Author: omc_admin

Norwegian energy major Equinor has walked away from a third offshore wind development project in Australia in another blow to the federal government’s plan to build an offshore wind industry.Earlier this year, Equinor quietly walked away from the Bass Offshore Wind Energy project near the coast of Tasmania, as the oil and gas giant reduced its investments in renewables to boost returns for shareholders and adapt to an “uneven energy transition.”In a short statement to Australia’s Financial Review, Equinor and its partner in BOWE, Australian firm Nexsphere, confirmed on Wednesday the end of their collaboration on the project.“Equinor and Nexsphere…

Tesla’s delivery numbers are in — and they’re as bad as Wall Street expected.The electric automaker delivered 384,000 EVs in the second quarter, narrowly missing analysts’ grim expectations.Wall Street had prepared for disaster, with analysts on average expecting 389,400 vehicles delivered in the quarter, according to data compiled by Bloomberg. The actual number represents a year-over-year decrease of 13.5% from the roughly 444,000 vehicles it delivered in the second quarter of 2024. This is the biggest quarterly decline in pure numbers in Tesla’s history, representing a drop of 60,000 deliveries compared to Q2 2024.The latest report follows a bruising first…

The EU should slash its planet-heating pollution by 90% by 2040, the European Commission has announced, in a proposed change to its climate law that falls short of what its scientists have advised.The much-awaited target to cut emissions, which is measured against pollution levels from 1990, is a significant milestone on the EU’s path to decarbonise its economy by 2050.Green groups, however, are furious that it leaves room to count foreign carbon credits, such as planting trees and saving forests, that researchers have often found are ineffective.The announcement of the legally binding target, which comes as much of the continent…

India purchased 231 million barrels of Urals through June 24, with Reliance Industries Ltd. and Nayara Energy Ltd. collectively acquiring 45% of Russia’s exports. (AI image)NEW DELHI: India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security, the head of the company in charge of strategic reserves said on Wednesday.India, the world’s third-biggest oil importer and consumer, imports more than 80 per cent of its oil needs and is constantly diversifying its crude sources to mitigate the impact of geopolitical crises on its oil procurement.State-run engineering consultancy Engineers India Ltd is doing…

Drought is pushing tens of millions of people to the edge of starvation around the world, in a foretaste of a global crisis that is rapidly deepening with climate breakdown.More than 90 million people in eastern and southern Africa are facing extreme hunger after record-breaking drought across many areas, ensuing widespread crop failures and the death of livestock. In Somalia, a quarter of the population is now edging towards starvation, and at least a million people have been displaced.The situation has been years in the making. One-sixth of the population of southern Africa needed food aid last August. In Zimbabwe,…

The European Commission announced today a new proposed climate target, aiming to reduce net greenhouse gas (GHG) emissions across the EU by 90% by 2040, compared to 1990 levels. The new target introduces several key proposed changes from the EU’s current goals, including the ability to utilize international carbon credits to achieve a portion of the 2040 target, and for carbon-intensive industries in the scope of the EU Emissions Trading System (EU ETS) to use domestic carbon removals for allowances to compensate for residual emissions from hard to abate sectors. The Commission said that the proposal marked a “more pragmatic…

A statement posted on the White House website on Tuesday said the Senate “delivered a resounding victory for American workers, farmers, and small businesses by passing President Donald J. Trump’s One Big Beautiful Bill”. The White House statement described the bill as “a transformative legislative package that locks in historic tax relief, delivers border security, reforms welfare, funds critical infrastructure, and more”. The statement linked to an X post by the “Official Rapid Response account of the Trump 47 White House” which noted that Vice President JD Vance “cast[ed]… the deciding vote as the Senate approve[d]… the One Big Beautiful Bill -…

The federal government looks like it is taking a page out of Silicon Valley’s playbook.The US Office of Personnel Management issued a memo on June 17 announcing sweeping reforms to performance management in the federal government. And the move to cut low performers looks a lot like what’s been happening at major tech companies.The memo is another step in the Trump administration’s effort to transform the federal workforce. In this case, it’s meant to address “poor performers” while also rewarding those who demonstrate success above and beyond their track records. The memo sets guidelines for employee ratings, addresses poor performance, and…

New Delhi: Global oil supply is expected to exceed demand by 1.2 million barrels per day (b/d) in the second half of 2025, while annual demand growth is projected to be the weakest since 2001—excluding crisis years—at 870,000 b/d, according to S&P Global Commodity Insights.The energy research firm also forecasts a surplus of 800,000 b/d for the full year 2026, driven by rising output from OPEC+ countries and continued weak demand.“The underlying fundamentals of the global oil market remain profoundly unchanged. OPEC+ members are continuing with the accelerated unwinding of production cuts. There will be more oil supply coming from…

The One Big Beautiful Bill will kill wind and solar power tax credits—and pit humans against AI in a battle for scarce electricity. President Trump’s One Big Beautiful Bill Act – assuming the version Senate Republicans passed on Tuesday becomes law–would cut the legs out from under the renewable energy industry. The biggest hit: The bill would quickly phase out federal tax credits that have for years enabled wind and solar developers to offset 30% or more of project costs. Yes, it could have been even worse. At the last minute, the Senate’s Republican leadership ditched a proposed excise tax…