Author: omc_admin

By Irina Slav – May 21, 2025, 12:47 AM CDT Crude oil prices have significantly risen due to reports of a potential Israeli attack on Iranian nuclear facilities, as indicated by US intelligence. The possibility of an Israeli strike threatens to disrupt current US-Iran negotiations aimed at a new nuclear deal, potentially leading to a broader Middle Eastern conflict. There are varying perspectives within the US government regarding the likelihood of Israel following through with an attack, with the final decision potentially dependent on the outcome of Trump’s negotiations with Iran. Crude oil prices rose sharply earlier today following…

UK Prime Minister Keir Starmer has announced a “landmark deal” with the EU that lays the ground for closer collaboration with the bloc. Nearly nine years after the United Kingdom voted to leave the European Union, the new agreement includes a new security and defence pact, fewer restrictions on British food exporters and visitors, and a controversial new fishing agreement. Britain said the reset with its biggest trading partner would reduce red tape for agricultural producers, making food cheaper. The deal would also improve energy security and, by 2040, add nearly 9 billion pounds ($12.1bn) to the economy. While Starmer…

In a media blitz on Tuesday, Elon Musk spoke about his commitment to Tesla, his political spending, and the coming launch of Tesla’s robotaxi service in Austin.For months, the Tesla CEO has been deeply involved with the White House’s DOGE office. During that time, the company has faced protests and seen its stock slide. In March, he said his companies are suffering because of his government work.In a Tesla earnings call last month, Musk said he’ll scale down his involvement with DOGE to spend more time on Tesla.That message was on full display on Tuesday, after Musk hammered home his commitment to…

LONDON (AP) — Inflation in the U.K. spiked to its highest level for more than a year in April amid a raft of higher domestic bills, such as energy and water, official figures showed Wednesday.The Office for National Statistics said that its key measure of inflation, as measured by the consumer prices index, rose by 3.5% in the year to April, up from 2.6% in March.April’s rate was the highest since January 2024 and above expectations for a more modest increase to 3.3%. The scale of the rise was also the largest since October 2022, at the height of the…

Climate breakdown and wildlife loss are deepening the EU’s “chocolate crisis”, a report has argued, with cocoa one of six key commodities to come mostly from countries vulnerable to environmental threats.More than two-thirds of the cocoa, coffee, soy, rice, wheat and maize brought into the EU in 2023 came from countries that are not well-prepared for climate change, according to the UK consultants Foresight Transitions.For three of the commodities – cocoa, wheat and maize – two-thirds of imports came from countries whose biodiversity was deemed not to be intact, the analysis found.The researchers said the damage to food production by…

(BOE Report) – U.S. shale producer Continental Resources has filed a lawsuit against Hess Corp alleging that it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Net revenues for hydrocarbons from the wells, in which Continental holds a non-operating working interest, were far below market value due to excessive service fees paid to Hess Midstream Partners, the lawsuit said. “Hess Corp has transferred…

New Delhi: ExxonMobil, BP and Shell, three of the world’s largest oil companies, have held preliminary discussions with Oil and Natural Gas Corp (ONGC) for a potential partnership in the Indian state-run firm’s $5-billion deep-sea project in the KG basin, according to people familiar with the matter.ONGC’s KG-DWN-98/2 block off India’s eastern coast has faced prolonged delays and underperformance, prompting the PSU to seek partners with advanced capabilities to navigate the basin’s complex geology, the people said. The KG Block comprises several discoveries grouped into three clusters, with only Cluster 2 currently producing. Drilling CostThe KG Block comprises several discoveries…

Leaders from the American Petroleum Institute and National Ocean Industries Association today voiced their support of the U.S. National Marine Fisheries Service’s release of a new biological opinion for the Gulf of America/Gulf of Mexico. The decision comes in advance of a court-ordered deadline, thereby avoiding significant and immediate consequences for the U.S. energy sector.  “With a new biological opinion in place, the administration has helped ensure that the Gulf of America will remain the backbone of our nation’s energy supply,” said Holly Hopkins, API’s VP of Upstream Policy. “While we appreciate the administration’s prompt action, they inherited…

Following dialogue with regulators and federal, state, and city officials, the U.S. has lifted the stop-work order on the Empire Wind project, allowing construction to resume. Once complete, the offshore wind development will provide power for 500,000 New York homes, Equinor said in a statement.   “I would like to thank President Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the U.S.,” said Anders Opedal, President and CEO of Equinor ASA. “I am grateful to Governor Hochul for her constructive collaboration with the Trump Administration, without which…

Leaders from the American Petroleum Institute and National Ocean Industries Association today voiced their support of the U.S. National Marine Fisheries Service’s release of a new biological opinion for the Gulf of America/Gulf of Mexico. The decision comes in advance of a court-ordered deadline, thereby avoiding significant and immediate consequences for the U.S. energy sector.  “With a new biological opinion in place, the administration has helped ensure that the Gulf of America will remain the backbone of our nation’s energy supply,” said Holly Hopkins, API’s VP of Upstream Policy. “While we appreciate the administration’s prompt action, they inherited…