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Salma El Wardany, Ben Bartenstein, Fiona MacDonald and Grant Smith October 03, 2025 (Bloomberg) — OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said. Preliminary discussions before the group meets on Sunday swayed between two broad options for November output. One delegate said the base case is a repeat of this month’s marginal 137,000 barrels-a-day hike. However, boosting by two or more times that amount is also possible, according to another. All the…
By Julianne Geiger – Oct 03, 2025, 12:20 PM CDT The total number of active drilling rigs for oil and gas in the United States stayed the same this week, according to new data that Baker Hughes published on Friday.The total rig count in the US stayed the same at 549 according to Baker Hughes, down 36 from this same time last year.The number of active oil rigs fell in the week, according to the data, to 422. Year over year, this represents a 57-rig decline. The number of gas rigs rose by 1 to 118 active rigs, which is…
OpenAI CEO Sam Altman is already thinking about his next gig.His next move isn’t another AI startup or a moonshot tech venture, however, it’s something surprisingly grounded.Altman wants to become a farmer.”I think there will come a time when AI can be a much better CEO of OpenAI than me, and I will be nothing but enthusiastic the day that happens,” he told Axel Springer CEO Mathias Döpfner in an interview this week.At the top of the list is tending to his farm.”I have a farm that I live some of the time and I really love it,” he said.…
(World Oil)– Eni SpA gave financial approval to build a $7.2 billion floating liquefied natural gas project in Mozambique that will double the nation’s production of the fuel, adding to global supply just as a wave of new production hits later this decade. The Coral Norte project off Mozambique’s northern coastline will be able to produce 3.6 million tons of LNG a year and will use the same design as Coral Sul, which started exporting the fuel in 2022. “This is a commitment” that will make Mozambique the continent’s third-largest LNG producer after Nigeria and Angola, Eni Chief Executive Officer…
Unit Corporation has completed the sale of its wholly owned subsidiary, Unit Drilling Company, to Cactus Drilling Company L.L.C. in an all-cash transaction valued at $120 million. “Divesting our contract drilling business allows us to sharpen our strategic focus on our upstream operations, where we see significant opportunities to create long-term value,” said Phil Frohlich, Unit’s CEO. “We remain committed to disciplined capital allocation, returning cash to shareholders through our dividend program, and pursuing attractive drilling prospects that complement our existing portfolio.” Unit said the sale reflects its plan to sharpen focus on upstream oil and gas operations,…
Reuters and its anonymous sources are again stirring the oil market. This time, the wire says OPEC+ is preparing another supply hike in November, with Saudi Arabia pushing for something big and Russia urging restraint. But if recent history is any guide, a report of rising quotas doesn’t necessarily translate into rising barrels—and OPEC is getting increasingly irritated with the narrative.According to Reuters’ unnamed insiders, Riyadh wants an increase of 274,000 to as much as 548,000 bpd, while Moscow is said to prefer another modest 137,000 bpd bump. The group’s eight key producers are due to meet virtually on Sunday…
Unit Corporation has completed the sale of its wholly owned subsidiary, Unit Drilling Company, to Cactus Drilling Company L.L.C. in an all-cash transaction valued at $120 million. “Divesting our contract drilling business allows us to sharpen our strategic focus on our upstream operations, where we see significant opportunities to create long-term value,” said Phil Frohlich, Unit’s CEO. “We remain committed to disciplined capital allocation, returning cash to shareholders through our dividend program, and pursuing attractive drilling prospects that complement our existing portfolio.” Unit said the sale reflects its plan to sharpen focus on upstream oil and gas operations,…
When Apple pulled ICEBlock off its app store Thursday, it wasn’t just taking down a controversial app.It was showing Americans what the rest of the world already knows: A handful of huge tech companies control the choke points of modern life — and when governments lean on Big Tech, they can use those choke points themselves.For years, this was a mostly theoretical problem, or at worst, a developer gripe about App Store fees. The stakes were commercial, not civic.But in 2025, the US government has twice pressed tech gatekeepers into service — first with TikTok, now with ICEBlock — and…
Oil prices saw a small recovery on Friday morning after a continued selloff this week.Friday, October 3, 2025An 8% weekly loss is a rare occurrence in oil markets, especially if it comes on the back of five straight daily declines. Even though Friday’s trading has shown a marginal recovery with ICE Brent edging closer to $65 per barrel, however it seems that Sunday’s OPEC+ meeting could prompt further price declines in case members agree to expedited production unwinding. Amidst a US government shutdown and record year-to-date high OPEC+ crude exports in September, bearishness is gradually becoming the mainstream sentiment. OPEC+ Demands…
Charging an electric vehicle.Tashdique Mehtaj Ahmed | Moment | Getty ImagesThe price of used electric vehicles has come down to levels comparable with gasoline cars, a dynamic poised to boost their popularity despite the loss of a federal tax incentive for EVs, according to auto analysts.In August, the price premium for used EVs relative to used vehicles with a gasoline engine narrowed to just $897, on average, the smallest price gap on record, according to Cox Automotive.The average list price for used EVs was $34,704 in August, down 1.1% from July and 2.6% from a year earlier, it found.This price…