Goldman Sachs Warns of 1.9 Million Bpd Oil Glut by 2026
Goldman Sachs expects the global oil market to swing into a surplus of...
Goldman Sachs expects the global oil market to swing into a surplus of 1.9 million barrels daily next year as a result of OPEC+’s output cut unwinding and producers in North and South America also ramping up production.
“While a full 1.65 mb/d unwind is plausible, we assume the group will leverage its flexibility to pause quota increases from January 2026 under our assumption that OECD commercial stocks start rising noticeably in 2025 Q4,” the investment bank’s commodity analysts said in a note on Sunday, following the news that OPEC+ will continue adding barrels to its collective output after years of restraining supply.
“Although we revise up our 2026 surplus to 1.9 mb/d (vs. 1.7 mb/d prior), we assume only slightly faster OECD commercial stocks builds in Q4 2025- Q4 2026,” Goldman also said, as quoted by Reuters.
Pyrolysis tech turns plant waste into CO2 storage solution
A study from Iowa State University found that converting crop residue...
A study from Iowa State University found that converting crop residue and forest debris into bio-oil and pumping it into abandoned oil and natural gas wells could lock away carbon while tackling the costly problem of plugging orphaned wells. The researchers estimate that a network of 200 mobile pyrolysis units could remove carbon at about $152 per ton, rivaling other approaches but with lower capital demands. "One of the innovations here is that you can do carbon capture with units the size of a skid loader or a combine. You can start small," said mechanical engineering professor Mark Mba-Wright.
Japan’s prime minister is resigning after striking tariff deal
Shigeru Ishiba ate the frog and is now packing up his office after ...
Shigeru Ishiba ate the frog and is now packing up his office after less than a year as prime minister, he announced at a news conference yesterday. But his departure has little to do with the deal itself: Ishiba’s Liberal Democratic Party lost its majority in the upper house of Japan’s Parliament in July, as voters worried about inflation and immigration more than the impending trade deal. As for the said agreement, President Trump lowered tariffs on Japan to 15% in exchange for Japan agreeing to buy more American exports and invest $550 billion in the US. As for how long he’d been drafting his notice, Ishiba said only, “Who would seriously negotiate if I were to say, ‘I’m quitting?’”
Last month’s producer price data will be out on Wednesday, and the...
Last month’s producer price data will be out on Wednesday, and the consumer price index will be released on Thursday. Federal Reserve Chair Jerome Powell will be combing through both of them as the central bank prepares for its September 16–17 meeting. Pretty much everyone expects a quarter-point interest rate cut to come out of that meeting, but last week’s worse-than-expected jobs report has some crossing their fingers for a half-point cut.
Apple is expected to debut its new iPhone on Tuesday:...
Apple is expected to debut its new iPhone on Tuesday: We’ll get a fresh peek at what CEO Tim’s been cooking up tomorrow at Apple’s annual product reveal. This year’s so-called “Awe Dropping” event will unveil the iPhone 17, but its lighter, thinner sibling, the iPhone 17 Air, may draw the lion’s share of attention, Bloomberg reports. Also keep an eye out for new Apple Watches and stay tuned for new AirPods. If you’re waiting for a foldable iPhone, you’ll most likely have to wait until next year.
Russia’s largest-ever attack on Ukraine hit the main government building in Kyiv.
Hawaii issued a state of emergency as Hurricane Kiko approached the Big Island as a Category 2 storm.
The Australian woman convicted of killing three relatives with poisonous mushrooms concealed in beef Wellington was sentenced to a minimum of 33 years in prison.
Astronomer’s former Chief People Officer Kristin Cabot filed for divorce from her husband.
OpenAI is backing a feature-length, AI-made animated film it expects to debut at the Cannes Film Festival in May.
