Author: omc_admin

New Delhi: The US nearly doubled its crude oil supply to India in April compared to year earlier, overtaking the UAE to become India’s fourth-largest supplier. India’s imports of US crude grew to 0.33 million barrels per day (mbd) in April, up from 0.17 mbd in the same month last year and 0.24 mbd in March, according to energy cargo tracker Vortexa. This gave the US a 7.3% share in India’s crude imports in April-ahead of the UAE’s 6.4%, but behind Saudi Arabia’s 10.4%, Iraq’s 19.1% and Russia’s 37.8%. Compared to March, the shares of Russian and Iraqi imports improved…

New Delhi: LPG sales by public sector oil marketing companies grew 5.1 per cent year-on-year to nearly 31.2 million metric tonnes (MMT) in FY 2024-25, with 43.6 lakh new domestic customers added during the period, according to the LPG Profile Report released by the Petroleum Planning and Analysis Cell (PPAC).As on April 1, 2025, the total number of active domestic LPG customers served by Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) stood at 32.97 crore. These customers were served by a network of 25,542 LPG distributors.The report noted that 85 new…

Libya’s latest upstream licensing round has already attracted more than 40 applicants, a signal of the country’s re-entry into the global energy arena and growing interest in its largely untapped hydrocarbon potential. This update was shared by Abdolkabir Alfakhry, Advisor to Libya’s Minister of Oil and Gas, during a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris on Wednesday. “More than 40 companies have already applied to the bid round,” said Alfakhry, noting that results are expected around November. “This will open a new environment for international companies to work in Libya.” Framing…

Elon Musk’s xAI said on Thursday night that its Grok response bot kept talking about “white genocide” in South Africa under unrelated posts because of an “unauthorized modification” on the backend.”On May 14 at approximately 3:15 AM PST, an unauthorized modification was made to the Grok response bot’s prompt on X,” xAI wrote on X on Thursday.”This change, which directed Grok to provide a specific response on a political topic, violated xAI’s internal policies and core values. We have conducted a thorough investigation and are implementing measures to enhance Grok’s transparency and reliability,” xAI added. xAI said it would be…

KALAAT M’GOUNA, Morocco (AP) — Gloved and armed with shears, women weave through thorny brambles, clipping and tossing their harvest into wheelbarrows.“Thank God for the rain,” said rose picker Fatima El Alami. “There are roses elsewhere, but there’s nowhere like here.”She’s right. Mild temperatures, steady sunlight, and low humidity make the fields around Kalaat M’Gouna a perfect cradle for growing its signature flower: the Damask rose. Abundant precipitation and several desert downpours this year have bestowed Morocco with an exceptional yield of the flower, used for rosewater and rose oil.Pink and pungent, the roses are set to come in at…

(Oil Price) – Economic headwinds and record electric vehicle sales are set to materially slow down global oil demand growth for the rest of the year, the International Energy Agency (IEA) said on Thursday. World oil demand rose by 990,000 barrels per day (bpd) in the first quarter of 2025. But the remainder of the year will see demand growth at just 650,000 bpd, the agency said in its closely-watched monthly Oil Market Report for May. Concerns about economic growth and record sales of EVs are set to dent global oil demand growth for the rest of the year, and full-2025 will see…

(Bloomberg) – Canadian oil tycoon Adam Waterous’ Strathcona Resources Ltd. agreed to sell its assets in the Montney shale formation in western Canada in a shift that makes it a pure heavy oil producer.  Strathcona is divesting its gas-focused operations in three separate transactions worth C$2.8 billion ($2 billion USD). The largest will see the company sell its Kakwa asset to ARC Resources Ltd. for C$1.7 billion in cash and assumed lease obligations. Calgary-based Strathcona is also unloading its Grande Prairie asset to an unnamed buyer for C$850 million, while Tourmaline Oil Corp. is taking a smaller asset…

US president claims he has sealed deals worth $10 trillion during visits to Saudi Arabia, Qatar and UAE.President Donald Trump has hailed deepening ties between the United States and the United Arab Emirates and said that the latter will invest $1.4 trillion in the former’s artificial intelligence sector over the next decade. “I have absolutely no doubt that the relationship will only get bigger and better,” Trump said on Thursday at a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan, on the final leg of his three-day tour of the Gulf region that saw him strike a series…

Hope your air conditioner’s feeling brave—because the U.S. power grid is about to get a workout it may not be ready for. According to the Federal Energy Regulatory Commission’s (FERC) summer outlook, a combination of brutal heat, AI-fueled electricity demand, and an aging fleet of dependable power plants headed for retirement is teeing up a reliability stress test.Nationwide, the grid should scrape by if everything goes to plan—which, of course, it seldom does. FERC flagged the usual suspects as weak links: Texas, the Midwest, the Mid-Atlantic, New England, and the Southwest. Throw in a regional heat dome, a wind lull,…

Global oil demand growth will slow during the remainder of 2025 after a robust first quarter due to “economic headwinds,” the International Energy Agency said. After increasing 990,000 barrels a day year-on-year between January and March, the rate of consumption growth will decelerate to a “subdued” 650,000 barrels a day over the rest of the year, the agency said in its monthly report. It also downgraded the outlook for US shale oil production due to lower crude prices. “The first three months of the year will likely remain comfortably 2025’s strongest quarter,” said the Paris-based IEA, which advises major economies.…