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(Oil Price) – Morgan Stanley joined other major investment banks in slashing oil price forecasts amid expectations of a larger market surplus later this year as OPEC+ plans to raise output much more than previously expected. Morgan Stanley cut its oil price forecasts for the remainder of the year, anticipating a bigger glut. The bank revised down its projection of Brent Crude prices to $62.50 per barrel in the third and fourth quarters of this year, down by $5 per barrel from the previous forecast. The market glut could reach 1.1 million barrels per day (bpd) in the second half of the year,…

As always with volatile markets, it’s important not to read too much into a single-day reversal.SourceTuesday’s rebound came after hitting four-year lows on Monday. The rally, driven by technical buying and bargain hunting, followed a selloff triggered by OPEC+’s decision to triple its production increase to 411,000 bpd in June. Traders capitalized on oversold conditions, with Brent’s $60 level acting as a psychological floor, prompting speculative long positions. Additionally, China’s robust post-Labour Day travel spending, up 8% year-on-year to $24.92 billion, fueled optimism for fuel demand, particularly in jet fuel and gasoline. However, this bounce reflects short-term market dynamics rather…

Ford presented its business figures for the first quarter and reports a 200 per cent increase in sales for its electric car division. As a result, turnover is also higher and the loss lower than a year ago. However, the loss still totals 850 million dollars. Ford’s electric car division is regaining some solid ground. Compared to the opening quarter of 2024, the Model e division now generated 1.2 billion dollars (+967 per cent) instead of 0.1 billion dollars and ‘only’ made an EBIT loss of 849 million dollars instead of 1.3 billion dollars. Sales were an important driver, but…

Dell is pushing for a flatter organizational structure with senior managers being asked to oversee larger teams, Business Insider has learned.Under the changes, vice presidents and above will be required to have at least 15 direct reports, and directors and senior managers will have 20 people reporting to them.”We continually evolve our business so we’re set up to deliver the best innovation, value and service to our customers and partners. This includes redefining how work gets done, with a flatter structure and fewer management layers so we can move faster in today’s AI-driven world,” a Dell spokesperson told BI. BI…

Coterra Energy is cutting back on its oil drilling in response to sagging crude prices and spending more on natural gas production — but that move, announced alongside first-quarter results, is being overshadowed by some operational concerns and leading to a stock sell-off Tuesday. Revenue in the first quarter increased 33% year over year to $1.9 billion, short of the $1.97 billion consensus estimate, according to LSEG. Adjusted earnings per share of 80 cents in the three months ended March 31 matched expectations, LSEG data showed. On an annual basis, adjusted EPS increased 56.9%. Free cash flow of $663 million…

Vietnamese EV maker VinFast has launched a small electric bus called EB 6 in its home market, expanding its range of zero-emission commercial vehicles. The company says the new model is suitable for use in the city but also on interstate routes. VinFast installed a 179.5 kWh LFP battery pack with a peak charging input of 120 kW in the EB 6. Users can charge it from 20% to 80% via a DC charger within 70 minutes. The LFP battery pack powers a single, rear-mounted electric motor that generates 140 kW and 420 Nm of torque. The electric minibus covers…

A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, U.S. February 18, 2025. Eli Hartman | ReutersU.S. onshore oil production has likely peaked and will start to decline due to the recent plunge in crude prices, jeopardizing the nation’s position as the world’s largest fossil fuel producer and its energy security, the CEO of Diamondback Energy told shareholders in a letter this weekU.S. crude oil prices have tumbled about 17% this year as recession fears due to President Donald Trump’s tariffs weigh on demand expectations. At the same time, OPEC+…

SK On is working on the cycle stability of solid-state batteries and has presented its new research findings on solid-state batteries. Among other things, the battery specialist claims to have found a method for extending the service life of batteries with lithium metal anodes in collaboration with Hanyang University. SK On is currently developing two types of solid-state batteries: a variant with polymer-oxide composites and a sulphide-based variant. The South Korean battery maker expects to have commercial prototypes ready by 2028 and 2030 respectively. A study with Hanyang University highlights a method enhancing the long cycle life of batteries using…

Russia is considering changing its key budget-building mechanism in response to sliding oil revenue, in a sign the Kremlin expects crude prices will remain lower for longer while the war in Ukraine continues to drain state coffers. The government may reduce the threshold of its so-called budget rule to around $50 per barrel from $60 currently from next year if crude prices remain low, according to a person familiar with the matter, asking not to be identified because the considerations aren’t public. Discussions are at an early stage and a key challenge for officials is that it would require cuts…

ADNOC Gas has announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.  ADNOC Gas attributed the performance to continued demand for domestic gas – up on the equivalent quarter last year – as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the company’s plants were offline led to a rise in processed…