Daily Update — May 13, 2025
Oil Market Shake-Up; US Northeast Energy Shift; and Metaverse Digest
Today is Tuesday, May 13, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Global Trade
Guyana shakes up oil markets as Yellowtail emerges
Guyana's latest crude stream is due to reach the market in the third quarter, adding 250,000 b/d to the South American country's production capacity. Guyana’s output has climbed rapidly since its Liza-grade crude debuted in late 2019. This time, however, the new Yellowtail development will bring more light sweet crude to the market, competing with exports from Argentina and the US.
Join Jeff Mower, director of Americas Oil News for Platts, a part of S&P Global Commodity Insights, as he discusses this development’s impact on global oil markets with crude price editor Jada Johnson and head of Latin America fuels and refining research and strategy Felipe Perez.
Learn more with S&P Global Commodity Insights’ crude oil market insights.
Energy Transition & Sustainability
Offshore wind halt to shift Northeast power supply mix
The recent executive order temporarily halting US offshore wind development creates uncertainty for the industry and could jeopardize the ambitious renewable portfolio standard goals of some states in the Northeast.
With high offshore wind speeds, many states in the region have mandated the procurement of offshore wind generation. Halting offshore wind development will compel states in the PJM Interconnection, ISO New England and the New York ISO to use other energy sources, including solar, storage and gas.
Artificial Intelligence
Metaverse Digest: New focus for Niantic, NVIDIA expands Omniverse partnerships
Infinite Reality is improving its metaverse capabilities to help enterprises reach new customers through established brands. NVIDIA is a key player in the industrial metaverse, leveraging partnerships and the adoption of technologies such as Omniverse and OpenUSD. Meanwhile, Niantic is concentrating on geospatial data capture and the infrastructure needed for data layers in enterprise and industrial contexts. Deloitte is utilizing similar virtual-world simulations integrated with AI and real-time data, despite not explicitly referring to it as the metaverse.
As the metaverse continues evolving, powered by AI, stakeholders in industrial and enterprise sectors must adapt to capitalize on emerging opportunities.
In case you missed it
- UK industry associations welcomed the US’ decision to eliminate the 25% tariff on imports of UK steel and aluminum as part of a landmark bilateral free trade agreement.
- As of March 2025, a meaningful portion of US consumers reported spending less at retail stores and online compared to last year. Some Americans are cutting back on restaurant dining, cinema attendance and online video subscriptions.
- Indian refineries near the border with Pakistan are operating normally, although the Indian government has stepped up security around them and other key energy infrastructure to prevent damage in the event of an escalation.
Upcoming events
- State of the Market: Mining Q1'25 | May 14 (Webinar)
- EU/US Tariffs Showdown: Consequences and Alternatives for the European Trade Landscape | May 14 (Webinar)
- The cybersecurity market in 2025: The Only Constant is Change | May 14 (Webinar)