Author: omc_admin

India is also under pressure to buy more US energy after Washington doubled tariffs on Indian imports to 50 per cent.Russian oil imports are set to hit their lowest in at least three years in December, down from multi-month highs in November, as refiners turned to alternatives to avoid breaching Western sanctions, trade and refining sources said.Britain, the European Union and the United States have tightened sanctions on Moscow over the war in Ukraine, with Washington’s latest measures targeting top Russian producers Rosneft and Lukoil. Buyers of Russian oil had until November 21 to wind down dealings with the two…

Lukoil gasoline stations in the US are experiencing major issues with card payments, forcing some franchise owners to consider asking more customers to use cash as parent company Lukoil PJSC, the Russian oil giant, faces US sanctions. There are two separate problems for the US service stations, mainly located in New Jersey. First, franchise owners aren’t able to access revenue from payments made with credit, debit and prepaid cards through Lukoil’s system, according to Eric Blomgren, executive director of the New Jersey Gasoline, C-Store, Automotive Association. Second, the stations are also running into issues processing payments made with some cards,…

Crude oil demand is going to continue growing, but insufficient investment could tip fundamentals into imbalance, Russia’s Alexander Novak said today in Beijing.Global demand for oil is about to reach 104.6 million barrels daily this year, the Deputy Prime Minister said, as quoted by TASS. That is slightly lower than OPEC’s demand forecast of 105.14 million barrels daily.Investment in new supply, however, is slow, which has raised the risk of a shortage, according to the official, who is Russia’s top negotiator in OPEC+. Natural depletion at mature fields is one reason for this situation, Novak noted, and the higher cost…

Things took a dovish turn following comments from New York Fed President John Williams on Friday, who said that a rate cut remains a possibility. Fed Governor Christopher Waller also continues to advocate for additional Fed easing in December – a stance also echoed by San Francisco Fed President Mary Daly amid softness in the jobs market. I think it is important to highlight that, although Daly is not a current voting member, I do not recall a time when she has publicly pushed back against Fed Chair Jerome Powell. Benefitting from the bid in risk yesterday were Cryptocurrencies, with…

Things took a dovish turn following comments from New York Fed President John Williams on Friday, who said that a rate cut remains a possibility. Fed Governor Christopher Waller also continues to advocate for additional Fed easing in December – a stance also echoed by San Francisco Fed President Mary Daly amid softness in the jobs market. I think it is important to highlight that, although Daly is not a current voting member, I do not recall a time when she has publicly pushed back against Fed Chair Jerome Powell. Benefitting from the bid in risk yesterday were Cryptocurrencies, with…

HOUSTON (AP) — A tornado that raced through residential areas north of Houston damaged more than 100 homes, tearing off roofs, moving garages off their foundations and smashing windows, authorities in Texas said.No injuries were reported in the storm Monday that uprooted trees, downed power lines and created paths of debris throughout some neighborhoods.Heavy fog made it difficult to assess all the damage Tuesday morning, but calmer weather conditions were expected to prevail in the area. Heavy rain and severe thunderstorms were expected farther south during the day, considered one of the busiest travel days of the Thanksgiving holiday period.…

Union Minister Pralhad Joshi inaugurated a 240 TPD Biomass Pellet Plant in Rewari, Haryana, a significant step in the state’s clean energy drive. Union Minister for New and Renewable Energy, Pralhad Joshi, on Monday inaugurated a state-of-the-art 240 TPD (tonnes per day) Biomass Pellet Plant in Rewari, Haryana, marking a significant milestone in the State’s clean energy journey, according to an official release.Union Minister Joshi said that the occasion marks a significant milestone in the State’s clean energy journey and reflects Haryana’s steady emergence as a major contributor to India’s renewable energy future.The Minister underlined that the Government of India…

A major driver of this imbalance is the resurgence of non-OPEC+ production. In a bold prediction for energy markets, JP Morgan has projected that Brent crude could slide into the $30s by the end of FY27, driven by a deepening global supply glut that far outpaces demand growth. The investment bank’s latest outlook suggests that even as oil consumption rises steadily over the next three years, supply additions — particularly from non-OPEC+ producers — will overwhelm the market and weigh heavily on prices. If this plays out, it could prove to be a major boost for Indian markets, given the…

China’s imports of liquefied natural gas are set to decline for the 13th month in a row in November amid higher domestic production and pipeline imports, Bloomberg has reported, citing Kpler data.The country’s November total in imports is seen at 5.81 million tons, which would be a 5.5% decline from a year ago, Kpler said. The decline would be significantly smaller than the ones registered for the previous two months, both of which were at over 10% on the year.Last year, China saw a surge in LNG and pipeline gas imports as it sought to fill its storage caverns. Over…

Trump has already confirmed that India has “very substantially” stopped buying oil from those firms.The Global Trade Research Initiative (GTRI) has put the spotlight firmly on the US oil-linked tariff, urging the Board of Trade (BoT) to make securing its rollback India’s top trade priority. The BoT, chaired by the Commerce and Industry Minister and meeting today to propose measures to revive export growth, has been asked to press Washington to withdraw the additional 25 per cent “Russian oil” duty before India enters any trade-pact discussions with the United States.GTRI notes that the surcharge was originally imposed on countries sourcing…