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Germany, Lower Saxony, Grohnde, Grohnde Nuclear Power Plant.Westend61German start-up Proxima Fusion on Wednesday announced it had raised 130 million euros ($148 million) in a record funding round, with investors hopeful the company can soon develop the world’s first commercial nuclear fusion power plant.The Series A financing round, which was co-led by investors Cherry Ventures and Balderton Capital, represents the largest private fusion investment round in Europe to date.The buzz around nuclear fusion has kicked into overdrive in recent years. Advocates say the technology, which is the process that powers the sun and stars, can play a pivotal role in the…

New Delhi: The United States is likely to see its oil production fall by 640,000 barrels per day (bpd) by the end of 2026 from mid-2025 levels, according to S&P Global Commodity Insights, which cited a weaker demand environment and an oversupplied global market as key drivers.S&P Global’s latest Global Crude Oil Markets Short-term Outlook projects US oil production to average 13.34 million bpd in 2025, a growth of 131,000 bpd over the previous year, but 122,000 bpd lower than its earlier forecast. Production is expected to decline to 12.96 million bpd in 2026, marking the first year-on-year drop since…

ADNOC Gas PLC on Tuesday said it had approved phase one of the Rich Gas Development (RGD) project in the United Arab Emirates and awarded $5 billion worth of contracts. “The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore)”, Abu Dhabi National Oil Co.’s gas processing and sales arm said in an online statement. “The company intends to take FIDs [final investment decisions] on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of…

(Bloomberg) – The U.S. sees domestic crude production declining next year for the first time since 2021 in a blow to U.S. President Donald Trump’s push for American energy dominance. Output is now expected to slip to 13.37 million bpd in 2026 from about 13.42 million bpd from 2025, according to the Energy Information Administration’s Short-Term Energy Outlook released Tuesday. The production forecast for next year represents a drop of 120,000 bpd from the agency’s previous projections in May. Trump has said American oil producers would “drill, baby, drill” and declared an energy emergency early in his second…

General Motors will be investing $4 billion in new manufacturing capacity for internal combustion engine vehicles, signaling cooling interest in electric cars. The investment will be spread over two years.“The new investment will give GM the ability to assemble more than two million vehicles per year in the U.S.,” the company said in its news release, saying the investment move is a response to “continued strong demand” for full-size SUVs and light-duty pickup trucks.The decision to expand ICE vehicle manufacturing seems like a departure from plans to become an all-EV maker, which GM had earlier said it wants to do…

The European Union proposed a ban on the Nord Stream gas pipelines and the reduction of an oil price cap as part of a new sanctions package that aims to pile pressure on Moscow to end its war against Ukraine.  “Russia’s goal is not peace – it’s to impose the rule of might,” European Commission President Ursula von der Leyen told reporters in Brussels Tuesday. “Therefore we are ramping up pressure on Russia because strength is the only language that Russia will understand.”  The 27-member bloc is stepping up measures aimed at Russia in the fourth year of its war in…

India’s state-run refiners are planning to order 10 domestically-built vessels to transport fuels around the country as the government pushes ahead with its ambition to expand the shipbuilding industry. Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to jointly issue a tender later this year for the medium-range tankers, according to people familiar with the matter who asked not to be identified because the information isn’t yet public. The proposal could be valued at as much as $600 million, and will require delivery to start by 2028, they said. The South Asian nation is seeking to bolster…

Crude oil prices moved lower earlier today even after the latest round of talks between the United States and China on trade yielded positive results, as traders adopted a wary stance on the news.At the time of writing, Brent crude was trading at $66.82 per barrel and West Texas Intermediate was changing hands for $65 per barrel, after U.S. and Chinese government officials said they had agreed on easing export restrictions and devising a framework for the resolution of their trade conflict.“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce…

EIVA and Terradepth have announced a partnership to streamline subsea data workflows by integrating Terradepth’s Absolute Ocean platform with EIVA’s NaviSuite software. The collaboration automates the entire subsea-to-client data workflow, providing expert insight to non-expert users, enabling faster decisions, immediate access and dramatically reduced turnaround times, the companies said in a joint statement.  “By combining the robust processing and acquisition capabilities of NaviSuite with the powerful, cloud-based data management, 3D visualization, and collaboration features of Absolute Ocean, we’re enabling a smarter, more connected offshore workflow,” said Christian Thomsen, CEO of EIVA. “This partnership reflects our commitment to innovation…

Engineers are not an endangered species, according to GitLab’s CEO, William Staples.On an earnings call for the code management software company on Tuesday, Staples said AI coding assistants will increase the number of engineers because people can now code without advanced technical skills.”There’s a raging debate about this, and I think a lot of it is borne out of anxiety about the future by engineers,” Staples said. Staples said throughout his 30-year career, he has seen advances in productivity that appear to make engineering skills less necessary.”This one is definitely stronger than other times because of the power of AI,”…