BP (BP.L) said Wednesday the United Steelworkers Local 7-1 union agreed to resume labor negotiations on Friday.
The British energy major added that it is looking forward to a "meaningful dialogue" to strike an agreement with union members concerning operations at its Whiting refinery in Indiana, US.
President Donald Trump said the US could resume strikes on Iran within days if negotiations fail, saying Washington may deliver "another big hit" if Tehran does not agree to a deal, Bloomberg reported on Tuesday.Trump said he recently halted a planned attack at the request of Saudi Arabia, Qatar and the UAE. Vice President JD Vance said the US believes Iran wants an agreement but warned military action remains an option.Separately, the Republican-led Senate advanced a procedural vote toward a resolution to end hostilities, signaling growing political unease over the conflict and its economic impact.
Chevron (CVX) and Saudi Aramco-owned Motiva Enterprises have reduced some customer deliveries of Group III and II base oils, key ingredients used in high-end motor oil and lubricants, to minimum contractual levels as the Iran war continues to disrupt supplies, Bloomberg reported on Tuesday, citing people familiar with the matter.Such reductions were highly unusual outside refinery outages, with Group III supplies especially constrained, the report said.Global base oil markets have been under pressure since the conflict began, while Group III prices have climbed to record highs, according to Argus Media, cited by Bloomberg.The US imports 44% of its Group III oil from the Middle East. Bloomberg said supply strains worsened after Iranian attacks in March damaged Shell's Pearl GTL facility in Qatar, a major supplier.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Shell (SHEL.L, SHELL.AS) shareholders approved a resolution for its new directors' remuneration policy at the company's annual general meeting held on Tuesday, according to a same-day release.Under the new policy, the energy giant will increase the maximum long-term share award for Chief Executive Officer Wael Sawan to 900% of salary from 600%, and also raise the bonus ceiling for Chief Financial Officer Sinead Gorman, according to a same-day Bloomberg News report.Separately, a special resolution proposed by climate activist investor group Follow This, which called on Shell to produce a report based on two specific International Energy Agency scenarios, received only 13.01% of shareholder support.