Author: omc_admin

Oil prices have been on the mend this week after taking a dive following President Trump’s global tariff offensive launch. Yet they still have a long way to go to return to where they were just four months ago—and many oil-exporting countries can’t wait for this to happen. The question is, will it?For now, the situation does not look good for oil producers. The rebound in prices this week came as a result of indications that Trump was willing to consider some tariff exemptions for things like smartphones and semiconductors. It didn’t last, however, because the latest from the tariff…

The idea of peak oil is familiar to most readers.It refers to the point at which global petroleum production reaches its maximum point and begins an irreversible decline.The concept was first introduced by M. King Hubbert in the 1950s. His theory proposed that oil production would follow a bell-shaped curve, with a peak representing the point at which half of the total recoverable reserves had been extracted. This prediction has been largely accurate, as we have witnessed a steady increase in global oil production followed by signs of plateauing and even decline in recent years.The implications of peak oil are far-reaching.…

Since Donald Trump’s return to the White House, the UK has found itself navigating a visibly fractured transatlantic alliance. Although the temperature of geopolitics may be increasingly concerning as the US and EU move in seemingly opposite directions on trade and security, the underlying power dynamic remains familiar to Britain’s policymakers. Over the last century, the UK has grown used to navigating these more powerful regional actors and its grand strategy as a middle power has been to avoid total dependence on either the EU or the US.  As an island nation-state, the UK has always been economically dependent on…

U.S. crude oil production is set to peak at around 14 million barrels per day (bpd) in 2027, according to the Annual Energy Outlook 2025 of the U.S. Energy Information Administration (EIA).U.S. oil production is set to remain around the 14 million bpd level by 2030 and in the early 2030s, after which it is expected to decline faster through 2050 as the shale boom fades.Shale-only oil production in the United States will also peak in 2027, the EIA’s outlook says. In two years, shale output would hit its record of 10 million bpd, up from 9.7 million bpd expected…

By Julianne Geiger – Apr 16, 2025, 9:38 AM CDT Crude oil inventories in the United States saw an increase of 500,000 barrels during the week ending April 11, according to new data from the U.S. Energy Information Administration released on Wednesday.Crude oil prices were trading up in a rare show of strength prior to the crude data release by the U.S. Energy Information Administration after a sharp dip over the last couple of weeks in the wake of the tariff war between the United States and China. On Tuesday, the American Petroleum Institute (API) reported a build of 2.4…

The eight OPEC+ countries that have been cutting oil production will have to compensate 4.57 million barrels per day (bpd) in overproduction so far, and the compensation plans entail offsetting all above-quota output by June 2026.Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have submitted their individual compensation plans to OPEC, the cartel said on Wednesday.Source: OPECSince the very first OPEC+ agreement in 2016, OPEC and its non-OPEC allies have been struggling with overproduction from several members, which has undermined the efficiency of the cuts and has muddled the figures about actual OPEC+ supply to…

NEWARK, N.J. (AP) — New Jersey Transit train engineers have rejected a labor agreement with management, raising the potential for a strike or a lockout next month.The Brotherhood of Locomotive Engineers and Trainmen on Tuesday rejected the March deal by a margin of 87%, the union said in a statement. The Railway Labor Act permits the workers to strike or NJ Transit’s management to lock workers out as soon as May 15, according to the union. “Our members are angry,” said union General Chairman Tom Haas. “I, along with other NJ Transit engineers, have kept the trains moving but we…

The rise of artificial intelligence (AI) and other technologies has driven the “surging” growth of data centres in China, with associated increases in energy demand and emissions.  There were 449 data centres in China at the end of 2023, the most in the Asia-Pacific region.  The International Energy Agency (IEA) says in a new report that China accounted for 25% of global data-centre electricity consumption in 2024, the second largest consumer following the US.  In common with other countries, China expects the electricity consumption of its data centres to grow rapidly over the next few years, partly as a result…

At a lunch with TotalEnergies boss Patrick Pouyanné in 2019, drillers worried about the future asked what their roles would look like a decade down the line. For the chief executive it was “obvious”, they would still be drilling for oil.TotalEnergies pushed further into renewables in 2021 as it and the rest of the industry responded to pressure to embrace the green transition. But Pouyanné also made the crucial decision to raise oil and gas output, using profits from its legacy business to fund the pivot into greener products.Four years later, that gamble appears to be paying off. While rivals…

LONDON (AP) — Inflation in the United Kingdom fell for the second month running in March largely as a result of lower prices at the pump, official figures showed Wednesday, a move that is likely to pile pressure on the Bank of England to cut interest rates next month.The Office for National Statistics said consumer prices rose by 2.6% in the year to March, down from 2.8% the previous month. The decline was bigger than anticipated, with most economists predicting a more modest decline to 2.7%.However, inflation remains above the Bank of England’s target of 2% and is set to…