Author: omc_admin

The détente between two of the world’s most powerful men did not hold.After their very public fallout over President Donald Trump’s Big, Beautiful Bill in early June, Elon Musk, the former face of DOGE, softened his tone on the president. Musk deleted several posts on X, and Trump also simmered the war of words.The Tesla CEO restarted his posting spree on X, however, after the Senate narrowly cleared a procedural vote on the spending bill over the weekend. By Tuesday, when the Senate ultimately passed its version of the Big, Beautiful Bill, the feud was back in full swing.From the…

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said crude oil prices are back at $67 per barrel and are likely to remain around that level.Speaking at the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI), Puri also said India increased biofuel blending and is sourcing crude oil from 40 countries as against 27 earlier. He said when the tensions were at their peak in the Gulf region recently, many tried to be alarmist about the crude oil prices moving northwards.”I said nothing will happen. Oil prices sahi rahenge (will remain stable). Don’t…

New Delhi: India’s liquefied natural gas (LNG) truck population is projected to grow from around 700 trucks in FY24 to nearly 2 lakh by 2040 under the Petroleum and Natural Gas Regulatory Board’s (PNGRB) Good-to-Go (GtG) scenario and to 5 lakh in a high-growth Good-to-Best (GtB) scenario. In contrast, China has already crossed 8 lakh LNG trucks with a network of 6,000 refuelling stations.According to the demand assessment study conducted by PNGRB, India is aiming to transition one-third of its long-haul trucking fleet to LNG over the next 15 years to reduce diesel consumption and lower carbon emissions in the…

New Delhi: Petrol sales in the country grew by 6.43 per cent year-on-year to 3,508 thousand metric tonnes (TMT) in June 2025, from 3,296 TMT in June 2024, while diesel consumption rose by 1.23 per cent to 8,081 TMT from 7,982 TMT in the same period, data from the Petroleum Planning and Analysis Cell (PPAC) showed.LPG consumption recorded a double-digit growth of 10.16 per cent during the month to 2,642 TMT from 2,399 TMT in the year-ago period. On a two-year basis, LPG demand grew 15.93 per cent and surged 48.90 per cent compared to June 2019 levels, according to…

(Oil Price)– Kazakhstan’s crude oil output jumped 7.5% in June to 1.88 million barrels per day (bpd), matching the country’s all-time high set in March, according to figures leaked to Reuters. This puts Kazakhstan well over its official OPEC+ quota of 1.5 million bpd, and continues a pattern of months-long noncompliance that’s frustrating the group’s core members—especially Saudi Arabia. Total oil and condensate production rose to 2.15 million bpd in June, up from 2.02 million in May. Most of the increase came from Tengiz—the Chevron-led mega-field—where output surged from 813,200 bpd in May to 953,000 bpd in June. Chevron began a $48…

(Investing) – BUENOS AIRES -A dramatic ruling by a U.S. court ordering Argentina to hand over the 51% stake it holds in state energy firm YPF has cast a shadow over the country’s plans for its huge Vaca Muerta shale formation and hopes to return to global markets. U.S. District Judge Loretta Preska said on Monday that Argentina must transfer its YPF shares within 14 days to partially satisfy an earlier $16.1 billion court judgment against the country over its 2012 nationalization of the firm. The government of pro-market libertarian Javier Milei said it would appeal the ruling to “defend national…

Cunningham Natural Resources Corp. (CNRC) have announced that Aruna Holdings LLC has acquired an eighty percent (80%) ownership interest in the company. The landmark deal includes a change of name to Surya Oil and Gas Corp. (SOGC), a New Board of Directors and Management Team, and the licensing and deployment of Surya Energy Services’ proprietary breakthrough Kubera™ technology.  With Aruna Holdings’ participation comes its association with Surya. Surya’s Kubera™ technology provides advanced hydrocarbon detection for operators globally, redefining drilling efficiency with the success rates for new well drilling at up to 95% effective. Following an in-depth initial review of…

(Investing.com)– HOUSTON -A U.S. court has completed a second bidding round in a auction of shares in the parent of Venezuela-owned Citgo Petroleum after at least three consortia submitted revised bids in June, raising creditors’ hopes of receiving payment for some of Venezuela’s outstanding debt. The court-organized auction for the seventh-largest U.S. refiner stems from an eight-year-old case that Canadian miner Crystallex initiated in Delaware against Venezuela. The federal court found Citgo’s parent, PDV Holding, liable for Venezuela’s debts and past expropriations, paving the way for over a dozen other creditors to pursue compensation of nearly $19 billion. The second…

The U.S. Senate on Tuesday voted to narrowly approve President Trump’s $3.3 trillion tax and spending package dubbed the ‘One Big Beautiful Bill.’ U.S. energy associations including the API, IPAA, NOIA and EWTC issued separate statements acknowledging the Senate’s decision as a victory for the U.S. oil and gas industry.  “We applaud the Senate for passing the One Big Beautiful Bill to bolster America’s energy advantage and support economic growth,” said American Petroleum Institute (API) President and CEO Mike Sommers. “This historic legislation will help usher in a new era of energy dominance by unlocking opportunities for investment,…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, this time by 680,000 barrels in the week ending June 27 after analysts had estimated a 2.26-million-barrel draw. The build ends a series of API-reported draws over the last five weeks that total more than 22 million barrels—an unprecedented drop in US inventories not seen in recent history.Yet so far this year, crude oil inventories are up 4 million barrels, according to Oilprice calculations of API data.Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum…