Author: omc_admin

The U.S. Treasury Department has unleashed a sweeping wave of sanctions targeting a sprawling network of companies and individuals accused of facilitating Iranian oil and petrochemical exports in violation of existing sanctions. The action, announced Friday, strikes at the financial and logistical infrastructure underpinning Iran’s shadow energy trade—particularly its crude exports to Asia.At the center of the designations is Nasser Zarrin Ghalam and Partners Company, based in Tehran, which U.S. authorities say orchestrates illicit petroleum transactions through a web of front companies. Dozens of these entities are registered in Hong Kong, the United Arab Emirates, and Iran, often using aliases…

President Donald Trump’s push to dramatically increase nuclear power in the U.S. will require a tremendous amount of fuel, but the country remains heavily dependent on foreign state-owned companies for its supplies, the CEO of the only publicly traded uranium enricher in the world told CNBC.”There’s barely enough Western enrichment, if at all, to satisfy existing operating plants,” Centrus Energy CEO Amir Vexler said in an interview. “If the nuclear industry is to add all this generation capacity, there will have to be a tremendous amount of enrichment capacity that’s added.”Trump issued a series of executive orders on nuclear power…

Vermilion Energy Inc. has entered into a definitive agreement for the sale of its U.S. assets for cash proceeds of ~$88 million ($120 million CAD). Proceeds from the transaction will go towards debt repayment to further accelerate deleveraging efforts and strengthen the company’s balance sheet, Vermilion stated.  The assets consist of approximately 5,500 boed (81% oil and liquids) of production and approximately 10 MMboe of proved developed producing reserves estimated as evaluated by McDaniel & Associates Consultants Ltd. as of December 31, 2024. The transaction has an effective date of January 1, 2025 and is anticipated to close…

The fuel economy standards issued under former President Biden exceeded legal authority, the U.S. Department of Transportation said on Friday.Under the so-called Corporate Average Fuel Economy Program (CAFE), the Biden Administration included electric vehicles (EVs) in calculating fuel economy regulations.Now the Trump Administration published a ‘Resetting the Corporate Average Fuel Economy Program’ rule, in which it declared that the Biden-era rule and rule-making exceeded legal authority.Last month, Transportation Secretary Sean Duffy announced the National Highway Traffic Safety Administration (NHTSA) had submitted the interpretive rule for review.“This is a key step towards reversing the prior administration’s illegal interpretation of CAFE standards…

Vermilion Energy Inc. has entered into a definitive agreement for the sale of its U.S. assets for cash proceeds of ~$88 million ($120 million CAD). Proceeds from the transaction will go towards debt repayment to further accelerate deleveraging efforts and strengthen the company’s balance sheet, Vermilion stated.  The assets consist of approximately 5,500 boed (81% oil and liquids) of production and approximately 10 MMboe of proved developed producing reserves estimated as evaluated by McDaniel & Associates Consultants Ltd. as of December 31, 2024. The transaction has an effective date of January 1, 2025 and is anticipated to close…

The first round of partner selection for the planned Alaska LNG project attracted over 50 companies, lead developer Glenfarne Group LLC has said. The potential partners are from the United States, the European Union, Japan, Korea, Taiwan, Thailand and India. The companies “expressed interest for over $115 billion of contract value for various partnerships with the Project, including equipment and material supply, services, investment, and customer agreements”, Glenfarne said in an online statement. Alaska LNG, approved by the Federal Energy Regulatory Commission May 2020, will deliver natural gas from the state’s North Slope to both domestic and global markets. It…

HSBC’s forecast that Brent Crude prices would remain around $65 per barrel later this year could be too optimistic as OPEC+ continues to raise production, which will result in a bigger-than-expected surplus after the summer ends.“Our new scenario assumes regular hikes from October to December and leaves the 2.2mbd of voluntary cuts fully unwound by the end of 2025,” the bank said in a note on Friday carried by Reuters.OPEC+ producers have just said they would boost July production by another 411,000 barrels per day (bpd), citing “current healthy oil market fundamentals and steady global economic outlook.”According to HSBC, the…

In its latest gasoline and diesel fuel update, which was released on June 3, the U.S. Energy Information Administration (EIA) showed a declining price trend for U.S. regular gasoline and U.S. on-highway diesel fuel. According to that update, the U.S. regular gasoline price averaged $3.173 per gallon on May 19, $3.160 per gallon on May 26, and $3.127 per gallon on June 2. The June 2 price was $0.389 less than the year ago price, the update outlined. The update showed that the U.S. on-highway diesel fuel price averaged $3.536 per gallon on May 19, $3.487 per gallon on May…

Global management consulting firm Bain & Company and supply chain decarbonization intelligence solutions startup Terralytiq announced the launch of a new strategic partnership, aimed at enabling companies to optimize supply chains for carbon and costs, and to help deliver lower carbon products. Founded in 2023, Terralytiq provides a platform providing companies with transparency into industrial value chains, automating the collection of Scope 3 data to enable tracking of suppliers’ progress towards decarbonization goals. The company’s solutions enable users to calculate product carbon footprints and identify carbon hotspots, and helps generate initiatives considering cost and carbon impact to enable sustainable procurement.…

The US is using its dominance of a niche petroleum gas as a bargaining chip in its trade war with China. America supplies China with almost all of its ethane, a product of the shale boom that’s used as a building block for making plastics. But the commerce department is now ordering shippers to apply for export licenses, and has told at least one, Enterprise Products Partners LP, that it intends to withhold permits for three China-bound cargoes. The trade war is throwing a spotlight on how the US and China rely on each other for certain commodities — dependencies that both…