Author: omc_admin

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 long-term…

Tamboran Resource Corporation has completed further flow tests at the Shenandoah South 2H Sidetrack (SS-2H ST1) well in the Beetaloo Basin. In its latest report, the company said the well achieved a record average 90-day initial production (IP90) flow rate of 6.7 million cubic feet per day (MMcfd). The company said that over the last 30 days, flow rates from the SS-2H ST1 well increased by 2 percent without any downhole intervention and maintaining a 44/64” choke. “The performance and character of the SS-2H ST1 well is unique compared to hundreds of wells I have seen in my career. With…

Absent greater military involvement, the Trump administration has limited leverage over Russia without risking a spike in oil prices. That’s what J.P. Morgan analysts, including Natasha Kaneva, head of global commodities strategy at the company, said in a J.P. Morgan research note sent to Rigzone by Kaneva on August 8. “At the same time, low oil prices will negatively affect the Russian economy,” the analysts said in the note. The analysts went on to state that Russia can expand its shadow fleet to bypass sanctions but added that opportunities are becoming more limited . “The country needs around 240 Aframax…

Elon Musk has a Rolodex of feuds: US President Donald Trump, “212” rapper Azealia Banks, and even a British diver who helped save a Thai soccer team stuck in a flooded cave.In 2024, he set his sights on Delaware.Although Delaware is generally considered a business-friendly state with a robust corporate legal system, Musk tried to shatter that reputation after a judge at Delaware’s Court of Chancery denied his multi-billion-dollar pay package, which was approved by Tesla’s board. In typical Musk fashion, he used his X account as a megaphone to blast the court and urged others to incorporate their business…

UK firefighters have warned that 2025 is on track to beat the national record for wildfires, with frontline staff “pushed to their limits”.On Wednesday, a major incident was declared in the North York Moors national park, with 20 fire engines deployed to tackle at least 5 sq km of moorland that has been burning since Monday.Video of fire on Langdale MoorIt follows a similar major incident over the weekend tackled by Dorset and Wiltshire fire service and a blaze at Arthur’s Seat in Edinburgh.In England and Wales alone, crews have already tackled 856 wildfires this year, the National Fire Chiefs…

One of the first cargoes shipped by Nayara Energy Ltd. after it was hit by EU sanctions has been transferred to another tanker at sea, evidence the Indian refiner is trying to keep exporting fuel.The Tempest Dream completed a ship-to-ship transfer on Thursday in the waters off Oman to move the gasoline shipment to Wu Tai, a larger tanker, according to a Bloomberg News review of ship-tracking data and satellite images. Tempest Dream then indicated that it would head back to Vadinar, Nayara’s terminal in western India.The embattled refiner, which is 49%-owned by Russia’s Rosneft PJSC, has found itself being…

WASHINGTON (AP) — U.S. wholesale inflation surged unexpectedly last month, signaling that President Donald Trump’s sweeping taxes on imports are pushing costs up and that higher prices for consumers may be on the way. The Labor Department reported Thursday that its producer price index — which measures inflation before it hits consumers— rose 0.9% last month from June, biggest jump in more than three years. Compared with a year earlier, wholesale prices rose 3.3%.The numbers were much higher than economists had expected.Prices rose faster for producers than consumers last month, suggesting that U.S. importers may, for now, be eating the…

A court in South Africa has halted an oil and gas exploration project led by TotalEnergies, saying the environmental assessment for the project was “deeply flawed, failing to address key risks, legal requirements, and public participation,” per a Bloomberg report.The case was brought in front of the court by a group of environmentalist organizations opposing oil and gas development in South Africa and elsewhere.The news comes hours after Bloomberg again reported that the French supermajor was planning a major drilling campaign offshore South Africa, featuring as many as seven wells, with drilling set to begin in 2026. The company holds…

Swiss generic and biosimilar medicine pharmaceutical company Sandoz announced that it has signed a new 10-year virtual Power Purchase Agreement (PPA) with Elawan Energy for new-build solar projects in Spain, anticipated to cover the vast majority of Sandoz’s electricity use in Europe. Under the new partnership, Sandoz and Elawan Energy will jointly develop solar projects with a total installed capacity of 150 MW. Once operational, the initiative is expected to supply nearly 90% of the electricity demand for Sandoz’s European operations, which account for the majority of the company’s global footprint. According to Sandoz, the new partnership marks a significant…

SAN JUAN, Puerto Rico (AP) — Officials in the northern Caribbean warned Thursday of heavy rains and dangerous swells as Tropical Storm Erin approached the region.The storm is expected to remain over open waters and move north-northeast of islands including Antigua and Barbuda, the U.S. and British Virgin Islands and Puerto Rico, according to the National Hurricane Center in Miami.Erin was located about 890 miles (1,435 kilometers) east of the Northern Leeward Islands. It had maximum sustained winds of 60 mph (95 kph) and was moving west at 17 mph (28 kph).Erin is forecast to become a hurricane by Friday…