Author: omc_admin

(BOE Report)– The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said in statement. “Treasury will continue to target Tehran’s revenue sources and intensify economic pressure to disrupt the regime’s access to the financial resources that fuel its destabilizing activities,” Treasury…

Venture Global on Thursday announced the execution of a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG, a subsidiary of the Malaysian state-owned oil and gas company, PETRONAS. Under the terms of the SPA, PETRONAS will purchase 1 million tonnes per annum (MMtpa) of liquefied natural gas (LNG) from Venture Global’s third facility, CP2 LNG, for 20 years. This builds upon Venture Global’s existing agreement with PETRONAS for 1 MTPA of LNG supply from Plaquemines LNG. PETRONAS joins other CP2 LNG customers in Europe, Asia and the rest of the world in a strategically important project…

National Ocean Industries Association (NOIA) President Erik Milito issued the following statement on Thursday as the One Big Beautiful Bill Act (OBBBA) heads to U.S. President Trump’s desk for signature: “This is a major milestone for the Gulf of America,” Milito said. “With President Trump’s signature, OBBBA will restore certainty to the offshore oil and gas leasing process, bringing back the predictability that unlocks investment, protects affordable energy, and strengthens our national security.“Energy security is national security. And energy affordability impacts every American household. When Gulf of America lease sales disappear, so do the jobs, investment, and energy…

Bouncing from Strong Support Support around last week’s swing low was marked by the confluence of an AVWAP line starting from the April trend low, the neckline breakout level of a double bottom that subsequently formed (prior resistance becomes support), and a rising trendline that is the bottom of a trend channel. A reversal from one side of the channel opens the door to the possibility of reaching the other side. Nevertheless, the presence of the channel increases the chance that lower targets may be reached. Trend Points Higher A decisive rally above $68.34 will trigger a bullish continuation, while…

(World Oil)– Germany has given the green light for drilling as much as 13 billion cubic meters (Bbcm) of natural gas at a protected marine site in the North Sea in a controversial step to bolster energy security. The cabinet approved a bilateral agreement with the Netherlands on hydrocarbon deposits off the island of Borkum, according to a statement from economy minister Katherina Reiche. Explorer One-Dyas BV had already received approval from local authorities a year ago, but Reiche’s predecessor Robert Habeck — a Green politician — had been delaying national approval due to environmental considerations. The agreement between the…

Russia’s oil revenue in June slumped to a two-year low as global crude prices fell and the ruble strengthened, meaning each barrel brought fewer rubles to the Kremlin.  Proceeds from the oil industry shrank by almost 30% to 415.6 billion rubles ($5.27 billion), according to Bloomberg calculations based on Finance Ministry data published Thursday. That’s the lowest since June 2023. Russia’s combined revenue from oil and gas taxes fell by a third compared with a year earlier, to almost 495 billion rubles, the calculations show. That’s the lowest since January 2023. A stronger currency means Russia and its oil producers…

Oil declined after Axios reported the US plans to restart nuclear talks with Iran, reducing the risk of another flare-up in the Middle East conflict. West Texas Intermediate crude slumped 0.7% to settle at $67 a barrel, while Brent settled below $69 after the news service said US Middle East envoy Steven Witkoff plans to meet with Iranian Foreign Minister Abbas Araghchi in Oslo next week. That followed a statement from Iran’s top diplomat that the country would continue to engage with the UN’s nuclear watchdog. Crude prices have been buffeted by geopolitical events in recent weeks, first surging after…

TVs are sold in many sizes, but 65-inch models are among the most popular. This size often hits just the right sweet spot for a lot of spaces, and brands typically use 65 inches as the premier size for their flagship displays. However, performance can vary a lot depending on the specific model you buy. That’s why I’ve conducted hands-on tests to select the best 65-inch TVs available.The Samsung S90D 4K TV earns my highest recommendation overall. Thanks to its OLED panel and quantum dot technology, it delivers stunning contrast and vibrant colors. But if that’s too pricey, the Roku Plus…

(Oil Price)– The Trump Administration has rescinded licensing requirements for U.S. exporters of ethane to China, paving the way to restoring the trade that was upended by the tariff row with Beijing.   The U.S. Department of Commerce’s Bureau of Industry and Security rescinded on July 2 the license requirements set forth in a previous regulation from June 3, ethane producer and exporter Energy Transfer said in an SEC filing. Last month, the U.S. federal government asked Energy Transfer and Enterprise Products Partners to secure a license in order to continue exporting ethane to China. All U.S. ethane exports to China come from…

Seatrium Limited has been awarded a Floating Storage Regasification Unit (FSRU) conversion contract from Kinetics, an energy transition initiative by global floating power leader Karpowership.  This award follows Kinetics’ confirmation of the option for a fourth FSRU conversion project with Seatrium, announced in April 2024, the award of three LNG Carrier (LNGC) conversions into FSRUs for the company, with an option for a fourth project. While Kinetics is on track to become one of the major owners of floating LNG assets globally, Karpowership—the initiator behind its launch—operates an extensive portfolio of Powerships and land-based power plants.  Scheduled to…