Author: omc_admin

Exxon Mobil Corporation has signed a deal with Calpine Corporation to transport and permanently store up to 2 million metric tons per annum (MTA) of carbon dioxide (CO2) from Calpine’s Baytown Energy Center, a cogeneration facility near Houston. ExxonMobil said in a media release that the Baytown Energy Center is part of Calpine’s Baytown Carbon Capture and Storage (CCS) project, which is designed to capture CO2 emissions and provide a constant supply of low-carbon electricity to Texas customers. This agreement makes Calpine the sixth CCS customer of ExxonMobil, bringing the latter’s total amount of CO2 under contract to about 16…

Russia’s oil producers have been drilling wells at a pace not seen in at least five years as the nation readies for both a loosening of OPEC+ output limits and the possibility of relief from some international sanctions over its invasion of Ukraine.  The level of activity, which is also more than a third above the pre-war level, is the latest sign of the Russian oil industry’s resilience to Western sanctions, which were designed to cripple the country’s long-term ability to pump crude by restricting access to advanced technologies and equipment.  The drilling activity means Russia’s total capacity for producing crude…

By Irina Slav – Apr 25, 2025, 1:09 AM CDT Oil prices are expected to end the week with a decline following reports that OPEC+ may increase output and due to positive developments regarding the situation in Ukraine. OPEC+ is considering adding more barrels to production, particularly as some members like Kazakhstan struggle to meet output reduction commitments. Geopolitical factors, including potential progress in US-Russia talks on Ukraine and Iran’s openness to nuclear negotiations, are influencing the oil market’s bearish trend. Crude oil prices were about to end the week with another loss following a report that OPEC+ may…

Stay informed with free updatesSimply sign up to the Oil & Gas industry myFT Digest — delivered directly to your inbox.Canadian oil and gas companies have maintained some resilience even amid recent global turmoil as their southern neighbour initiates a trade war and stock markets and crude prices slide.Saturn Oil and Gas, Stampede Drilling and Arrow Exploration are among the 100 most rapidly growing companies in the Americas, according to a 2025 Financial Times ranking. Saturn was the industry’s fastest growing company in the region, placing fifth overall, after it posted a compound annual growth rate of 353 per cent…

Bearish Inside Day Forms Today, Thursday, crude oil consolidated forming an inside day with a high of $63.73 and low at $62.40. There are a couple indications of weakness provided from the day. Notice that the day’s range is in the lower half of Wednesday’s range, and at the time of this writing, crude oil is trading below the halfway point of the range and looks likely to close in a similar relatively bearish position. Moreover, the high for the day found resistance at a significant price level from May 2023 (dashed horizontal). That was the lowest traded price for…

Meta laid off an undisclosed number of employees in Reality Labs, its hardware and virtual reality division, this week as part of a broader restructuring effort.The cuts affect Oculus Studios, the company’s in-house gaming division for Quest headsets, and the team behind Supernatural, the VR fitness app Meta acquired for over $400 million.A Meta spokesperson confirmed the changes, saying that “some teams within Oculus Studios are undergoing shifts in structure and roles that have impacted team size.” The spokesperson added that the company remains “committed to investing in mixed reality experiences, including fitness and games.”The Supernatural team confirmed in a…

At this week’s flagship international summit on energy security, the clashing visions of the US and its allies were on full display. Beginning with the event’s hosts — the International Energy Agency and the UK government — speaker after speaker at the London conference extolled the virtues of including renewable fuels in the shift to a sustainable energy future. In Britain, “there is an exciting vision of energy security and abundance from cheap, homegrown low-carbon power,” Energy Secretary Ed Miliband enthused in his opening address. IEA Executive Director Fatih Birol hailed the “remarkable” ascent of renewables, which last year accounted…

Oil rose as producers’ promises to keep output growth in check added to signs of the physical market’s strength and a potential easing in trade tensions between the US and China. West Texas Intermediate futures climbed 0.8% to settle near $63 a barrel, while Brent advanced to close around $66.50, after President Donald Trump said that US officials have been holding meetings with Chinese officials on trade as recently as this morning. That countered some pessimism over the major crude importer’s earlier comments that the US should revoke all unilateral tariffs and its dismissal of speculation that progress has been…

In the unfolding geopolitical drama of the Russia-Ukraine war, Russia’s actions, often portrayed as aggressive or imperialistic, may, in a philosophical and historical context, be viewed as a rightful and even necessary defense of its national security and sovereignty, much in the same way the United States would protect its interests if faced with a comparable threat. The Russia-Ukraine war is, to a profound extent, a sequel to the Cuban Missile Crisis—though the stakes and the ideological underpinnings are different, the core issue remains the same: national security. However, when viewed through a broader geopolitical lens, it becomes clear that…

CONCORD, N.H. (AP) — No, New England, that wasn’t a new strain of spring pollen coating your cars. It was dust carried across the country in a phenomenon known as “dirty rain.”April showers are supposed to bring May flowers, but the light rain that fell across the region last Friday and Saturday brought dirt instead. Christian Bridges, a meteorologist with WGME-TV in Portland, Maine, was as perplexed as anyone until he checked the satellite imagery.“You could see that dust got picked up in New Mexico two days before on Thursday by the same storm system,” he said. “It then brought…