Author: omc_admin

By Julianne Geiger – Apr 11, 2025, 12:12 PM CDT The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, following a 2 rig dip in the prior week.The total rig count in the US fell by 7 to 583 rigs, according to Baker Hughes, down 34 from this same time last year.The number of oil rigs fell by 9 to 480—down by 26 compared to this time last year. The number of gas rigs rose by 1 this week to 97…

ADVERTISEMENTIt’s not uncommon to see products sold on shop shelves that market themselves as ‘carbon neutral’ or ‘environmentally friendly’. But these claims are not always clear or backed up by evidence – and courts are forcing companies to take them down.German non-profit Deutsche Umwelthilfe (DUH) has been on an anti-greenwashing litigation spree over the last three years, stopping more than 100 firms from advertising their products or corporate activities as good for the environment. These include the makers of shower gel and trainers, and cruise and airline operators.Agnes Sauter, head of ecological market surveillance at DUH, says companies are increasingly…

Košice Region, in collaboration with 22 partners from 7 European countries, has been successfully granted financial aid of 9 million EUR in order to build the very first Hydrogen Valley in Slovakia. Hydrogen Valleys are used for hydrogen processing, starting from its production to the ultimate consumption. The call for proposals was launched by Clean Hydrogen Joint Undertaking under the Horizon Europe framework. To this day, it is the biggest success of Slovak scientists who have applied for a grant from the Clean hydrogen Joint Undertaking. The project is called EastGate H2V and is set to begin in April 2025.…

Just ahead of the production increase beginning in April, the OPEC+ group boosted its oil production to an eight-month high in March, according to the Platts OPEC+ Survey from S&P Global Commodity Insights.The total oil production from the alliance rose to 41.04 million barrels per day (bpd) in March, up by 30,000 bpd from February.The producers in OPEC+ who have quotas busted their overall output ceiling by a massive 319,000 bpd, according to the Platts survey.Kazakhstan remained the producer, exceeding its quota the most.The OPEC+ producer, which is not part of OPEC, is in negotiations with the companies operating in…

China hit back at the U.S. tariffs by raising on Friday the Chinese tariff on U.S. goods to 125% from 84% earlier, escalating the U.S.-China standoff.“The U.S. imposition of abnormally high tariffs on China seriously violates international and economic trade rules, basic economic laws and common sense and is completely unilateral bullying and coercion,” China’s Finance Ministry said in a statement.Oil prices, which had been climbing before China’s announcement, dropped in response to the news. At the time of writing, both WTI and Brent were in the red at $59.91 and $63.16, respectively.U.S. President Donald Trump backed down earlier this…

China Petroleum & Chemical Corp. (Sinopec) and Saudi Arabian Oil Co. (Aramco) are partnering on a project to integrate petrochemical operations into jointly owned Yanbu Aramco Sinopec Refining Co. Ltd.’s (Yasref) 430,000-b/d refinery along the Red Sea in Saudi Arabia’s Yanbu Industrial City. On Apr. 8, the partners signed a venture framework agreement to advance the Yanbu refinery expansion project (Yasref+), which aims to enhance integrated refining and petrochemical synergies at the site to help competitively meet growing global market demand for high-end petrochemical products, Aramco and Sinopec said in separate Apr. 9-10 releases. The proposed Yasref+ project would include…

Fincantieri and Viking announced today the first cruise ship in the world to be powered by hydrogen stored onboard for both propulsion and onboard electricity generation, the “Viking Libra”. The vessel is currently under construction at the Fincantieri Ancona shipyard, with delivery scheduled for late 2026. With a gross tonnage of approximately 54,300 tons and a length of 239 meters, the “Viking Libra”, will accommodate up to 998 guests in 499 staterooms. Designed with sustainability in mind, the ship will be capable of navigating and operating with zero emissions, allowing it to access even the most environmentally sensitive areas. This…

In a stunning pivot, President Trump’s decision to pause reciprocal tariffs on most nations—while slamming China with a 125% levy—appears less a calculated masterstroke and more a frantic response to trembling financial markets.Clay Lowery, a former Treasury heavyweight now at the Institute of International Finance, revealed the move was sparked by a panicked exodus of investors from stocks and Treasuries.The 10-year Treasury yield’s alarming spike, he noted, sent shockwaves through the White House, Treasury, and Commerce Department, signaling a potential financial cliff.“They weren’t aiming for a crisis,” Lowery quipped, “but the writing was on the wall.”Trump himself admitted the jitters…

ADVERTISEMENTA pivot from fossil fuels to clean energy by 2060 would improve energy security and reduce trade risks for most nations, according to a new study.Lithium, nickel, cobalt, copper, and rare earth minerals are among the prized materials for countries and corporations racing to secure supplies for zero-emission energy systems. Unlike fossil fuels, natural reserves of these materials are most concentrated in the Global South. The rush to procure these key resources could mean a shuffling of the geopolitics of energy and global trade, according to the research published in the journal Nature Climate Change.”Most people are focused on the…

Southern Nuclear recently loaded a new higher enriched nuclear fuel into a commercial reactor for irradiation testing. This is the first time fuel enriched above 5 percent will be irradiated in a U.S. commercial reactor. The higher enrichment levels allow the fuel to last longer and operate at increased power levels — potentially leading to additional reliable power production at nuclear power plants across the country.  The advanced fuel was developed through the U.S. Department of Energy (DOE) Accident Tolerant Fuel Program to help improve fuel cycle safety and lower operational costs. Preparing for Testing Southern Nuclear recently loaded four lead test assemblies containing Westinghouse…