Author: omc_admin
Abu Dhabi’s state oil giant ADNOC is reportedly on track to secure unconditional EU antitrust approval for its €14.7 billion ($16.6 billion) acquisition of Germany’s Covestro, sources told Reuters on Tuesday.The European Commission, expected to decide by May 12, sees no competition issues with the deal due to the lack of overlap between ADNOC and Covestro’s operations. That paves the way for ADNOC’s largest-ever acquisition—and a major milestone in its strategy to pivot beyond crude and into downstream and advanced materials.The transaction will place Covestro—maker of plastics and chemicals used in cars, buildings, and electronics—under the wing of XRG, ADNOC’s…
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The OPEC price war has made landfall in the US.Following our report earlier that Saudi Arabia has declared a new price war on OPEC+ quota-busters such as Kazakhstan, and non OPEC+ members such as US shale producers, today after the close Diamondback Energy, the largest independent oil producer in the Permian Basin, made a historic pronouncement today when it said that production has likely peaked in America’s prolific shale fields (something we also mentioned earlier in the day) and will decline in the months and years ahead after crude prices plummeted.Separately, the Texas company trimmed its own full-year production forecast Monday, and said that it expects onshore oil…
The BRICS+ organisation, which for long was viewed from simplistic geopolitical binaries, has drawn attention for more than one reason in recent times. First, US President Donald Trump has repeatedly criticised attempts pertaining to “de-dollarisation”, or trade in “local currencies”, by BRICS+ members and threatened to impose tariffs on them. Second, in a changing geopolitical and economic order, more countries are beginning to show interest in BRICS+. Third, the efforts of BRICS+ towards setting up a joint payment system have been in the news recently and are being watched closely. Expansion of BRICS In January 2024, Iran, UAE, Egypt and…
New data show both imports and exports with US fall as Canada expands trading relationships with other countries.Canada’s trade with the United States has tumbled in March, but a surge in exports to other countries have helped make up the downward shift. Exports to the US dropped by 6.6 percent during the month while imports from the US fell by 2.9 percent amid growing public discontent towards Canada’s longstanding ally and top trading partner, according to data released by Statistics Canada on Tuesday. Total exports fell by 0.2 percent in March mainly on lower prices whereas imports tumbled by 1.5…
Stay informed with free updatesSimply sign up to the EU energy myFT Digest — delivered directly to your inbox.The European Commission plans to force EU companies to reveal details of their Russian gas contracts, as it seeks to crack down on fuel imports from the country by 2027.Companies will be required to disclose the volume and duration of any gas contracts held with Russia to the EU executive, and to national energy and security authorities, under rules to be proposed next month, the commission said on Tuesday.“These measures would give governments and the commission access to relevant information on Russian…
(Oil Price) – Morgan Stanley joined other major investment banks in slashing oil price forecasts amid expectations of a larger market surplus later this year as OPEC+ plans to raise output much more than previously expected. Morgan Stanley cut its oil price forecasts for the remainder of the year, anticipating a bigger glut. The bank revised down its projection of Brent Crude prices to $62.50 per barrel in the third and fourth quarters of this year, down by $5 per barrel from the previous forecast. The market glut could reach 1.1 million barrels per day (bpd) in the second half of the year,…
As always with volatile markets, it’s important not to read too much into a single-day reversal.SourceTuesday’s rebound came after hitting four-year lows on Monday. The rally, driven by technical buying and bargain hunting, followed a selloff triggered by OPEC+’s decision to triple its production increase to 411,000 bpd in June. Traders capitalized on oversold conditions, with Brent’s $60 level acting as a psychological floor, prompting speculative long positions. Additionally, China’s robust post-Labour Day travel spending, up 8% year-on-year to $24.92 billion, fueled optimism for fuel demand, particularly in jet fuel and gasoline. However, this bounce reflects short-term market dynamics rather…
Ford presented its business figures for the first quarter and reports a 200 per cent increase in sales for its electric car division. As a result, turnover is also higher and the loss lower than a year ago. However, the loss still totals 850 million dollars. Ford’s electric car division is regaining some solid ground. Compared to the opening quarter of 2024, the Model e division now generated 1.2 billion dollars (+967 per cent) instead of 0.1 billion dollars and ‘only’ made an EBIT loss of 849 million dollars instead of 1.3 billion dollars. Sales were an important driver, but…
Dell is pushing for a flatter organizational structure with senior managers being asked to oversee larger teams, Business Insider has learned.Under the changes, vice presidents and above will be required to have at least 15 direct reports, and directors and senior managers will have 20 people reporting to them.”We continually evolve our business so we’re set up to deliver the best innovation, value and service to our customers and partners. This includes redefining how work gets done, with a flatter structure and fewer management layers so we can move faster in today’s AI-driven world,” a Dell spokesperson told BI. BI…