Author: omc_admin
RIYADH, SAUDI ARABIA — U.S. Secretary of Energy Chris Wright delivered remarks at a press conference in Riyadh on Sunday and announced the United States and the Kingdom of Saudi Arabia agreed to sign a Memorandum of Understanding (MOU) at a later date to advance cooperation across key areas of energy. The non-binding agreement outlines a framework for collaboration in both traditional and emerging energy sectors, reinforcing shared strategic priorities without financial or legal commitments.Secretary Wright’s full remarks from the press conference are below: I want to start by thanking my fabulous hosts, the Energy Minister Prince Abdulaziz bin Salman and…
Global oil demand is expected to grow by just 730,000 barrels per day (bpd) this year amid escalating trade tensions, the International Energy Agency (IEA) said on Tuesday, slashing the previous month’s growth forecast by 300,000 bpd.Escalating trade tensions have negatively impacted the economic outlook, the IEA said today in its Oil Market Report (OMR) for April, and sees further slowdown in demand growth next year, when consumption is now forecast to increase by only 690,000 bpd.Risks to the forecast “remain rife given the fast-moving macro backdrop,” the IEA noted.The downgrade to demand growth expectations comes just as the agency…
In its 2024 annual report, Viva Energy confirmed it will complete the project at a final cost of $350 million (Aus.), $200 million of which is dedicated to Australian procurement and construction contracts mostly awarded to businesses in the Geelong region.The budget increase follows the federal government’s December 2023 announcement that fuel quality and noxious vehicle emissions standards would come into effect from December 2025 to ensure Australia’s fuel quality aligns more closely with international standards.In compliance with the regulatory timeline, Viva Energy confirmed expanding the ULSG project to certify that—in addition to all of Geelong’s ULSG conforms to 10…
Confusion over President Donald Trump’s tariffs remains following a weekend of questions around trade in consumer electronics. On Friday the Trump administration paused its new taxes on electronics imported into the U.S. — signaling some relief from trade wars that have particularly escalated with China, a major exporter of technology from smartphones to laptops. But these goods remain subject to other levies. And officials have also indicated that additional, sector-specific tariffs targeting electronics are on the way — all of which economists warn will raise costs and lead to higher prices for consumers.Here’s what we know. Are electronics exempt from…
Crude oil is set to end another week with substantial losses as markets reel from President Trump’s tariff offensive, despite the fact he pulled the punch at the last second. With one notable exception: China. As Beijing and Washington take turns to up the ante, the outlook for oil and energy in general has gone from bright to really dim.Brent crude is about to end this week relatively unchanged but down by $6 per barrel from a month ago. West Texas Intermediate has slipped below $60 per barrel and might spend some time there. The drop is all a result…
Global economic shifts are pushing nations and businesses to find new paths for growth. For Germany, the idea of Zeitenwende (a turning point) now includes economics, highlighting the need to diversify markets and supply chains. Changes in established relationships, like moving away from Russian energy and managing risks with other major partners require finding reliable alternatives. Kazakhstan stands out as a key strategic and economic partner seeking international help for its own transformation. Kazakhstan, Germany’s top trading partner in Central Asia, is pursuing balanced foreign policies and reforms to diversify its economy beyond natural resources. While challenges exist, Kazakhstan offers…
WASHINGTON– The Department of Energy (DOE) today announced a new policy action aimed at halting inefficient spending by colleges and universities while continuing to expand American innovation and scientific research. In a new policy memorandum shared with grant recipients at colleges and universities, DOE announced that it will limit financial support of “indirect costs” of DOE research funding to 15%. This action is projected to generate over $405 million in annual cost savings for the American people, delivering on President Trump’s commitment to bring greater transparency and efficiency to federal government spending.“The purpose of Department of Energy funding to colleges…
By Julianne Geiger – Apr 11, 2025, 12:12 PM CDT The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, following a 2 rig dip in the prior week.The total rig count in the US fell by 7 to 583 rigs, according to Baker Hughes, down 34 from this same time last year.The number of oil rigs fell by 9 to 480—down by 26 compared to this time last year. The number of gas rigs rose by 1 this week to 97…
ADVERTISEMENTIt’s not uncommon to see products sold on shop shelves that market themselves as ‘carbon neutral’ or ‘environmentally friendly’. But these claims are not always clear or backed up by evidence – and courts are forcing companies to take them down.German non-profit Deutsche Umwelthilfe (DUH) has been on an anti-greenwashing litigation spree over the last three years, stopping more than 100 firms from advertising their products or corporate activities as good for the environment. These include the makers of shower gel and trainers, and cruise and airline operators.Agnes Sauter, head of ecological market surveillance at DUH, says companies are increasingly…
Košice Region, in collaboration with 22 partners from 7 European countries, has been successfully granted financial aid of 9 million EUR in order to build the very first Hydrogen Valley in Slovakia. Hydrogen Valleys are used for hydrogen processing, starting from its production to the ultimate consumption. The call for proposals was launched by Clean Hydrogen Joint Undertaking under the Horizon Europe framework. To this day, it is the biggest success of Slovak scientists who have applied for a grant from the Clean hydrogen Joint Undertaking. The project is called EastGate H2V and is set to begin in April 2025.…