July. This potential policy shift would come on top of earlier additions already planned for May and June. While no official deal has been finalized, the size and timing of the increase are sparking fears that supply growth could outpace demand. Traders are recalibrating positions based on a shift in tone from Saudi Arabia and its allies, who appear to be prioritizing market share over price defense.…

The sea off the coast of the UK and Ireland is experiencing an unprecedented marine heatwave with temperatures increasing by as much as 4C above average for the spring in some areas.Marine biologists say the intensity and unprecedented nature of the rise in water temperatures off the coasts of Devon, Cornwall and the west coast of Ireland are very concerning. As human-induced climate breakdown continues to raise global temperatures, the frequency of marine heatwaves is increasing.“This is unprecedented because it is happening so early in the year,” said Dr Manuela Truebano, from the school of biological and marine sciences at…

Double Black Diamond Solar near Waverly, south of Springfield, Illinois, is set to be the largest solar farm east of the Mississippi River on July 31, 2024. E. Jason Wambsgans | Tribune News Service | Getty ImagesSolar stocks plunged premarket on Thursday after House Republicans passed a tax bill that terminates key clean energy credits.Residential solar installer Sunrun plummeted more than 35%. The legislation ends tax credits for installers like Sunrun that lease equipment to customers.The GOP bill is a “worse than feared” scenario for clean energy, as it takes a “sledgehammer” to the Inflation Reduction Act, Jefferies analysts led by…

Saudi Arabia, the group’s most powerful member, recently warned countries like Iraq and Kazakhstan that it could raise supply further if they do not stick to their quotas.OPEC+ may consider a much bigger increase in oil supply for July, with a jump of 411,000 barrels per day being one of the main options. That’s three times higher than what was planned earlier. The final decision will be taken on June 1, Bloomberg reported, quoting unnamed delegates. The move could push oil supply above what the market needs and has already caused oil prices to drop.The oil-producing group has already raised…

OPEC+ members are discussing making a third consecutive oil production surge in July, to be decided at the group’s meeting in just over a week, delegates said. An output hike of 411,000 barrels a day for July — triple the amount initially planned — is among options under discussion, although no final agreement has yet been reached, said the delegates, asking not to be named because the information is private. A final decision is due to be taken at a gathering on June 1. The cartel has helped sink crude prices since announcing 411,000-barrel hikes for May and June —…

Lawmakers in the European Parliament voted 564 – 20 today to approve proposed changes to approve proposed changes to the Carbon Border Adjustment Mechanism (CBAM), the EU’s carbon tax on imported goods, which would exempt the vast majority of importers from the CBAM rules, while allowing the mechanism to continue to cover nearly all emissions from imports across key carbon-intensive sectors. The proposed changes form part of the European Commission’s Omnibus I package, launched in February 2025, aimed at significantly reducing the sustainability reporting and regulatory burden on companies. Many of the most significant measures proposed by the Omnibus package…

According to Gartner, half of all supply chain software could be run by AI agents by the end of the decade. At this week’s Gartner Supply Chain Symposium/Xpo in Barcelona, analysts said AI is quickly shifting from a tool that supports decision-making to one that makes decisions on its own. What’s RelatedOne of the key takeaways was the rise of what Gartner calls agentic AI—a network of smart AI assistants that can handle supply chain tasks without constantly needing someone to guide them. These agents could buy materials, adjust inventory, respond to demand changes, and even suggest new business models.…

In a release posted on its website this week, Ithaca Energy announced that it has signed a sale and purchase agreement to acquire an additional 46.25 percent stake in the Cygnus gas field from Spirit Energy for a purchase price of GBP 116 million ($155.8 million). The deal is based on an effective date of January 1, 2025, and is subject to North Sea Transition Authority (NSTA) consent, Ithaca highlighted in the release, adding that the transaction will increase Ithaca Energy’s operated interest in Cygnus to 85 percent. Ithaca noted in the release that the deal is expected to add…

A Republican push to dismantle clean energy incentives threatens to reverberate across the US by costing more than 830,000 jobs, raising energy bills for US households and threatening to unleash millions more tonnes of the planet-heating pollution that is causing the climate crisis, experts have warned.A major tax bill passed by the Republican-held House of Representatives on Thursday morning will, as currently written, demolish key components of climate legislation signed by Joe Biden that has spurred a record torrent of renewable energy and electric vehicle investment in the US.Under the reconciliation bill, tax credits for cleaner cars will end this…

More hospitals want to bring care into the home, but many are missing the technology to support that shift. Axle Health is building AI that can help.Before launching Axle Health, CEO Adam Stansell helped launch Uber Eats in the northeastern US, coordinating food-delivery logistics in the new market. He later joined Motive, a logistics software company for trucking fleets.In 2020, when hospitals were scrambling to enable hospital-at-home care during the pandemic, Stansell, his cofounder Connor Hailey, and some of Stansell’s former Uber colleagues set out to create the same intelligence infrastructure for healthcare that the gig economy had built for…