Author: omc_admin
OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equivalent to about 2.5% of global demand.Oil prices were steady on Tuesday as investors assessed a smaller-than-expected November output hike by OPEC+ against the backdrop of oversupply expectations.Brent crude futures fell 9 cents, or 0.14 per cent, to $65.38 a barrel by 1007 GMT. US West Texas Intermediate crude lost 10 cents, or 0.16 per cent, to $61.59. Both contracts settled up more than 1 per cent in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers,…
China Expands Strategic Oil Reserves as Stockpiling Accelerates In a move that may offer medium-term price support, China is expanding its strategic petroleum reserve (SPR) by 169 million barrels via 11 new storage sites. Though labeled “commercial,” the facilities—operated by state-owned firms like Sinopec and PetroChina—are widely seen as emergency stockpiles. This push reflects Beijing’s continued effort to secure supply and could absorb some excess global output in the near term, though it’s unlikely to offset bearish fundamentals completely. Falling Oil Prices Pressure Big Oil’s Buyback Pledges With Brent crude falling below $65 last week, oil majors are under pressure.…
North America’s total rig count remained unchanged week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on October 3. The total U.S. rig count and the total Canada rig count didn’t budge week on week, which meant the total North America rig count remained at 739 during the same period, comprising 549 rigs from the U.S. and 190 rigs from Canada, the count outlined. Of the total U.S. rig count of 549, 531 rigs are categorized as land rigs, 15 are categorized as offshore rigs, and three are categorized as inland water rigs.…
Kazakhstan will boost its crude oil exports to Germany next year after Kazakh national oil and gas company KazMunayGas extended a supply deal with Rosneft Deutschland, which has been under German trusteeship since 2022.Kazakhstan is supplying crude to the Schwedt refinery, the fourth-largest refinery in Germany, which used to process Russian oil before Germany cut off supplies from Russia. The Schwedt refinery, where Rosneft Deutschland is a majority shareholder, supplies 90% of the fuel needs of Germany’s capital city Berlin.Kazakhstan delivered 1.5 million tons of its crude to the Schwedt refinery in the first nine months of 2025, KazMunayGas said on Tuesday,…
The CEO of Shopify likes to go fast.During an interview on Stripe’s “Cheeky Pint” podcast, published Monday, Tobi Lütke said he enjoys trying out the hobbies of people he admires. He said he started racing cars after visiting the track with friends, for example, and “immediately fell in love” with it.The German-born entrepreneur has competed in the Rolex 24, a sports car endurance race held at Daytona in January, among other competitions.Lütke said he was surprised that motor racing stuck with him because he didn’t have a driver’s license for a time, after moving from Germany to Canada. The appeal…
About:Energy, a world-leading innovator in battery development software, today announced the launch of The Voltt – an all-new, web-based platform and toolset that enables engineers to virtually test and compare battery cells under real-world conditions. The Voltt platform represents a new capability built on About:Energy’s trusted, validated cell model library. With the business’ tried-and-tested model library The Voltt at its core, About:Energy’s dedicated new cloud platform is a standalone toolset dedicated to cell selection – with no need to plug into complex additional software. The new offering gives engineering teams the power to make cell selection – the most critical…
Dabhol was the most active delivery point for free-market gas, while Mallavaram led in ceiling-price gas trades.New Delhi: The Indian Gas Exchange (IGX) on Tuesday said it traded a record 40.7 million MMBtu of gas during the first half of FY26, registering a 72 per cent increase over the corresponding period last year.Of the total traded volume, 42 per cent was free-market gas while 58 per cent was domestic high-pressure high-temperature (HPHT) gas sold at the ceiling price. A total of 1,031 trades were executed during the six-month period, IGX said in a statement.The monthly contract accounted for 64 per…
The unprecedented marine heatwave of 2023 was in line with climate modelling, research shows, as scientists warn such events will become more frequent.The “unheard of” heatwave off the UK and Irish coasts during a summer of 40C temperatures raised concerns that fish, shellfish and kelp would not be able to survive.During the heatwave, temperatures in the shallow seas around the UK, including the North Sea and Celtic Sea, reached 2.9C above the June average for 16 days. The extended period of time put sea life at risk of death.A study by the University of Exeter, the Met Office and the…
China is building new oil storage sites as it stockpiles crude while it is cheap. This year and next will see a total of 11 new storage sites built across the country, Reuters reported today, noting that the combined capacity of the new sites would come in at some 169 million barrels.The amount is equal to two weeks’ worth of crude oil imports, Reuters also said. It compares to new oil storage capacity additions of between 180 and 190 million barrels for the period between 2020 and 2024, according to data from Vortexa and Kpler cited by the publication.China has…
US President Donald Trump, left, and Doug Burgum, US secretary of the interior, in the Oval Office of the White House in Washington, DC, US, on Monday, Oct. 6, 2025.Bloomberg | Bloomberg | Getty ImagesShares of U.S.-listed minerals explorer Trilogy Metals jumped as much as 205% in premarket trade on Tuesday, shortly after the White House said it would take a 10% stake in the Canadian company. The stock traded 185% higher in premarket deals at 9:33 a.m. London time (4:33 a.m. ET).The White House on Monday announced a partnership with Trilogy Metals as part of a push to unlock…