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The Latest Breaking News from Oil

BP profits more than double to £7.1bn amid windfall tax pressure

Unlike Shell, the UK-listed oil giant will pay £695m via the energy profits levy

Insider UK

BP profits more than double as pressure for greater windfall tax grows

It came as BP confirmed it will be hit by the windfall tax on its UK operations this year, unlike rival company Shell.

The National (Scotland)

BP profits almost tripled to £7.1bn amid high oil and gas prices

Soaring oil and gas prices have contributed to the profits

Manchester Evening News

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Saudi Arabia Records More than $253 Bn in Revenues in Q3

Saudi Arabia announced that the country has recorded more than $253 billion increase in its general budget in the third quarter of 2022, recording a surplus of over $39.8 billion. The Saudi government revealed that oil revenues for the third quarter exceeded $61 billion, compared to $39.4 billion during the…

Asharq Al-Awsat

BP profits double due to soaring oil and gas prices

It comes week after Shell announced it had doubled profits from same quarter last year

The Independent UK

Russia to Donate 25,000 Tons of Wheat to Lebanon

Russia will donate 25,000 tons of wheat to crisis-hit Lebanon, the public works minister said on Monday. Russia would also donate 10,000 tons of fuel oil to Beirut, minister Ali Hamie told Reuters, without elaborating. The Russian embassy in Lebanon did not respond to a request for comment. News of…

Asharq Al-Awsat

Jobs at risk as Morrisons shuts 132 McColl’s stores; calls grow for broader energy windfall tax – as it happened

Supermarket chain plans to close loss-making McColl’s stores, as it tries to regenerate business

The Guardian - UK

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Calls for extension of windfall tax as BP posts ‘eye-watering’ profits

Company under pressure after reporting £7bn profit in third quarter as Ukraine war drives up gas prices

The Guardian - UK

FTSE 100 Live: BP profits top £7 billion, house prices fall, Ocado shares soar 33%

BP is the latest oil major to report huge profits after revealing a quarterly surplus of $8.2 billion (£7.1 billion), driven by a surge in prices.

Evening Standard

Saudi Aramco Posts 39% Jump in Third-quarter Profits

Saudi Aramco on Tuesday posted a 39-percent jump in third-quarter profits year on year, the latest financial results boosted by higher oil prices and volumes sold. The energy giant's net income totaled $42.4 billion -- up from $30.4 billion during the same period last year -- and was "primarily driven…

Asharq Al-Awsat

Oil giant Saudi Aramco has $42.4B profit in third quarter

Oil giant Saudi Aramco is reporting a $42.4 billion profit in the third quarter of this year, buoyed by higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide

The Independent UK

Biden accuses oil companies of ‘war profiteering’ as he warns of excess profit penalties

WASHINGTON — President Joe Biden on Monday urged major oil companies to stop “war profiteering” and use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election.

Los Angeles Times

Biden to call on Congress to consider windfall tax on excessive oil profits

WASHINGTON — President Joe Biden will urge Congress to consider new tax penalties on oil and gas companies if they refuse to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm elections.

Los Angeles Times

‘Enough is enough’: Biden calls for tax on oil companies getting rich off ‘windfall of war’

‘Their profits are a windfall of war — the windfall from a brutal conflict that is ravaging Ukraine and hurting tens of millions of people around the globe’

The Independent UK

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USAFacts

Is the US energy independent?

Our nation, in numbers. USAFacts provides a comprehensive, nonpartisan view of the state of our union.

Benzinga

A Colder Than Average Winter Is Coming, These 3 High Yielding Energy Stocks Could Benefit

The SPDR Select Sector Fund - Energy Select Sector (ARCA:XLE) which offers exposure to the U.S. energy industry, including many of the world’s largest oil producers, is up over 60% year-to-date.

Evening Standard

Bystander stops Just Stop Oil activist from vandalising the MI5 building

A Just Stop Oil protester was left covered in orange paint after a furious passer-by intervened to stop them vandalising an MI5 building. Environment activists used fire extinguishers to spray paint at the Secret Intelligence Service’s headquarters in London on Monday, as well as at the Home Office, the Bank…

Benzinga

S&P 500 Down 0.5%; Crude Oil Falls Sharply

U.S. stocks traded lower toward the end of trading, with the S&P 500 dropping around 0.5% on Monday.

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The Guardian - UK

Nothing will change on climate until death toll rises in west, says Gabonese minister

Before Cop27, Lee White also says broken promises on funding leave sense of betrayal

The Independent UK

AP source: Biden to float windfall tax on energy producers

President Joe Biden plans to raise the possibility of imposing a ‘windfall tax’ on oil companies, as his administration aims to combat high gas prices just days before the midterm elections

The Independent UK

Judge orders more than 180 protesters to stop blocking roads in London

Mr Justice Freedman granted injunctions at a High Court hearing after Transport for London bosses said Just Stop Oil protests had intensified

The Times of India

India: Higher oil prices would backfire on producers

NEW DELHI: India’s oil minister said higher crude prices would only serve to accelerate the transition to cleaner energy and worsen any global recession.

Evening Standard

Watch moment man tackles Just Stop Oil protester covering them in paint outside MI5 building

A man tried to intervene to stop the rogue painting at the MI5 building

Benzinga

Exxon Mobil, Chevron Shares Continue Rally Following Q3 Earnings, But Which Oil Stock Do Wall Street Analysts Prefer?

U.S. oil majors Exxon Mobil Corp (NYSE: XOM) and Chevron Corporation (NYSE: CVX) both reported impressive third-quarter numbers last week, with each company beating consensus earnings estimates by roughly 15%.

Irish Mirror

Irish woman shares 'genius' method to cook roast potatoes without using an oven

"Didn't realise I could use the SC [slow cooker] for anything other than a casserole"

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