Author: omc_admin

Oil prices rose early on Wednesday after an industry report showed on Tuesday that the crude stocks at the key Cushing hub fell further and OPEC+ somewhat eased fears of an imminent glut with a planned modest increase in output.  As of 8:05 a.m. EDT on Wednesday, WTI Crude prices were up by 1.44% at $62.62, while the front-month Brent Crude futures traded 1.42% higher at $66.38. Cushing, Oklahoma, is the physical delivery spot for oil bought and sold in West Texas Intermediate futures contracts.  The American Petroleum Institute (API) estimated on Tuesday that stocks at the WTI delivery hub, Cushing, fell by…

LandBridge Co LLC said Tuesday it had signed a deal to buy about 37,500 acres on Texas’ side of the Delaware Basin from 1918 Ranch & Royalty LLC. “The acreage to be acquired consists of approximately 22,000 fee surface acres, approximately 3,500 surface acres held pursuant to a long-term management agreement and approximately 12,000 leasehold surface acres”, Houston, Texas-based LandBridge said in a press release. These are spread across the counties of Loving, Reeves, Ward and Winkler. Expected to be completed in the fourth quarter, the transaction will increase LandBridge’s holdings to around 300,000 acres, said the oil and gas-focused land…

Nvidia CEO Jensen Huang said demand is up huge this year as artificial intelligence models develop further from answering simple questions to complex reasoning.”This year, particularly the last six months, demand of computing has gone up substantially,” said Huang on CNBC’s “Squawk Box.”The CEO of the AI chip leader was answering a question about what investors ask him most about. Nvidia shares were higher in premarket trading as Huang gave his bullish comments.AI reasoning models are using exponential amounts of computing power but they are also seeing exponential amounts of demand because their results are so good, Huang said. “The…

• Nestlé exits the Dairy Methane Action Alliance, joining a wave of corporate withdrawals from voluntary climate initiatives.• The alliance, launched in 2023 by the Environmental Defense Fund (EDF), seeks to cut methane from dairy supply chains — a key source of agricultural emissions.• Nestlé maintains its 2050 net zero target and reports a 21% methane reduction since 2018, but the move raises questions over corporate alignment on food-sector decarbonization. Nestlé Steps Away from Global Methane Pact Nestlé has withdrawn from the Dairy Methane Action Alliance, a global initiative aimed at cutting the climate footprint of dairy farming. The Swiss…

One of the travel industry’s most environmentally focused tour operators, Intrepid, is scrapping carbon offsets and abandoning its emissions targets as unreachable.The Australian-headquartered global travel company said it would instead invest A$2m (£980,000) a year in an audited “climate impact fund” supporting immediate practical measures such as switching to electric vehicles and investing in renewable energy.Intrepid, which specialises in small group tours, said it was stopping carbon offsets and “stepping away” from the Science Based Targets initiative (SBTi), after having committed to 2030 goals monitored by the climate-certification organisation five years ago.In an open letter to staff, the Intrepid co-founder…

(Bloomberg) – ExxonMobil signed agreements that lay the groundwork for it to explore Iraq’s giant Majnoon oil field, ending the company’s near two-year hiatus in the country.  The Texas oil major has signed heads of agreements with Basra Oil Co. and SOMO, Iraq’s oil marketing company, the nation’s Prime Minister Mohammed Shia Al-Sudani said Wednesday. Goal include developing the Majoon oil field and boosting Iraq’s export infrastructure, his office said. The agreement includes a joint cooperation with SOMO to explore marketing opportunities, it said. On Tuesday, Exxon said in a statement it was in advanced discussions with the country’s oil…

The US imposed the sanctions on NIS in January, part of a wider move to isolate Russian energy assets.The US has postponed sanctions on Serbia’s Russian-owned NIS oil company, which runs Serbia’s only oil refinery, for one week until October 15, Belgrade-based Nova Ekonomija news portal reported on Wednesday, citing sources.The reported extension comes as the US extended a license for Croatian oil pipeline operator JANAF to transport crude to Serbia for another week, as it seeks to complete the delivery of contracted volumes, JANAF said on Wednesday. NIS did not respond to a request for comment. The US imposed…

• Brookfield Global Transition Fund II closes at $20 billion, the largest private climate transition fund to date.• Additional $3.5 billion in co-investment brings total raised to $23.5 billion.• Over $5 billion already deployed across global renewable, battery, and clean technology projects. Brookfield’s Record Fund Targets Global Decarbonization Push Toronto-based Brookfield Asset Management has closed its second Global Transition Fund (BGTF II) with $20 billion in institutional commitments—making it the largest private fund ever dedicated to financing the global energy transition. The fund surpassed its predecessor’s $15 billion record, reinforcing investor demand for scalable, low-carbon infrastructure in an era of…

Forty-one percent of executives said their operations have been impacted by theft in the oil field in the past year, the Federal Reserve Bank of Dallas said in a third quarter Dallas Fed Energy Survey page posted on its website recently. The remaining 59 percent said they have not been impacted, the Dallas Fed stated on its site. Survey participants were asked, “in the past year, have your operations been impacted by theft in the oil field”, the Dallas Fed highlighted, noting that executives from 80 exploration and production firms answered this question during the survey collection period. This spanned…

• Iberdrola leads €1 million financing round in Spain’s TRIBBU via its PERSEO innovation program.• The carpooling app aims to reach 15 million shared trips by 2027, cutting over 60 million tonnes of CO₂.• Each trip generates certified energy savings converted into financial incentives for users. Iberdrola Expands Sustainable Mobility Portfolio Iberdrola has deepened its stake in the sustainable mobility sector, leading a €1 million ($1.08 million) investment in TRIBBU, Spain’s fast-growing carpooling platform, through its international PERSEO innovation fund. The deal reinforces the utility’s strategy to back digital solutions that drive emissions reduction and support urban sustainability. TRIBBU —…