Energy News
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The first thing you’ll notice about this two-story Texas penthouse are the views and, second, the current owner’s trove of WWII plane memorabilia. Rod Lewis, the billionaire founder and CEO of Lewis Energy Group, is parting ways with his condo perched atop The Arts Residences in downtown San Antonio. On the market for just shy of $3.3 million with Haley ...
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After months of anger and outcry over an oil spill which inflicted $23m in damage on Tobago’s shores, the Trinidad and Tobago government says it is pursuing the Solo Creed tugboat, now seized by the Angolan Navy. In February, the Gulfstream tanker (pulled by Solo Creed) capsized and then spilt oil across approximately 88km of Tobagonian coral reefs, beaches ...
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When Storm Isha hit Northern Ireland and northern Britain in January 2024, wind gusts of almost 100mph caused widespread damage to property. This strong extra-tropical cyclone also influenced both the insurance and energy sectors. Isha resulted in damages which required the insurance industry to pay out approximately €500 million (Ł427 million). That’s a ...
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China's Ministry of Commerce stimulus effort, announcing plans to facilitate: • Trade-in programs for consumer goods. • Aiming to increase second-hand vehicle transactions by 45% by 2027. • Will offer subsidies to car owners who scrap cars and replace them with new electric vehicles (NEVs).
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As widely expected ahead of Sunday’s virtual gathering, OPEC and its allies agreed to extend cuts of 3.66 million barrels per day bpd until the end of 2025 and begin phasing out voluntary cuts of 2.2 million bpd over the next 16 months, beginning in September. While markets had expected OPEC and Russia to extend voluntary cuts by a few months due weaker oil ...
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The first thing you’ll notice about this two-story Texas penthouse are the views and, second, the current owner’s trove of WWII plane memorabilia. Rod Lewis, the billionaire founder and CEO of Lewis Energy Group, is parting ways with his condo perched atop The Arts Residences in downtown San Antonio. On the market for just shy of $3.3 million with Haley ...
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Two interest rate moves are up for decision this week, US jobs data for May, Chinese trade data (also for May), and Australian economic growth for the first quarter. Additionally, ...
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Despite fears of copper shortages, China is proving that there’s still plenty of the industrial metal. Robusta coffee is enduring wild price swings as it chalks up three months of ...
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U.S. Energy Secretary Jennifer Granholm called for a stronger move towards nuclear power as she toured two reactors built for $35 billion in Georgia.
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post: *OPEC+ AGREES TO EXTEND GROUP-WIDE AND VOLUNTARY CUTS: DELEGATES post: No objections by any member states to the extension of the group cuts to the 3rd quarter of 2025 (the cut amounts to around 2.2 million bpd) #OOTT #Opec post: under this agreement the UAE will be getting a higher baseline #OOTT #Opec 37th OPEC and non-OPEC Ministerial Meeting In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: 1. Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019. Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025. Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels. Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary. Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries. Reiterate the critical importance of adhering to full conformity and compensation mechanism.Production table - 37th ONOMM table Notes: (1) UAE required production has been increased by 300 kbd. This increase will be phased in gradually starting January 2025 until the end of September 2025. (2) The required production level is before applying any additional production adjustments.
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Claudia Sheinbaum is set to become Mexico’s first female leader in a landslide victory, capitalizing on outgoing President Andres Manuel Lopez Obrador’s popularity while also ...
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China's Ministry of Commerce stimulus effort, announcing plans to facilitate: • Trade-in programs for consumer goods. • Aiming to increase second-hand vehicle transactions by 45% ...
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WTI Crude Oil: chart The West Texas Intermediate Crude Oil market has been all over the place during the trading week, and even sold off quite violently on Friday. However, we remain in the same general vicinity that we have been in for a while, and I think at this point we are more likely than not to continue to see a lot of volatility and of course a ...
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Dear Client, Please find our updated Trading schedule and general information related to the Juneteenth National Independence Day on Wednesday, 19 June, 2024. Liquidity over the holidays is expected to be particularly thin so please take the necessary precaution to ensure that you are not affected by increased volatility, spreads and intermittent pricing. ...