OPEC+ to Hike Oil Output as Trump Seeks Lower Prices, BofA Says
(Bloomberg) OPEC+ is expected to revive some curtailed...
(Bloomberg) OPEC+ is expected to revive some curtailed crude production in April following US President Donald Trump’s appeals to the group to lower prices, said Jason Prior, Bank of America Corp.’s head of oil trading.
“We expect some production to be brought back to market,” Prior said in an interview Monday. The group, led by Saudi Arabia and Russia, may restore around 150,000 barrels a day of production starting in April, he said.
Trump has been pushing OPEC+ — which halted some output in 2022 — to lower oil prices in a bid to pressure Russia to end the war in Ukraine. Prices of West Texas Intermediate, which peaked in mid-January to $80 a barrel, have since retreated and are now close to $70.
U.S. stocks close mostly lower as S&P 500 stumbles
U.S. stocks ended mostly lower Monday, with the S&P...
U.S. stocks ended mostly lower Monday, with the S&P 500 failing to land in positive territory after wavering between gains and losses during the trading session.
The S&P 500 fell 29.88 points, or 0.5%, to close at 5,983.25.
The technology-heavy Nasdaq Composite dropped 237.08 points, or 1.2%, to finish at 19,286.92.
The Dow Jones Industrial Average rose 33.19 points, or 0.1%, to end at 43,461.21.
The S&P 500 was dragged down by a sharp loss in its biggest sector, information technology, which slumped 1.4% as shares of Big Tech companies including Nvidia Corp. and Microsoft Corp. dropped.
Investors' worries over tariffs also appeared to weigh on the market, after President Donald Trump indicated on Monday that tariffs on Canada and Mexico will take effect next week after their 30-day pause concludes.
The U.S. stock market struggled to recover from Friday's selloff, which had left all three major benchmarks down for the week.
Oxy CEO champions direct air capture for energy security
Enhanced oil recovery using carbon dioxide absorbed by direct air capture...
Enhanced oil recovery using carbon dioxide absorbed by direct air capture facilities could unlock an additional 50 to 70 million barrels of oil and prolong US energy independence by more than a decade -- if critical 45Q tax credits remain intact, according to Occidental Petroleum CEO Vicki Hollub. Meanwhile, phase one of Oxy's Stratos DAC plant in Texas, set to be the world's largest, is 94% complete and on track to begin operations later this year.
US power generation reached a 20-year high in 2024, according to the ...
US power generation reached a 20-year high in 2024, according to the 2025 Sustainable Energy in America Factbook from BloombergNEF and the Business Council for Sustainable Energy, with new demand driven by industry and data centers. Renewables accounted for 24% of power, while the largest source remained natural gas at 43%. Investment in energy technologies grew to $338 billion -- $35 billion more than the previous year.
Oil, biofuel groups work together on blend mandates
The American Petroleum Institute and biofuel industry groups have joined...
The American Petroleum Institute and biofuel industry groups have joined forces to urge the Environmental Protection Agency to establish "robust" multiyear biofuel blending mandates that take into account rising feedstock supplies and production capacity. "We're trying to send a signal to the administration: hey, we're in more agreement than we used to be," said American Petroleum Institute Vice President of Downstream Policy Will Hupman.
