Author: omc_admin
WASHINGTON (AP) — A key U.S. inflation gauge slowed last month as President Donald Trump’s tariffs have yet to noticeably push up prices, while American incomes jumped. Friday’s report from the Commerce Department showed that consumer prices rose just 2.1% in April compared with a year earlier, down from 2.3% in March and the lowest since September. Excluding the volatile food and energy categories, core prices rose 2.5% from a year earlier, below the March figure of 2.6%. Economists track core prices because they typically provide a better read on where inflation is headed.The figures show inflation is still declining…
Tankers carrying Iranian crude to China are turning off their trackers, Kpler has reported, as cited by Bloomberg, as the threat of new U.S. sanctions looms large despite ongoing nuclear deal negotiations.“Ship-to-ship transfers have been used to mask the origin of those cargoes,” a Kpler analyst told the publication. “Now they’re switching signals off for longer, so that it’s now even harder to trace those flows back to the source, which is Iran,” Muyu Xu also said.The U.S. State Department earlier this month rolled out another round of sanctions targeting an Iranian oil smuggling network allegedly responsible for funneling billions…
ABUJA, Nigeria (AP) — Torrents of predawn rain unleashed flooding that killed at least 111 people in a market town where northern Nigerian farmers sell their wares to traders from the south, officials said Friday as they predicted that the death toll would grow. The Nigerian Hydrological Services Agency did not immediately say how much rain fell after midnight Thursday in the town of Mokwa, which sits in the state of Niger more than 180 miles (300 kilometers) west of Abuja, capital of Africa’s most populous nation. Communities in northern Nigeria have been experiencing prolonged dry spells worsened by climate…
Eni SpA has signed an agreement with Côte d’Ivoire’s Agriculture Ministry to explore the potential of cultivating biofuel crops in the West African country. The memorandum of understanding “aims to enhance the rubber (hevea) supply chain and to assess the introduction of oilseed crops on marginal and degraded lands, thereby contributing to the country’s sustainable agricultural development without competing with food production and forest ecosystem”, the Italian state-backed energy major said in an online statement. Eni said an existing project in collaboration with the Ivorian Federation of Rubber Producers is already “enabling the valorization of rubber residues – a crop widely…
Crude oil prices are set for another weekly decline following news that OPEC+ was planning to boost production by another 411,000 barrels daily in July. Meanwhile, a court ruling that blocked Trump’s tariffs has been paused after the White House appealed the decision.At the time of writing, Brent crude was trading at $63.84 per barrel, with West Texas Intermediate at $60.67 per barrel, both slightly down on Thursday but higher than the start of the week.Earlier this week, a trade court ruled that President Trump had exceeded his authority in imposing sweeping tariffs on all U.S. trade partners, noting the…
OMV AG has made a final investment decision to proceed with the construction of an electrolysis facility in Bruck an der Leitha, Lower Austria. The 140-MW electrolyzer – a facility that splits water molecules into hydrogen and oxygen through electricity – is planned to produce up to 23,000 metric tons a year of green hydrogen. Expected to start production 2027, the project will use wind, solar and hydro power. It would be the biggest European electrolytic facility to produce renewable hydrogen, OMV said. Hydrogen produced through electrolysis that runs on renewable power is called green or renewable. On June 30 OMV announced…
OKEA ASA and its partners in production license 055 have made a discovery that is estimated to hold 300,000 to 2.8 million barrels of recoverable oil equivalent along the eastern flank of the already producing Brage field on Norway’s side of the North Sea. The discovery was made in the southern part of the Prince prospect in wildcat well 31/4-A-23 G. Well 31/4-A-23 F, in the northern part of the Prince prospect, turned up dry. “The licensees will now assess the deposit as part of the further development of the Brage field”, the Norwegian Offshore Directorate said in an online statement.…
(Oil & Gas 360) – Donald Trump made a trip to the Middle East, and clearly, he is reorganizing the world. He strengthened US relations with Saudi Arabia and made commercial agreements with Qatar and the United Arab Emirates. Agreements with Saudi Arabia involved large arms purchases and financial commitments by the US and Saudi Arabia with each other, and large commitments to the development of AI research and development in both countries. Trump gave a speech which emphatically made the point that US policy is focused on establishing and maintaining peace if possible. Another clear point from this trip…
Eni S.p.A.’s renewables arm, Plenitude, has signed an agreement with Marelli Holdings to build three photovoltaic plants and an Energy Community. Eni said in a media release that the facilities will be located at Marelli’s production sites in Melfi (Potenza), Sulmona (L’Aquila), and Turin, with a total capacity of 5.4 megawatts-peak (MWp). The projects will be carried out under an EPC (Energy Performance Contract) model, allowing Marelli to obtain renewable energy at a fixed cost without any initial investment, Eni said. At the Melfi site, Plenitude has designed an Energy Community for Marelli under the Individual Remote Self-Consumption (AID) configuration.…
Tokyo and Beijing are closing in on a deal to allow Japanese seafood exports to resume following 2023 ban.China and Japan are closing in on a deal that would see the return of Japanese seafood imports to the Chinese market following a nearly two-year trade ban. Tokyo said on Friday that the two sides are finalising details following a successful meeting in Beijing this week. Japan’s Chief Cabinet Secretary Yoshimasa Hayashi told reporters that officials had “reached an agreement on the technical requirements necessary to resume exports of fishery products to China”. “Exports to China will resume as soon as…