Oil Daily | Crude Oil Prices Drop on Anticipation of Russia-U.S. Supply Deal Amid Global Economic Uncertainty

【Company News】

Orsted, the leading offshore wind project developer, announced a $9.4 billion rights issue to raise capital amidst challenging market conditions in the U.S. The Danish state, holding a majority stake, will support this initiative, which aims to strengthen Orsted's capital structure following adverse U.S. market developments.

CATL, the largest lithium-ion battery maker for electric vehicles, has halted operations at a major lithium mine in China, prompting lithium price increases. The suspension is part of China's effort to address overcapacity issues, with hopes to boost profitability in EV-related industries.

A sanctioned Dutch oil trader, Niels Troost, has sued a U.S. corporate intelligence firm for libel and slander amid allegations of CIA ties, Russian crude dealings, and fraud. Troost alleges the firm smeared him in collaboration with his former business partner, Gaurav Srivastava, who is accused of posing as a CIA operative.

【Industry News】

Wind turbines in Scotland were shut down 37% of the time in the first half of the year due to grid constraints and lack of infrastructure. This curtailment accounted for 86% of the total in Britain, costing billions in balancing costs. More infrastructure investment is needed to address the issue.

【Others】

Crude oil prices declined as market expectations rose for a deal between Russia and the U.S. that could boost oil supply. Uncertainty persists over the potential success of Trump-Putin talks, with ongoing tariffs affecting global economic activity and oil prices.