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West Texas Intermediate rose from a two-month low to settle above $63 a barrel in thin summer trading. Investors are watching for a signs that Friday’s summit between Donald Trump and Vladimir Putin will result in an easing or tightening of Washington’s sanctions on the OPEC+ member. Trump warned he would impose “very severe consequences” if Putin didn’t agree to a ceasefire, following a call with European leaders. The markets are largely in “wait-and-see mode,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group. “Consensus is that we won’t see a definitive ceasefire or aggressive sanctions from…
(Bloomberg) – Azule Energy, a joint venture between bp and Eni, is fast-tracking its Namibia oil operations as it competes with companies including TotalEnergies SE to be among the first to produce crude in one of the world’s newest hotspots. Image: Shell Azule last year negotiated a stake in Namibia’s block 2914A from operator Rhino Resources, and the partners found oil at the Capricornus well in April. A final investment decision on the project by the end of next year is challenging but possible, which would mean production can begin by 2029, Azule’s Chief Executive Officer Adriano Mangini…
(Oil Price)– Vietnam has bought its first cargo of U.S. crude oil for 2025, Reuters reported on Thursday, citing sources. Vietnam, which is estimated to have made its previous purchase of U.S. crude at the end of last year, has now bought 1 million barrels of West Texas Intermediate crude for November delivery, according to Reuters’ sources. Vietnamese refinery Binh Son Refining and Petrochemical (BSR) purchased the American crude from commodity trading giant Mercuria, the sources added. Earlier this year, Vietnam and the United States signed an energy and minerals deal worth $4.15 billion. The U.S.-Vietnamese agreements included PetroVietnam Gas Corporation signing…
Citgo Petroleum, the U.S. refining arm owned by Venezuela, reported second-quarter net earnings of $100 million, rebounding from a $25 million loss in the same period a year earlier. The Houston-based company ended the quarter with $2.6 billion in liquidity, according to its statement on Thursday.The refiner, controlled by parent company PDV Holding, is currently the subject of a U.S. court-ordered auction intended to compensate creditors over Venezuela’s historic debt defaults and asset seizures. Citgo had posted losses in the previous two quarters as a result of weaker refining margins before returning to profitability in the latest period.A U.S. court…
WASHINGTON— U.S. Secretary of Energy Chris Wright joined U.S. Senator Joni Ernst (R-IA), U.S. Representative Bob Latta (R-OH-05), U.S. Representative Bruce Westerman (R-AR-04), U.S. Representative Mariannette Miller-Meeks (R-IA-01), and U.S. Representative Ashley Hinson (R-IA-02) at the Ames National Laboratory to see firsthand the lab’s cutting-edge research and its pivotal role in addressing national energy and materials engineering challenges. Secretary Wright’s visit included briefings and discussions with scientists and lab experts in key mission areas, including rare earth minerals, critical materials, AI, and next-generation energy technologies. Wright toured the Critical Materials Innovation Hub, a Department of Energy (DOE) Innovation Hub led by…
2025-08-14T17:46:11Z Share Facebook Email X LinkedIn Reddit Bluesky WhatsApp Copy link lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. Apple is bringing blood oxygen monitoring back to some Apple Watch models after a US Customs ruling. It began pulling the feature in 2024, following a patent dispute with medtech company Masimo. An OS update will allow an Apple Watch to send sensor data to its paired iPhone for viewing. It…
WASHINGTON (AP) — One major question will be front and center for Federal Reserve policymakers as they prepare for an annual conference in Jackson, Wyoming next week and a crucial policy meeting in September: Which is a bigger problem for the economy right now, stubborn inflation or slower hiring? Weak job gains since April have pushed some officials toward supporting a cut in the Fed’s key rate as soon as next month, but speeches and comments by other Fed policymakers show that inflation is still a concern.That could make the Fed’s ultimate move at its September 16-17 meeting a close…
OpenAI CEO Sam Altman’s big GPT-5 announcement was drowned out by users clamoring to keep their access to older models.Less than 24 hours after OpenAI announced it would discontinue 4o, Altman and his team signaled a retreat. The fierce responses show that OpenAI’s userbase has developed strong attachments to its various AI models, an achievement in and of itself, but one that poses a challenge to the company as it looks to convince people to shift to newer models.”If you have been following the GPT-5 rollout, one thing you might be noticing is how much of an attachment some people have to…
Mexican President Claudia Sheinbaum announced Thursday that former Pemex chief executive Carlos Treviño has been detained in the United States and will be deported to face corruption charges in Mexico.Treviño led the state-owned oil company from 2017 until 2018, leaving the role when former President Andrés Manuel López Obrador assumed office.Sheinbaum told reporters at her daily press briefing that prosecutors intend to bring Treviño to trial over alleged corruption committed during his time at the helm of Pemex.On Monday, the U.S. Department of Justice announced that two Mexican businessmen, Roma Energy CEO Ramón Alexandro Rovirosa Martínez and former gubernatorial candidate…
(Bloomberg) — A South African court overturned a decision granting TotalEnergies SE environmental authorization for an oil exploration block offshore the country’s west coast. The Western Cape High Court ruled that the environmental impact assessment for Total’s Block 5/6/7 was “deeply flawed, failing to address key risks, legal requirements, and public participation,” Green Connection, one of the environmental groups that brought the case, said in a statement. Environmental groups in recent years have had multiple court victories successfully blocking some exploration activity offshore South Africa. Total and oil major Shell Plc are ramping up preparations to drill in…