Author: omc_admin

Why is the oil price rising today? That was the question Rigzone asked Tamas Varga, an analyst at PVM Oil Associates, and Rebecca Babin, a senior equity trader for CIBC Private Wealth in New York. Responding to the query, Varga told Rigzone, “after Houthi rebels launched an attack on Israel’s Ben-Gurion airport, Israeli planes struck Houthi targets in Yemen leading to a jump in geopolitical risk premium, hence the rally”. In a video posted on the Associated Press website on May 5, Yahya Saree, who the video describes as the “Houthi military spokesman”, states, “the Yemeni Armed Forces announce that…

Both sides celebrate the landmark agreement, which was several years in the making.India and the United Kingdom have agreed to a trade deal that comes after three years of negotiations and that they say will boost their economies amid the fallout from US President Donald Trump’s tariffs. The British government said on Tuesday that the deal “is expected to increase bilateral trade by 25.5 billion pounds [$34bn], UK GDP by 4.8 billion pounds [$6.4bn] and wages by 2.2 billion pounds [$2.9bn] each year in the long run”. “Indian tariffs will be slashed, locking in reductions on 90 percent of tariff…

Montreal-based startup Exterra Carbon Solutions announced that it has raised CAD $20 million (USD$14.5 million) to advance development of its technology to convert mining waste into low-carbon energy transition and sustainable building materials. Founded in 2021, Exterra specializes in the conversion of asbestos mine tailings (AMT), the asbestos fibers in leftover rock and waste from mining, into minerals including nickel concentrate used for batteries in electric vehicles and amorphous silica used for low-carbon building materials. The company is building what it says will be the world’s largest asbestos mitigation facility, with an annual capacity to process over 300,000 tons of…

Energy NL CEO Charlene Johnson issued a statement Tuesday congratulating Prime Minister Mark Carney on his election as Prime Minister of Canada following the 2025 General Election. “On behalf of Energy NL, I congratulate Prime Minister Mark Carney on being elected Prime Minister of Canada,” said Charlene Johnson, Energy NL CEO. “Canadians have chosen a prime minister with considerable economic experience to help guide our country through challenging times. We feel very strongly that a vibrant and supported energy industry, including offshore oil and gas, hydroelectricity, and wind to hydrogen and clean fuels, can move our country forward…

Oil prices rallied aggressively on Tuesday morning, recovering from the OPEC+-induced drop that was sparked by the cartel’s decision to unwind production cuts at a faster rate than previously planned. Despite the recovery, uncertainty remains in markets and more volatility is likely.- Oil majors have been surprisingly inert in reacting to oil prices declining by more than $10 per barrel since early April, preferring to wait out the resolution of the U.S.-China trade war before cutting expenditures.- Posting a net profit of $7.7 billion, down 7% from a year ago, oil major ExxonMobil (NYSE:XOM) maintained its capital expenditure guidance at…

Oil prices staged a robust comeback on Tuesday, clawing back ground lost after OPEC’s surprise weekend announcement to boost production quotas by more than expected.WTI surged more than 4% on the day, trading above $59, while Brent gained 3.7%, reaching well above $62. The bounce comes after a bruising April that saw prices crater under the weight of U.S. tariffs and OPEC+ confusion.OPEC’s weekend move to raise quotas—reportedly by triple what most expected—initially sent prices tumbling. But the fine print matters. Chronic overproducers like Iraq and Nigeria are already pumping over quota, so the new targets mostly legalize the status…

BW Energy has reached final investment decision (FID) for the Maromba development offshore Brazil based on a capex-efficient development with an integrated drilling and wellhead platform (WHP) and a refurbished FPSO. The development targets 500 million barrels of oil in place in the highly delineated and tested Maastrichtian sands. First oil is planned by end-2027 with expected plateau production of 60,000 bopd. The development will more than double BW Energy’s total net production by 2028 and has short pay-back time.     “We have spent time on optimizing the Maromba development plan and concluded on a highly competitive concept with a…

Brent Technical Analysis The Brent market is currently hanging around the $60 level. And as you can see, the $60 level, of course, being a large, round, psychologically significant figure, will attract a lot of attention. And with that being said, I think we are in the process of trying to form some type of bottom here. Keep in mind that there is a lot of supply out there waiting to get taken out. So, I think it is going to take some type of significant momentum, some type of significant announcement, something to that effect, to truly get the…

Commonwealth LNG has roped in an unnamed “major” Asian customer with the signing of a deal for the supply of 1 million metric tons per annum for 20 years. “This offtake agreement marks another important milestone for Commonwealth as we work toward a final investment later this year and first offtake planned for 2029”, Ben Dell, managing partner of project owner Kimmeridge, said in an online statement. “We look forward to working with this Buyer, a longstanding leader in LNG, as we further our integrated wellhead-to-water strategy in delivering LNG to critical markets around the world”. “This Buyer is one…

Venture Global Inc. has secured $3 billion in syndicated borrowings to help fund the under-construction CP2 LNG in Cameron Parish, Louisiana. “This new capital, on top of the more than $4 billion we have already invested to date, will enable continued fabrication, manufacturing and procurement at an accelerated pace, similar to Plaquemines”, Venture Global chief executive Mike Sabel said in an online statement. Sabel was referring to another Venture Global liquefied natural gas (LNG) project in Louisiana that dispatched its first cargo about two years earlier than the normal Energy Department timeframe. In March the Department of Energy (DOE) granted…