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The Latest Breaking News from crude oil

Saudi Aramco Drops January's Arab Light Prices for Asia

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Asharq Al-Awsat

Oil Prices Climb after Russian Crude Sanctions Kick in

Oil rebounded on Tuesday after plunging by more than 3% in the previous session, as the implementation of sanctions on Russian seaborne crude oil eased concerns about oversupply while the relaxing of China's COVID curbs bolstered the demand outlook. Brent crude futures had gained 85 cents to $83.53 a barrel…

Asharq Al-Awsat

Russian oil price cap: Five things you need to know

Al Jazeera answers five key questions to better understand the effect of the EU and G7’s move.

Al Jazeera

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Infographic: How much oil does Russia produce?

Russia is one of the largest producers of crude oil, and it provides more than a third of Europe’s oil imports.

Al Jazeera

Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

The Guardian - UK

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

Wales Online

Russia will ‘not accept’ price cap on oil exports, Kremlin warns

The Kremlin on Saturday said it would not accept a price cap on Russian oil agreed by the EU, G7 and Australia. The agreement caps Russian seaborne crude oil at $60 per barrel and is aimed at limiting Moscow’s funds for the Ukraine war. Read FRANCE 24's liveblog below to…

France 24

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G7 Coalition Agrees $60 Per Barrel Price Cap for Russian Oil

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout…

Asharq Al-Awsat

Zelenskiy says level of price cap on Russia oil isn't serious

The $60 price cap on seaborne Russian oil agreed by Group of Seven nations and Australia is not serious and will do little to deter Russia from waging war in Ukraine, President Volodymyr Zelenskiy said on Saturday.

Reuters

Russia-Ukraine war live: Kyiv says ‘sick’ packages sent to its embassies following letter bomb in Madrid – as it happened

Ukraine’s foreign minister says 17 diplomatic missions have now received suspicious packages

The Guardian - AU

Should You Put More Money Into APA Corp. Before the End of This Year?

APA Corporation (APA) has benefited from the higher crude oil prices this year, and its shares have gained more than 73% year-to-date. Although crude oil prices have dropped from their highs, analysts seem optimistic about a price recovery considering the expected demand-supply dynamics. Given this backdrop, will it be wise…

StockNews.com

UK national highways workers to strike; US jobs growth beats forecasts – business live

Union members working on England’s roads have announced 12 days of strike action over Christmas and the new year, while US added 263,000 jobs in November

The Guardian - UK

Accelerating Business Solutions: PTT’s new business direction cools climate combustion to zero

The unexpected oil crisis emerging from the oil embargo against Russia, the world’s second largest crude oil exporter, has piled pressure on energy prices, supply shortages, and economic recession worldwide. The renewable energy benefits are currently absorbed beyond their actual purposes to build growth of clean energy for a sustainable…

Bangkok Post

5 Oil and Gas Stocks to Watch This Holiday Travel Season

Crude oil prices are increasing with declining inventory and hopes of a slower interest rate hike. Moreover, a surge in demand is also expected due to the possible reopening of the Chinese economy and holiday travel. Given the industry tailwinds, we think it could be wise to consider investing in…

StockNews.com

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The Conversation

To fight the climate crisis, we need to stop expanding offshore drilling for oil and gas

Environmental disaster struck the shores of Peru on Jan. 15, 2022, when Spanish energy company Repsol spilled 12,000 barrels of crude oil into the Bay of Lima after its tanker ruptured. The spill endangered 180,000 birds and destroyed the livelihoods of 5,000 families.

Asharq Al-Awsat

Saudi Petrochemical Strategy in its Final Stages

Saudi Minister of Energy Prince Abdulaziz bin Salman said on Wednesday that the petrochemical sector was rapidly growing in demand for oil globally, stressing that the acceleration in growth will continue until 2040. In remarks during the inauguration of the Saudi Petrochemical Industries Company (SABIC) building in Jubail, the minister…

Bangkok Post

PTT: Oil at $90 in 2023

Global crude oil prices are expected to keep decreasing to US$85-95 a barrel next year when the world economy slows down, according to analysts of national oil and gas conglomerate PTT Plc.

StockNews.com

Can Valero Energy Help Energize Your Portfolio This Fall?

Although oil and gas prices have fallen significantly from their highs, crude oil prices are expected to rise further because of the potential supply crunch. This could benefit oil and gas major Valero Energy (VLO). Moreover, the stock is trading above its 50-day and 200-day moving averages, indicating an uptrend.…

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Asharq Al-Awsat

Oman’s Producer Price Index Posts Increase of 37%

Oman's producer price index for the third quarter of 2022 posted an increase of 36.6 percent, compared to the corresponding period in 2021, according to the quarterly survey by the National Center for Statistics and Information (NCSI). The Oman News Agency (ONA) reported on Sunday that oil and gas prices…

Asharq Al-Awsat

Yemeni Official to Asharq Al-Awsat: Fate of FSO Safer to Be Determined after Unloading

The head of the Yemeni maritime authority has ruled out a new dispute arising and hindering the process of unloading the FSO Safer, a derelict oil tanker moored off the coast of Yemen. The government and Iran-backed Houthi militias will later agree on the fate of the tanker after unloading…

Asharq Al-Awsat

Saudi Crude Exports Surge to 29-Month High in September

Saudi Arabia's crude oil exports rose for a fourth straight month in September to the highest in 29 months, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. Crude exports rose about 1.6 percent to 7.721 million barrels per day (bpd) in September - the highest since April…

Reuters

Nigeria charges 26 men from oil tanker in suspected crude theft

A Nigerian court has charged 26 men with conspiracy to commit a maritime offence and attempting to illegally deal in crude oil after authorities accused their supertanker of sailing in Nigerian waters without authority.

Benzinga

Crude Oil Down Over 2%; Outset Medical Shares Spike Higher

U.S. stocks traded lower midway through trading as investors focused on the outcome of the midterm elections.

StockNews.com

2 Oil and Gas Stocks to Get in on Before 2023

A tight supply has turned hedge funds bullish on crude oil. Moreover, with winter approaching and the EU embargo on Russian energy exports expected to kick in soon, oil prices could break $100 per barrel once again. Hence, quality oil and gas stocks Valero Energy (VLO) and Birchcliff Energy (BIREF)…

Reuters

Oil supertanker grounded in Indonesia will take a month to free - navy

Indonesian authorities said on Monday it could take up to a month to free a crude oil tanker stuck in its waters, while the United States slapped sanctions on the vessel for alleged links to Hezbollah and a branch of Iran's Revolutionary Guards.

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