Author: omc_admin

Moscow: Urals oil loaded in the Russian Baltic and the Black Sea’s Novorossiisk ports has traded below the price cap set by Western countries since April 3, Reuters calculations based on LSEG data showed.The price cap introduced by the Group of Seven (G7) countries does not allow Western companies to provide insurance and transportation services for Russian oil cargoes sold at more than $60 per barrel. For most of last year, Urals traded above the price cap, but as international oil benchmark prices have fallen this year, Urals estimates dropped below $60 per barrel.Benchmark Brent was trading around $61 a…

Verra’s new methodology enables the generation of high-integrity carbon credits through the early retirement of coal plants, paired with new renewable energy. Projects must demonstrate a just transition, ensuring socio-economic protections for affected workers and communities. Backed by The Rockefeller Foundation and developed by the Coal to Clean Credit Initiative, the methodology marks a pivotal moment in scaling climate finance. Verra has introduced a groundbreaking methodology to drive the early retirement of coal-fired power plants while ensuring that communities and workers aren’t left behind. The Verified Carbon Standard (VCS) methodology, VM0052: Accelerated Retirement of Coal-Fired Power Plants Using a Just…

The Maharashtra government is considering a policy to deny fuel at petrol pumps to unfit vehicles that contribute to air pollution, state Transport Minister Pratap Sarnaik said on Tuesday. During a review meeting with senior officials of the Motor Vehicles Department at Mantralaya, Sarnaik said a stringent policy in this regard will be in place soon. With the increase in the number of vehicles on roads, especially those running on conventional fuel, air pollution has risen at an alarming rate, he said in a release. Though every vehicle is required to possess a valid Pollution Under Control (PUC) certificate, there…

Microsoft and Swedish energy company Stockholm Exergi announced today a significant expansion of their agreement to permanently remove carbon through a planned bio-energy with carbon capture and storage (BECCS) project, growing the deal to more than 5 million tonnes over ten years, from the previously announced 3.33 million tonnes. According to Stockholm Exergi, at 500,000 tonnes per year, the new agreement marks the largest to date globally for permanent carbon removals. The companies announced their initial deal in May 2024, marking the largest-ever engineered carbon removal agreement in the world at the time. Stockholm Exergi is planning to build a…

Karoon Energy Ltd’s Brazilian subsidiary, Karoon Petróleo & Gás Ltda., has completed the acquisition of the Baúna floating production, storage and offloading vessel (FPSO), the Cidade de Itajaí, from Altera & Ocyan (A&O). The total consideration for the FPSO was $115 million plus approximately $8 million in transaction costs, with the final payment of $85 million made on April 30, Karoon said in a news release. The company said it signed a transition services agreement with A&O to ensure continuity of operations and a smooth handover process as Karoon assumes greater operational control of the FPSO, which operates in the…

In its first quarter 2025 results statement, which was published on its website recently, ExxonMobil revealed its oil and gas production figures for the first quarter of this year. According to that statement, the company’s output averaged 4.551 million barrels of oil equivalent per day in the first quarter of 2025. ExxonMobil’s production came in at 4.602 million barrels of oil equivalent per day in the fourth quarter of 2024 and 3.784 million barrels of oil equivalent in the first quarter of last year, the statement highlighted. Exxon’s net production of crude oil, natural gas liquids, bitumen and synthetic oil…

North America dropped 11 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on May 2. The U.S. dropped a total of three rigs week on week and Canada dropped a total of eight rigs during the same period, taking the total North America rig count down to 704, comprising 584 rigs from the U.S. and 120 from Canada, the count outlined. Of the total U.S. rig count of 584, 567 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and three are categorized as inland water rigs. The…

Daily Light Crude Oil Futures Tuesday’s gains were largely technical, with market participants reacting to perceived oversold levels. Analysts noted that the drop below $60 a barrel triggered fresh buying interest, with $60 acting as a key psychological pivot. Brent crude also snapped a six-day losing streak, supported by similar sentiment. However, the market still faces resistance at $59.68 and $60.09. A sustained move above these levels could reinvigorate bullish momentum. OPEC+ Output Strategy Fuels Uncertainty Overhang from OPEC+ remains a major concern. The group’s decision to increase output for a second straight month has undermined bullish sentiment. While Saudi…

Months after Meta’s high-profile culling of low performers, the stigma associated with the job cuts still stings.CEO Mark Zuckerberg’s push to “raise the bar on performance” saw about 5% of its workforce — roughly 3,600 employees — laid off in a sweeping round of cuts in February. The company said it targeted its lowest performers, but some former employees pushed back on that.Some said they had received positive ratings months earlier. Others said they were on medical or parental leave, mid-transfer between teams, or hadn’t received a formal rating yet. Some speculated that conflict with a manager was the deciding…

Subsea7 has secured a “super-major” contract for the development of the Búzios 11 field located approximately 180 kilometers (112 miles) off the coast of the state of Rio de Janeiro, Brazil. Subsea7 regards contracts above $1.25 billion as super major. The company said in a media release that the Brazilian energy major Petróleo Brasileiro S.A. awarded the contract to Subsea 7 following a competitive tender. The contract scope for the field located at a water depth of 2,000 meters (6,561 feet) in the pre-salt Santos basin includes engineering, procurement, fabrication installation, and the pre-commissioning of 112 kilometers (69.6 miles) rigid…