(Oil Price) – Crude futures slumped on Monday, extending their biggest single-day slide in weeks as OPEC+ signaled it may press ahead with another round of output increases despite production shortfalls across the group. By 12:48 p.m. ET, benchmark contracts were down more than 3%, reflecting both cartel politics and shifting supply expectations. Brent crude was at $67.88 per barrel, a drop
(Investing) – HOUSTON/LONDON -European oil and gas majors BP and TotalEnergies on Monday deepened their commitments to the United States, with BP approving a $5 billion offshore oil field and TotalEnergies buying into an onshore gas field. Higher investment in U.S. oil and gas production aligns with U.S. President Donald Trump’s goal to capitalise on the country’s hydrocarbon resources. BP, which currently produces
(Oil Price) – Pacific Gas and Electric has unveiled a $73-billion spending program through 2030 to overhaul California’s grid as electricity demand from artificial intelligence and cloud infrastructure explodes, Reuters reported on Monday. The utility said the plan will support as much as 10 gigawatts of new load from data centers slated for development in its service territory over the next decade. Brent
(World Oil) – Occidental Petroleum Corp. is in talks to sell its OxyChem petrochemical unit in a deal worth at least $10 billion, the Financial Times reported Sunday. The divestment would be the U.S. company’s biggest yet and would create one of the world’s largest standalone petrochemical companies, according to the FT, which cited two people familiar with the matter
(BOE Report) – TotalEnergies CEO Patrick Pouyanne said on Monday he would be surprised if all U.S. LNG projects that have received regulatory approval will be built, citing the difficulty of finding willing long-term buyers and financing. Pouyanne has previously warned that the United States is building too many liquefied natural gas plants, warning it could lead to a long-lasting glut
(Investing) – WASHINGTON -The Trump administration will expand coal mine leasing on federal lands and provide hundreds of millions of dollars to support more coal-fired power generation, officials said on Monday. The plan is part of a broader effort by the administration to reverse the decline of coal use in the U.S., a fossil fuel that has been hard hit by
