Author: omc_admin

(Investing) – VIENNA -The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand. The IEA, which advises industrialised countries, expects global supply to rise by 2.1 million barrels per day this year, up 300,000 bpd from the previous forecast. World demand will rise by just 700,000 bpd, it said, implying a sizeable surplus. Despite making those changes, the IEA said rising refinery processing rates to meet summer travel and power-generation demand were tightening the…

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After two years of playing the role of OPEC+ model citizen, Saudi Arabia has decided it’s time to loosen the tie—at least according to the IEA.According to the International Energy Agency, the Kingdom overshot its June production quota by a whopping 700,000 barrels per day, pumping 9.8 million bpd—the highest in two years. OPEC’s official production figures are due Tuesday, and some analysts have already suggested they’ll show near-perfect compliance. But speculating about manipulated data before it’s released feels more like a side effect of being shut out of the Vienna meeting than meaningful analysis. Saudi Arabia has mostly adhered to its…

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Grok 4 seems to know who’s boss.The latest version of the AI chatbot has a favorite source on some hot-topic issues, citing creator Elon Musk’s views when asked about immigration and conflict in the Middle East.Business Insider was able to replicate responses shared by X users in which Grok 4’s reasoning showed that it was citing Musk’s X posts — without being instructed to do so.Grok, which Musk has called “maximally truth seeking,” also cited the billionaire’s views in response to questions about abortion, transgender rights, and gay marriage — but only if it had already referenced his opinions earlier…

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WASHINGTON—The U.S. Department of Energy (DOE) today announced the authorization of an exchange from the Strategic Petroleum Reserve (SPR) with ExxonMobil Corporation to address logistical challenges impacting crude oil deliveries to the company’s Baton Rouge refinery. U.S. Secretary of Energy Chris Wright authorized this action to help maintain stable regional supply of transportation fuels across Louisiana and the broader Gulf Coast. This action preserves the SPR’s operational flexibility and will not impact or delay the Department’s ongoing efforts to refill the reserve.Under the exchange agreement, DOE will provide up to 1 million barrels of crude oil from the SPR. The…

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Nvidia’s rapid rise to $4 trillion has created a breathtaking windfall for its relatively small workforce.The AI chip company employs only about 36,000 people, representing an unprecedented concentration of wealth.Take this example from Levels.fyi, which specializes in analyzing tech industry compensation. It shows how pretty regular individual contributors at Nvidia have likely become millionaires. Anyone above this job level is probably experiencing even more life-changing wealth right now.Levels.fyi took a look at a real Nvidia job offer from September 2022. A mid-career hardware engineer got this pay package back then: $180,000 salary, $50,000 in stock, and a $40,000 cash signing…

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Russia’s export revenue from crude oil and petroleum products slumped by 14% in June compared to the same month last year, the International Energy Agency (IEA) said in its monthly report published on Friday.The Kremlin received $13.57 billion from sales of crude and refined oil products last month, down by nearly 14% from a year earlier, according to the IEA’s estimates.The report also showed that Russian crude oil production remained broadly flat at almost 9.2 million barrels per day (bpd) for each of June and May.Russia’s crude loadings also remained stable at an average of about 4.68 million bpd in…

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Russia’s revenue from crude oil and oil product sales declined by nearly 14 per cent year-on-year (YoY) in June, reaching $13.57 billion, according to the International Energy Agency (IEA).This drop comes as global oil prices have fallen due to economic uncertainty and increased output from OPEC+ (the Organisation of the Petroleum Exporting Countries and its allies, including Russia).Despite the revenue decrease, Russia’s crude oil output remained relatively stable last month at 9.2 million barrels per day (bpd), with crude loadings holding steady at 4.68 million bpd.However, exports of Russian oil products saw a decline of 110,000 bpd, falling to 2.55…

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India should boost its petrochemicals production to meet local demand and counter China’s growing global lead in the sector, a senior executive at India’s top private refiner, Reliance Industries, said on Friday.India needs to bolster its petrochemicals presence as China is taking over “the entire petrochemical industry”, Vikram Sampat, senior vice-president, strategy and business development, for the polyester chain at Reliance Industries, said at an industry conference, as carried by Reuters.China’s petrochemicals expansion has created a surplus on the market in the past year, reducing global margins.India’s petrochemicals demand is set to surge with robust economic growth in the country.Demand…

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The California Air Resources Board (CARB), the regulator charged with developing and enforcing new regulations requiring large companies to disclose their value chain emissions and report on climate-related financial risks, announced the release of a new publication of frequently asked questions (FAQ), aimed at providing an update on its regulatory development for the new regulations, and on guiding companies preparing to submit their first climate-related financial risk reports by the regulation’s January 1, 2026 deadline. The new regulations include the “Climate Corporate Data Accountability Act,” originally introduced as SB 253, and the “Climate-Related Financial Risk Act,” introduced as SB 261,…

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ADNOC Gas PLC will supply Germany’s state-owned SEFE Securing Energy for Europe GmbH 700,000 metric tons a year of liquefied natural gas (LNG) for three years starting 2025, the companies said Thursday. Abu Dhabi National Oil Co.’s gas processing and sales arm will source the LNG from the Das Island liquefaction facility, which has a capacity of six million metric tons per annum (MMtpa). The contract is valued about $400 million. “Das Island’s LNG plant has shipped over 3,500 LNG cargoes worldwide since starting operations in 1977, strengthening ADNOC Gas’ long-term relationships with key global energy partners”, a joint statement…

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