Author: omc_admin

Supply ship visits wind farm near Norfolk, U.K.PA Images via Getty Images Like a 180-degree shift in the winds, the Department of Interior on Monday reversed its order from April for Norwegian energy giant Equinor to halt work on the $5 billion Empire Wind project. The venture – which will feature dozens of turbines dotting 80,000 acres of Atlantic Ocean 15 miles southeast off Long Island, New York – had been in limbo for weeks, and was costing Equinor $50 million a week to keep 10 ships floating on site. Now they can get back to work. In a statement…

New Delhi: Trucks accounted for 64.2 per cent of the total diesel sold at retail outlets, while two-wheelers consumed 59 per cent of petrol, according to an all-India study conducted by CRISIL Infrastructure Advisory for oil marketing companies and the Petroleum Planning and Analysis Cell (PPAC).The study, based on surveys at 3,000 high-diesel-selling retail outlets across 212 districts in 20 states and two union territories, aimed to assess the end-use consumption pattern of petrol and diesel. The retail outlets surveyed covered approximately 17 per cent of total high-speed diesel (HSD) sales and around 9 per cent of petrol sales in…

(Oil Price) – The decline in oil prices and the prevailing uncertainty about the economy, trade, and supply chains are accelerating the peak in U.S. oil production despite President Donald Trump’s ‘drill, baby, drill’ slogan. With the U.S. benchmark WTI crude prices at $60 per barrel, it’s mostly “hold, baby, hold” in the American shale patch, where output in the major basins except the Permian has already started to level off or drop. The U.S.-China 90-day tariff pause and the start of trade talks did little to erase the crash in oil prices from April, and even less to restore confidence or wipe…

MELBOURNE, Australia (AP) — Australia’s central bank on Tuesday reduced its benchmark interest rate by a quarter percentage for a second time this year, to 3.85% after inflation fell within a target range.The Reserve Bank of Australia reduced its cash rate from 4.1%. The reduction from 4.35% at its February board meeting was Australia’s first rate cut since October 2020.The rate cut was anticipated, although expectations had declined slightly after the United States and China agreed last week to cut back recent tariff hikes for 90 days, reviving stalled trade between the world two biggest economies. The bank adjusts interest…

( Oil Price) – Goldman Sachs analysts have revised their outlook for global oil demand upwards, now expecting growth of 600,000 barrels daily this year and 400,000 barrels daily in 2026. The bank, however, maintained its oil price forecast at $60 per barrel of Brent crude and $56 per barrel of West Texas Intermediate for this year, Reuters reported, citing a new note. Brent crude was trading at over $65 per barrel at the time of writing, and WTI was trading at over $62. Goldman’s analysts expect the benchmarks to fall further next year, to $56 for Brent crude and $52 for WTI. A big…

Sable Offshore has restarted production at the Santa Ynez Unit (SYU), offshore California, marking a major milestone for the development once owned by ExxonMobil. The Santa Ynez Unit was previously shut down in May 2015 after facing regulatory hurdles and a pipeline leak. Image: ExxonMobil Sable initiated the flow of oil production from six wells on Platform Harmony of the SYU to LFC at a rate of ~6,000 bopd. Sable has been testing wells on Platform Harmony throughout May 2025 and the well tests have performed consistently stronger than they did at the time of shut-in on May…

OpenAI is one of the most well-funded startups in history, raising a massive $40 billion round led by SoftBank earlier this year.But many investors have passed on the startup because it’s controlled by a nonprofit and is unable to offer “easy-to-understand” equity, the AI giant revealed in a recent letter to California’s attorney general.”Many potential investors in OpenAI’s recent funding rounds declined to invest,” the May 15 letter reads.”OpenAI’s recent attempts at securing funding have demonstrated the challenges posed by the organization’s existing structure,” it adds.OpenAI didn’t respond to a request for comment. The letter was first reported on by…

A Waymo autonomous vehicle drives along Masonic Avenue on April 11, 2022 in San Francisco, California. Justin Sullivan | Getty Images News | Getty ImagesAlphabet’s Waymo unit has received approval to expand its autonomous ride-hailing service to more parts of the San Francisco Bay Area, including San Jose.In March, the company submitted a request to the California Public Utilities Commission to gain approval for its latest passenger safety plan, a key step in gaining permission to operate driverless vehicles across a broader area. On Monday, the proposed expansion was approved, allowing for Waymo’s driverless coverage to extend from San Francisco down…

(World Oil) – Occidental and its subsidiary 1PointFive today announced an agreement with XRG, ADNOC’s investment company, to evaluate a potential joint venture to develop a Direct Air Capture (DAC) facility in South Texas. As part of the joint venture, XRG will consider investing up to $500 million for the development of a DAC facility designed to capture 500,000 tonnes of carbon dioxide per year. The Strategic DAC Framework Agreement was signed by Occidental President and CEO Vicki Hollub and ADNOC Group CEO Dr. Sultan Ahmed Al Jaber, during U.S. President Donald J. Trump’s state visit to the United Arab Emirates. The announcement follows…

AMARILLO— U.S. Secretary of Energy Chris Wright delivered keynote remarks today at the Department of Energy’s Pantex Plant in Amarillo, Texas, marking the completion of the first production unit of the B61-13 nuclear gravity bomb.The B61-13 is the latest modification to the B61 family of nuclear weapons and was completed nearly a year ahead of schedule and less than two years after the program was first announced, making it one of the most rapidly developed and fielded weapons since the Cold War. Under President Trump’s leadership, the Department is modernizing America’s nuclear stockpile to deliver peace through strength. The B61-13…