Author: omc_admin

Ukraine is urging the G7 to slash the price cap on Russian oil to $30 per barrel, down from the current $60, in a bid to tighten the financial screws on the Kremlin as its war drags into a third year.Foreign Minister Andriy Sybiha made the case in Brussels on Tuesday, saying the current cap is too lenient now that global prices have slipped and Russian barrels are already trading below the ceiling. “From our point of view,” he said plainly, “the reasonable price cap is 30 dollars.”The ask comes just as the EU and UK rolled out fresh sanctions…

(Investing) – NEW YORK  – Oil prices fell on Tuesday due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude-importer China’s economy.  futures were down 42 cents, or 0.6%, to $65.12 a barrel at 11:02 a.m. EDT (1502 GMT), while U.S. West Texas Intermediate (WTI) crude slid 26 cents, or 0.4%, to $62.43. Iran’s Supreme Leader Ayatollah Ali Khamenei said U.S. demands that Tehran stop enriching uranium are “excessive and outrageous,” voicing doubts whether talks on a new nuclear deal will succeed. Iran was the third-biggest crude producer in the…

Following dialogue with regulators and federal, state, and city officials, the U.S. has lifted the stop-work order on the Empire Wind project, allowing construction to resume. Once complete, the offshore wind development will provide power for 500,000 New York homes, Equinor said in a statement.   “I would like to thank President Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the U.S.,” said Anders Opedal, President and CEO of Equinor ASA. “I am grateful to Governor Hochul for her constructive collaboration with the Trump Administration, without which…

India plans to spend 850 billion rupees ($10 billion) to purchase 112 crude carriers through 2040, people familiar with the matter said, as the world’s third-biggest importer of oil seeks to have its own fleet to secure supplies. State-owned oil companies currently operate an aging fleet that’s mostly on-charter from global companies and the shipping and petroleum ministries want to change that, said the people, who asked not to be identified citing rules. The plan’s first phase involves purchasing 79 ships, of which 30 of them would be medium-range vessels, they said. The purchase order for 10 tankers should come…

Oil edged lower in a choppy session as broader financial markets weakened and uncertainty lingered about whether sanctions on Iran will be loosened or tightened.    Prices whipsawed after Iran’s supreme leader expressed skepticism over discussions with the US, further denting expectations of an agreement on his country’s nuclear program. Ayatollah Ali Khamenei said he doesn’t think negotiations with the US will succeed and urged the Trump administration to stop “talking nonsense.” He added he doesn’t know what will happen in any discussions. US West Texas Intermediate’s most-active July futures contract declined 0.2% to settle just above $62 a barrel.…

Repsol SA subsidiary Petróleos del Norte SA (Petronor) has started the first major turnaround in 6 years at its 220,000-b/d refinery and industrial complex at Múskiz, near Bilbao, Biscay Province, in Spain’s northern autonomous Basque Country. Initiated on May 15, the €89-million ($99.6-million) turnaround of the refinery’s crude distillation Plant 1 involves the shutdown of 14 units at which more than 393 pieces of equipment will be opened, cleaned, inspected, and reconditioned to ensure optimal operating conditions as part of the operator’s ongoing program of improving safety, efficiency, and emissions reductions at the site, Petronor said in a series of…

(World Oil) – Following dialogue with regulators and federal, state, and city officials, the U.S. has lifted the stop-work order on the Empire Wind project, allowing construction to resume. Once complete, the offshore wind development will provide power for 500,000 New York homes, Equinor said in a statement. “I would like to thank President Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the U.S.,” said Anders Opedal, President and CEO of Equinor ASA. “I am grateful to Governor Hochul for her constructive collaboration with the Trump Administration, without which…

Following dialogue with regulators and federal, state, and city officials, the U.S. has lifted the stop-work order on the Empire Wind project, allowing construction to resume. Once complete, the offshore wind development will provide power for 500,000 New York homes, Equinor said in a statement.   “I would like to thank President Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the U.S.,” said Anders Opedal, President and CEO of Equinor ASA. “I am grateful to Governor Hochul for her constructive collaboration with the Trump Administration, without which…

The US has “plenty of time” to solve the climate crisis,” the interior secretary, Doug Burgum, told a House committee on Tuesday.The comment came on his first of two days of testimony to House and Senate appropriators in which he defended Donald Trump’s proposed budget, dubbed the “one big, beautiful bill”, that would extend tax reductions enacted during Trump’s first term, while cutting $5bn of funding for the Department of the Interior.In addition to slashing spending on national parks, historic preservation, and other key interior department programming, the budget proposal would cancels billions of dollars in infrastructure investments, environmental programs…

Global politics today resembles a complex chessboard – but it is no longer dominated solely by kings and queens. As great powers engage in rivalry and stalemate, it is the middle powers, like the bishops and knights in a game of chess, that manoeuvre with flexibility across the board, shaping outcomes and sustaining balance. The post-Cold War expectations of the ‘end of history’ have given way to a more fragmented and uncertain global order. Strategic competition, eroding multilateralism, and overlapping regional crises have revealed deep structural cracks. In this environment, the notion that superpowers alone can uphold global stability is…