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In a report sent to Rigzone by the Standard Chartered Bank team late Tuesday, analysts at the bank, including the company’s commodities research head Paul Horsnell, revealed their projection for the next meeting of the eight OPEC+ countries that made additional voluntary cuts in April and November 2023, which is set for Sunday. “We expect ministers will continue the unwinding of the November 2023 tranche of cuts, increasing targets by 411,000 barrels per day for the fourth successive month,” the analysts said in the report. “We expect a further 411,000 barrel per day increase at the August meeting, which will…
Crude oil prices opened weaker today following Wednesday’s release of U.S. oil inventory data that confirmed API’s estimate of a build.Regardless of the fact that the build, at 3.8 million barrels as estimated by the EIA, followed several weeks of draws, it pushed prices lower in the last trading day before the July 4th weekend.At the time of writing, Brent crude was trading at $68.62 per barrel and West Texas Intermediate was changing hands for $67.01 per barrel, both down from Wednesday’s close.The trend could be reversed before too long, however, after the Dallas Fed confirmed the expected slowdown in…
Cooper Corporation has entered into a strategic partnership with Japan’s Sinfonia Technology to introduce India’s first CPCB IV+ certified 10 kVA LPG genset. The product, named ‘Daimon Genset’, will be manufactured in Satara, Maharashtra, and jointly marketed in India and overseas markets.The model, CSG-0010L-IN, will carry the name ‘Daimon’ in India and ‘Satara’ in Japan. It is powered by Cooper’s lean-burn gas engine, developed in collaboration with Ricardo, UK.Features include an Electronic Engine Management System, Isochronous Governing, and a compact V-Twin 2-cylinder engine. The genset runs on LPG and complies with India’s most recent emission standards.Strategic emphasis on global marketsThe…
Among the myriad details stuffed within U.S. President Donald Trump’s bumper “big beautiful bill,” European investors have been keeping an eye on one in particular — renewable energy policy. Shares of the region’s wind power firms gained on Wednesday after Senate lawmarkers narrowly approved a heavily amended version of the package . The move higher continued Thursday as the U.S. House began a final debate on the megabill — after a dramatic night of voting that was nearly derailed by Republican defections. Turbine manufacturer Vestas was 3.4% higher in early trade Thursday after gaining more than 10% in the previous…
Key eventsShow key events onlyPlease turn on JavaScript to use this featureMorning opening: Heatwave continues with wildfire warnings in placeJakub KrupaMore than 1,500 people were evacuated from hotels and homes overnight on Crete as firefighters are fighting a fast-spreading wildfire on the southern coast of the Greek island.Over 230 firefighters are involved fighting multiple outbreaks posing a “very difficult” overall picture for the emergency services, the Greek fire brigade said in an update on Thursday morning.Firefighters try to extinguish a wildfire near Ierapetra, on the island of Crete, Greece. Photograph: Stefanos Rapanis/ReutersA separate fire broke out in Halkidiki region of…
Saudi Arabia and Indonesia this week signed preliminary agreements for investments worth $27 billion in oil, petrochemicals, and alternative energy, during a visit by Indonesian President Prabowo Subianto to the kingdom, where he was hosted by Crown Prince Mohammed bin Salman..The amount of total investment being discussed is close to the trade turnover between the two countries over the last five years, which stood at $31.5 billion, according to Reuters. Among the deals being discussed is a low-carbon energy venture between Saudi ACWA Power and Indonesia’s sovereign wealth fund Danantara and state oil major Pertamina.Danantara said the size of the…
Eni S.p.A.’s corporate venture capital company, Eni Next, has signed a collaboration agreement with Azimut Group. Under the agreement, Azimut will launch a new European Long Term Investment Fund (ELTIF) of venture capital, leveraging Eni Next’s consulting and expertise on technological developments in the energy sector. Eni said in a media release the ELTIF’s launch is expected in September 2025, and the fund will support investments in the energy tech sector. With a EUR 100 million ($118 million) fundraising target, the Luxembourg-based fund, which is currently awaiting authorization from the relevant authorities, will be open to a broad range of…
Scottish Power Ltd.’s SP Energy Networks has agreed on deals worth GBP 1.4 billion ($1.9 billion) for critical onshore transmission projects across central and southern Scotland. ScottishPower said in a media release that the commitment will help with the delivery of the government’s Clean Power 2030 mission. Part of a GBP 5.4 billion ($7.4 billion) decade-long investment to upgrade the grid, these contracts help SP Energy Networks build long-term partnerships with UK businesses to rewire the electricity network. This program aims to increase capacity for new homes, businesses, and clean energy, as well as improve power distribution, reduce reliance on…
Trinidad and Tobago is working to reverse a major slump in gas production and revive a key export industry in the Caribbean nation to boost its economic growth. Energy Minister Roodal Moonilal sees strong potential in the country’s offshore waters at a time when auditors said more gas output must be added to satisfy demand. During the opening of the Society of Petroleum Engineers 2025 Mature Basin Energy Symposium Tuesday, Moonilal said Woodside Energy’s Calypso offshore project is expected to add 700 million standard cubic feet per day to domestic gas production. “The current and upcoming gas projects will, however,…
ORLEN SA has agreed to deliver an additional 140 million cubic meters (4.94 billion cubic feet) of liquefied natural gas (LNG) from the United States to Ukraine’s Naftogaz Group via Poland. This is the fourth LNG supply contract signed by the state-owned companies this year, bringing Naftogaz’s total contracted gas volumes from ORLEN to 440 million cubic meters, Naftogaz said in an online statement. The contracts are part of a cooperation pact signed by ORLEN and Naftogaz last March to diversify Ukraine’s gas supply sources, ORLEN said separately. After arriving from the U.S., the LNG is planned to be regasified…