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The Latest Breaking News from Oil

UN chief slams ‘delusional’ fossil fuels dash amid Ukraine war

Antonio Guterres warns that ‘perilous doubling down’ on coal, oil and gas by major economies will worsen climate change.

Al Jazeera

U.N. chief says the dash for new fossil fuels is 'delusional'

Rich countries have made a dangerous dash for fossil fuels in response to the Ukraine war, the U.N. secretary-general said on Tuesday, warning that new investments being made in coal, oil and gas were "delusional" given their impact on climate change.

Reuters

Oil Prices Inch Lower as China COVID, Recession Worries Outweigh Tight Supply

Oil prices inched lower after seesawing through early trading on Tuesday, as worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China outweighed tight global supplies. US West Texas Intermediate (WTI) crude fell 22 cents, or 0.2% to $120.71 a barrel at 0353…

Asharq Al-Awsat

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The 1977 White House climate memo that should have changed the world

Years before the climate crisis was part of national discourse, this memo to the president predicted catastrophe

The Guardian - US

Australia already has a UK-style windfall profits tax on gas – but we'll give away tens of billions of dollars unless we fix it soon

The really bizarre thing about calls for a UK-style windfall profits tax on gas is that Australia’s already got one.

The Conversation

Declassified files reveal British interest in Falkland Islands oil

Ministers keen to claim UK right to potential deposits before and after 1982 war with Argentina

The Guardian - UK

Bahrain’s King Orders Cabinet Reshuffle, Names New Oil Minister

Bahrain's King Hamad bin Isa al-Khalifa ordered a cabinet reshuffle on Monday that included appointing a new oil minister, state media reported. Mohammed bin Mubarak Bin Dainah, who was the country's envoy for climate affairs, was named minister of oil and environment, replacing Oil Minister Sheikh Mohammed bin Khalifa bin…

Asharq Al-Awsat

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If You Invested $1,000 In Exxon Mobil When Joe Biden Was Elected President, Here's How Much You'd Have Now

The 2020 Presidential Election featured President Donald Trump running against Joe Biden. Investors and analysts pointed to several sectors that could benefit from each respective president winning the election.

Benzinga

Bahrain's king orders cabinet reshuffle, names new oil minister -state media

Bahrain's King Hamad bin Isa al-Khalifa ordered a cabinet reshuffle on Monday that included appointing a new oil minister, state media reported.

Reuters

Govt eyes slice of refineries' pie

The government will consider using profits from oil refinery margins to help support the Oil Fuel Fund as it continues to subsidise fuel prices despite having slipped 85 billion baht into the red.

Bangkok Post

5 Durable Stocks to Strengthen Your Portfolio

Given the current market turmoil caused due to surging inflation and the Fed’s aggressive interest rate hikes to bring prices down, it could be wise to invest in stocks that do not fluctuate significantly in adverse market conditions. The solid stability of Johnson & Johnson (JNJ), Coca-Cola FEMSA (KOF), Marubeni…

StockNews.com

‘Quite a few have given up’: fish and chip shops battered by rising costs

With fish and cooking oil prices soaring and consumers spending less, industry is facing a big challenge

The Guardian - UK

Vandals cause '£50k' of damage as they throw oil all over store

CCTV shows males dressed in black throwing a substance over the displays

Liverpool Echo

How Fed rate hikes could impact stocks, crypto and other investments

The Federal Reserve is set to raise interest rates at its June 14-15 meeting after hiking rates in March and May. The nation’s central bank is expected to lift the benchmark Fed funds rate by 50 basis points — one-half of a percentage point — according to the CME FedWatch…

Tribune News Service

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The Times of India

Govt to pursue $3.85 billion recovery from Reliance, partners

NEW DELHI: The government on Monday said it will pursue recovery of $3.85 billion from Reliance Industries and its partners in the Panna/Mukta and Tapti oil and gas fields case and is mulling an appeal against an English court order over cost recovery dispute in the same fields.

StockNews.com

This North American Oil Services Stock is a Great Buy

North American oil services company Solaris Oilfield Infrastructure (SOI) reported strong revenue and earnings growth for the first quarter of fiscal 2022 and is expected to witness robust growth in the upcoming quarters. Given its strong momentum and growth prospects, we think the stock could be a great addition to…

StockNews.com

5 Ultra-Cheap Small-Cap Stocks to Add to Your List

Inflation rose to a fresh 40-year high in May, showing no signs of slowing down. The stock market witnessed the biggest weekly decline since January in the last week amid investors’ pessimism. However, some stocks currently trading at a discount due to the market downturn are worth your attention. We…

The Times of India

Explained: How Ukraine war is changing India's oil purchase

NEW DELHI: The ongoing war between Russia and Ukraine has compelled Indian oil refiners -- both central and private -- to significantly raise their intake of Russian oil.

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Asharq Al-Awsat

UN Launches Public Fundraising Drive to Prevent Yemen Tanker Oil Spill

The United Nations has launched a public crowdfunding drive that aims to raise $5 million towards an operation to avoid an oil spill from a decaying tanker stranded off the coast of Yemen, a UN official said on Monday. The United Nations has secured some $60 million out of $80…

Benzinga

Truist Securities Maintains Buy Rating for Northern Oil & Gas: Here's What You Need To Know

Truist Securities has decided to maintain its Buy rating of Northern Oil & Gas (NYSE:NOG) and raise its price target from $52.00 to $58.00. Shares of Northern Oil & Gas are trading down 5.05% over the last 24 hours, at $35.15 per share.

Manchester Evening News

Countries selling the most and least expensive petrol - and how the UK compares

The UK is currently seeing record-high petrol prices while other parts of the world are selling it dirt cheap

Benzinga

Friday's CPI Print And Recent Price Action Suggest The Market Is Following A 1970's Analog. Bullish For Oil, Bearish For Tech.

That '70s Show In the wake of Friday's soaring CPI print and Bank of America strategist Michael Hartnett's latest note ("A Dire Outlook From Wall Street's Biggest Bear"), it's worth revisiting the '70s bear market analogue he sketched out last month, and how that has panned out so far.

The National (Scotland)

SNP's Fergus Ewing joins ex-Tory ministers in call for oil and gas support

FORMER SNP minister Fergus Ewing has joined with ex-Tory minister Amber Rudd and others to call of increased support for the oil and gas sector.

The Conversation

Russia's rouble is now stronger than before the war – western sanctions are partly to blame

In the days after Russia invaded Ukraine in February 2022 and the west imposed sanctions, the rouble collapsed. The number of roubles to one US dollar quickly fell from about 78 to 138 – a huge move in the world of forex (foreign exchange), and terrifying for those with their…

Insider UK

Amber Rudd among former ministers to stress importance of oil and gas industry

The cross-party group will sign a declaration in Aberdeen today

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