Author: omc_admin
(BOE Report)– The contest for MEG Energy is entering its final stages, with two competing bids on the table and shareholders set to vote in October. The upcoming votes will determine whether MEG is acquired by Cenovus, taken over by Strathcona, or remains independent. Key Dates Ahead Several important dates now define the timeline: October 7: Proxy voting deadline for MEG shareholders on the Cenovus arrangement. October 9: Special shareholder meeting to vote on Cenovus’s bid. October 20: Expiration of Strathcona’s revised offer. Strathcona, which already holds roughly 14% of MEG’s shares, has said it will vote against the Cenovus deal, making…
Oil climbed as US President Donald Trump warned Hamas of stark consequences if it doesn’t agree to his plan to end the war in Gaza. The comments overshadowed an impending OPEC+ decision on crude supplies. West Texas Intermediate futures rose 0.7% to settle near $61 a barrel, but were down 7.4% for the week. Trump set a Sunday evening deadline for Hamas to accept his proposal. The president earlier said Israel would have his “full backing” to destroy Hamas, which has been designated a terrorist organization by the US and EU, if it rejects the deal. The approaching deadline is…
Ukraine claimed an attack on Russia’s Orsk oil refinery near the border with Kazakhstan, as Kyiv seeks to widen the range of strikes on its foe’s energy infrastructure. Columns of black smoke rose from the refinery site as a result of the strike, said a person familiar with the matter at the Security Service of Ukraine, asking not to be named discussing sensitive information. Bloomberg could not independently verify the claim. Drones have attempted to hit an unnamed industrial facility in the Orenburg region, local governor Yevgeny Solntsev said in a Telegram statement, providing no details that could help identify…
(Oil Price)– Oil prices saw a small recovery on Friday morning after a continued selloff this week. Friday, October 3, 2025 An 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…
(Investing.com)– Oil prices were stable on Friday but were still headed for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. were up 29 cents, or 0.5%, at $64.40 a barrel by 1311 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.5%, at $60.75. For the week, Brent was trading 8.2% down and WTI was on course for a 7.6% decline. “We are in a wait-and-see mode for what the OPEC+ Group of Eight will decide over the weekend,” said UBS analyst Giovanni Staunovo, adding that Friday’s modest price recovery was likely…
As the saying goes, “All publicity is good publicity.”Friend CEO Avi Schiffman said the response to his company’s seven-figure ad buy for the New York City subway has been “entertaining” during Thursday’s episode of Alex Heath and Ellis Hamburger’s “Access” podcast.Friend is an AI companion in the form of a pendant necklace. The pendant listens to conversations unprompted and can respond through a related app on the user’s phone.Last month, Schiffman told AdWeek that Friend spent more than $1 million on the print ad campaign, which included over 11,000 subway car ads, over 1,000 platform posters, and 130 urban panels.New Yorkers…
Meta is ramping up the pressure for its employees to use AI.The Facebook parent company is tracking how extensively its teams are using AI through dashboards it rolled out earlier this year, and it created a game to boost employees’ usage, Business Insider has learned.Expectations around AI usage vary by teams. Staff in some departments are encouraged to play with AI tools, while others are being pushed to meet specific targets, according to four current employees.Across Big Tech, companies are dangling both carrots and sticks to get employees on board with AI.At Meta, engineers and staff are nudged to experiment…
Saudi Arabia’s grand Vision 2030 ambitions may be colliding with a colder fiscal reality. Fitch Ratings warned Friday that Riyadh faces rising financial risks as oil prices soften and government spending balloons, threatening the kingdom’s plans for fiscal consolidation.The numbers tell the story: Saudi Arabia now expects a budget deficit equal to 5.3% of GDP in 2025—nearly double its original 2.3% forecast—before narrowing to 3.3% in 2026. The deterioration comes largely from weaker oil income, Fitch said, with non-oil revenues holding up but not enough to offset the gap. The rating agency pointed to revenue shortfalls and overspending as the…
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…