Author: omc_admin

OPEC+ members are discussing making a third consecutive oil production surge in July, to be decided at the group’s meeting in just over a week, delegates said. An output hike of 411,000 barrels a day for July — triple the amount initially planned — is among options under discussion, although no final agreement has yet been reached, said the delegates, asking not to be named because the information is private. A final decision is due to be taken at a gathering on June 1. The cartel has helped sink crude prices since announcing 411,000-barrel hikes for May and June —…

Lawmakers in the European Parliament voted 564 – 20 today to approve proposed changes to approve proposed changes to the Carbon Border Adjustment Mechanism (CBAM), the EU’s carbon tax on imported goods, which would exempt the vast majority of importers from the CBAM rules, while allowing the mechanism to continue to cover nearly all emissions from imports across key carbon-intensive sectors. The proposed changes form part of the European Commission’s Omnibus I package, launched in February 2025, aimed at significantly reducing the sustainability reporting and regulatory burden on companies. Many of the most significant measures proposed by the Omnibus package…

According to Gartner, half of all supply chain software could be run by AI agents by the end of the decade. At this week’s Gartner Supply Chain Symposium/Xpo in Barcelona, analysts said AI is quickly shifting from a tool that supports decision-making to one that makes decisions on its own. What’s RelatedOne of the key takeaways was the rise of what Gartner calls agentic AI—a network of smart AI assistants that can handle supply chain tasks without constantly needing someone to guide them. These agents could buy materials, adjust inventory, respond to demand changes, and even suggest new business models.…

In a release posted on its website this week, Ithaca Energy announced that it has signed a sale and purchase agreement to acquire an additional 46.25 percent stake in the Cygnus gas field from Spirit Energy for a purchase price of GBP 116 million ($155.8 million). The deal is based on an effective date of January 1, 2025, and is subject to North Sea Transition Authority (NSTA) consent, Ithaca highlighted in the release, adding that the transaction will increase Ithaca Energy’s operated interest in Cygnus to 85 percent. Ithaca noted in the release that the deal is expected to add…

A Republican push to dismantle clean energy incentives threatens to reverberate across the US by costing more than 830,000 jobs, raising energy bills for US households and threatening to unleash millions more tonnes of the planet-heating pollution that is causing the climate crisis, experts have warned.A major tax bill passed by the Republican-held House of Representatives on Thursday morning will, as currently written, demolish key components of climate legislation signed by Joe Biden that has spurred a record torrent of renewable energy and electric vehicle investment in the US.Under the reconciliation bill, tax credits for cleaner cars will end this…

More hospitals want to bring care into the home, but many are missing the technology to support that shift. Axle Health is building AI that can help.Before launching Axle Health, CEO Adam Stansell helped launch Uber Eats in the northeastern US, coordinating food-delivery logistics in the new market. He later joined Motive, a logistics software company for trucking fleets.In 2020, when hospitals were scrambling to enable hospital-at-home care during the pandemic, Stansell, his cofounder Connor Hailey, and some of Stansell’s former Uber colleagues set out to create the same intelligence infrastructure for healthcare that the gig economy had built for…

Sergey Brin just gave away stock worth almost $700 million — but we don’t know who to.The Google cofounder transferred just over 4 million Alphabet shares, according to a Securities and Exchange Commission filing Wednesday.Brin is 10th on the Bloomberg Billionaires Index with a net worth of about $144 billion. He’s behind the likes of Elon Musk, Mark Zuckerberg, and Jeff Bezos, and ahead of Michael Dell and Jensen Huang.The gift was split between Class A and Class C stock. Each A share carries one vote, while C stock have no voting rights.A stock closed at $168.56 on Wednesday, and…

Iraq’s government has signed a deal with Chinese Geo-Jade Petroleum to expand production at the Tuba oil field, build a refinery and two power plants.Per an AFP report, the deal will also involve the construction of a petrochemicals facility and a fertilizer plant. The refinery that Geo-Jade Petroleum will build will have a capacity of 200,000 barrels daily. One of the power plants will have a capacity of 650 MW and the other, a solar power facility, will have a capacity of 400 MW.“These projects with Geo-Jade represent a big leap in the development of Iraq’s oil wealth and supporting…

Carbon removal provider Exomad Green announced a new deal with Microsoft, with the tech giant agreeing to purchase at least 1.24 million tonnes of carbon removal credits over ten years, generated from Exomad Green’s biochar projects in Bolivia. The transaction marks the largest-ever biochar carbon removal purchase agreement globally, and one of the largest durable carbon dioxide removal (CDR) agreements of any type to date, according to Exomad Green. The agreement also integrates digital Monitoring, Reporting and Verification (dMRV) from CDR data solutions provider Carbonfuture to track and verify the carbon removed under the deal. The transaction follows an earlier…

SCARBOROUGH, Maine (AP) — An unusual May nor’easter soaked New England on Thursday and threatened to bring snow to higher elevations as the states prepared for the Memorial Day holiday weekend.Nor’easters usually arrive in the end of fall and winter and bring high winds, rough seas and precipitation in the form of rain or snow. This week’s nor’easter could bring wind gusts over 40 mph (64 kph) and up to 2 inches (5 centimeters) of rain in some areas. Forecasters said snow was possible in the mountains of Maine and New Hampshire.The storm brought dark skies to New England during…