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However, the market turned cautious as the 90-day pause on higher U.S. tariffs is set to expire on July 9 without fresh trade deals with major partners like the EU and Japan, adding uncertainty to the demand outlook. At 09:56 GMT, Light Crude Oil Futures are trading $66.75, down $0.70 or -1.04%. OPEC+ Output Hike May Add to Supply Pressures Traders are positioning for the OPEC+ meeting this weekend, where the alliance is expected to approve an output increase of 411,000 barrels per day. This potential supply boost arrives as crude sits near technical support at the 200-day moving average…
The Trump Administration has rescinded licensing requirements for U.S. exporters of ethane to China, paving the way to restoring the trade that was upended by the tariff row with Beijing.The U.S. Department of Commerce’s Bureau of Industry and Security rescinded on July 2 the license requirements set forth in a previous regulation from June 3, ethane producer and exporter Energy Transfer said in an SEC filing.Last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 two terminals on…
TIRANA, Albania (AP) — The Western Balkans faces a severe drought after a heatwave hit the region, disrupting daily life and creating issues with agriculture and power. Temperatures on Thursday in central Albania reached 40 degrees Celsius (104 degrees Fahrenheit) and meteorologists warned there would be scarce rain until September. Rivers are almost dry due to a lack of rainfall during winter and spring.The soaring temperatures have pushed Albanian authorities to assist the local agriculture with irrigation networks. A project to take water from the northern Mat river to help some 4,000 hectares (9,885 acres) of agricultural land in the…
The Luxembourg Stock Exchange (LuxSE) announced the launch of the Transition Finance Gateway, a new online platform offering aimed at enabling investors to access climate transition data on non-financial corporate debt issuers. The new platform aims to improve clarity, comparability, harmonization, and transparency for investors on the climate transition-related performance of over 500 LuxSE-listed non-financial corporate debt issuers across both conventional and sustainable bonds. It consolidates data from four internationally recognized providers: CDP, the Net Zero Tracker, the Science-Based Targets Initiative (SBTi), and the Transition Pathway Initiative (TPI) Centre. John Lang, Project Lead at the Net Zero Tracker, said: “The…
Russia has been building closer ties with Myanmar’s military junta, which seized power in 2021 by toppling the elected government of Nobel peace prize winner Aung San Suu Kyi.MOSCOW: Russia’s oil and gas revenue declined by 33.7% in June to 494.8 billion roubles ($6.29 billion) from the same month a year earlier, finance ministry data showed on Thursday, amid weak oil prices and a strengthening rouble.Revenue also fell by 3.5 per cent from May.Reuters expected the revenue to fall to 490 billion roubles, based on its own calculations.($1 = 78.7000 roubles) (Reporting by Darya Korsunskaya and Vladimir Soldatkin; Editing by…
A national security-focused VC fund, America’s Frontier Fund, is raising a large new fund, capitalizing on the sector’s support as the Trump administration rallies behind defense tech.The firm is raising up to $315 million for its first fund, called the Frontier Fund, according to a pitch deck viewed by Business Insider. In early 2023, the target for the fund was $500 million, per an SEC filing.The fund will consist of $140 million of private capital from limited partners and $175 million of government loans, according to the deck. The fundraise hasn’t closed yet, and the terms of the deal could…
A Columbia grad who was one of Google’s youngest engineers and a serial entrepreneur who built hundreds of homes starting at age 16 have their sights set on disrupting the construction industry with AI.Roop Pal and Puneet Sukhija launched construction startup Bild AI in February and on Xday announced a $3.1 million seed round led by Khosla Ventures, with participation from Mission Street Capital, Ryan Sutton-Gee, and Ooshma Garg.Bild uses AI to read blueprints and estimate the materials and costs associated with a project. This is currently a timely and error-prone process done by hand, Pal said.The company, which consists…
In a report sent to Rigzone by the Standard Chartered Bank team late Tuesday, analysts at the bank, including the company’s commodities research head Paul Horsnell, revealed their projection for the next meeting of the eight OPEC+ countries that made additional voluntary cuts in April and November 2023, which is set for Sunday. “We expect ministers will continue the unwinding of the November 2023 tranche of cuts, increasing targets by 411,000 barrels per day for the fourth successive month,” the analysts said in the report. “We expect a further 411,000 barrel per day increase at the August meeting, which will…
Crude oil prices opened weaker today following Wednesday’s release of U.S. oil inventory data that confirmed API’s estimate of a build.Regardless of the fact that the build, at 3.8 million barrels as estimated by the EIA, followed several weeks of draws, it pushed prices lower in the last trading day before the July 4th weekend.At the time of writing, Brent crude was trading at $68.62 per barrel and West Texas Intermediate was changing hands for $67.01 per barrel, both down from Wednesday’s close.The trend could be reversed before too long, however, after the Dallas Fed confirmed the expected slowdown in…
Cooper Corporation has entered into a strategic partnership with Japan’s Sinfonia Technology to introduce India’s first CPCB IV+ certified 10 kVA LPG genset. The product, named ‘Daimon Genset’, will be manufactured in Satara, Maharashtra, and jointly marketed in India and overseas markets.The model, CSG-0010L-IN, will carry the name ‘Daimon’ in India and ‘Satara’ in Japan. It is powered by Cooper’s lean-burn gas engine, developed in collaboration with Ricardo, UK.Features include an Electronic Engine Management System, Isochronous Governing, and a compact V-Twin 2-cylinder engine. The genset runs on LPG and complies with India’s most recent emission standards.Strategic emphasis on global marketsThe…