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The Latest Breaking News from Petroleum

The U.S. Strategic Petroleum Reserve Keeps Dwindling. Experts Are Warning Its Facing Structural Peril.

The SPR is now below 300 million barrels for the first time since it began more than four decades ago.

International Business Times

Today in Supreme Court History: August 16, 1933

8/16/1933: President Roosevelt adopts the Code of Fair Competition for the Governance of the Petroleum Industry. The Supreme Court declared… The post Today in Supreme Court History: August 16, 1933 appeared first on Reason.com.

E20 petrol not sole reason for lower mileage, Centre says

E20 petrol not sole reason for lower mileage, Centre says

The government clarified that vehicle mileage depends on many factors, not just fuel. Extensive testing confirms E20 petrol meets quality standards and is not contaminated. Motorists' concerns about fuel economy are being addressed by the ministry. Oil companies conducted inspections at numerous fuel stations nationwide. Real-world fuel consumption results from…

The Economic Times

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Service stations closed and contracts ripped up after illegal tobacco and vape raids

More than 100 service stations were targeted as part of Operation Shorthand.

Newcastle Herald

'No substitute': Kuwait's future tied to Hormuz strait fate

Kuwait's oil exports have plummeted due to the ongoing war and Strait of Hormuz closure. The nation faces its biggest crisis since the 1990 invasion, impacting its economy significantly. Kuwait Petroleum Corporation declared force majeure after drone strikes hit its headquarters. The country's economy contracted by 4.6 percent in the…

The Economic Times

Pundit urges reforms in petroleum sector

Thailand could face a decline in domestic energy supply unless significant regulatory reforms are introduced to attract foreign investment in the upstream petroleum sector, says Kurujit Nakornthap, executive director of the Petroleum and Energy Institute of Thailand.

Explosion at Europe's largest port kills one, injures six as investigators probe cause

A blast at a petroleum storage facility in the Netherlands' Rotterdam port killed one person and injured six others on Thursday, with authorities investigating the cause of the explosion.

The Times of India

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US refiners ramp up buybacks as Iran war boosts fuel margins

US refiners ramp up buybacks as Iran war boosts fuel margins

US refiners Marathon Petroleum, Phillips 66 and Valero Energy reported combined second-quarter profits of $12.6 billion, benefiting from supply disruptions and higher refining margins. The trio returned $6.3 billion to shareholders through buybacks and dividends, more than double last year. Refining stocks also rallied sharply, while strong margins supported expectations…

The Economic Times

Oil Price Today (August 13): Crude oil dips below $90 despite Strait of Hormuz deadlock. Here’s why

Oil Price Today (August 13): Crude oil dips below $90 despite Strait of Hormuz deadlock. Here’s why

The Organisation of Petroleum Exporting Countries cut its forecast for global oil demand growth in 2026 to 580,000 barrels per day in its monthly oil market report released on Wednesday. The International Energy Agency also lowered its outlook on Wednesday, saying it now expects oil consumption to contract by 1.6…

The Economic Times

US oil reserve just hit a low not seen since 1983

US oil reserve just hit a low not seen since 1983

President Donald Trump authorized the release of 182 million barrels from the Strategic Petroleum Reserve in March shortly after launching the Iran War

The Independent UK

Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade

Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade

Oil prices rose significantly as Iran and the United States exchanged compensation demands. Prospects for reopening the Strait of Hormuz dimmed due to these escalating tensions. Ukraine continued to strike Russian refineries and tankers, further impacting supply. Saudi Aramco postponed a refinery restart after recent Houthi attacks. US Strategic Petroleum…

The Economic Times

U.S. Strategic Petroleum Reserve Falls To Its Lowest Level In More Than Four Decades As Hormuz Strait Remains Closed

U.S. Strategic Petroleum Reserve Falls To Its Lowest Level In More Than Four Decades As Hormuz Strait Remains Closed

The Strategic Petroleum Reserve fell to its lowest level in more than 40 years as the Strait of Hormuz remains largely closed.

International Business Times

Ethanol-blended diesel fails safety tests as flash point drops sharply

Ethanol-blended diesel fails safety tests as flash point drops sharply

Ethanol-blended diesel failed safety specifications, which sharply lowered its flash point. This technical issue effectively rules out wider use of the fuel. India seeks to expand ethanol use as a transport fuel and explore new outlets. The government is also examining ethanol as a potential cooking fuel alternative. This initiative…

The Economic Times

India expands LNG sourcing from 6 to 15 countries to cut supply risks: Govt

India expands LNG sourcing from 6 to 15 countries to cut supply risks: Govt

India has nearly trebled its liquefied natural gas suppliers to fifteen countries. The nation also broadened its crude oil sourcing network to forty-one countries. This diversification reduces dependence on any single supplier or transit route. India is also expanding its strategic petroleum storage capacity to manage supply shocks. These measures…

The Economic Times

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The Conversation

The world has changed. African countries must rethink how they grow their economies

The prolonged disruption of shipping through the Strait of Hormuz has exposed how vulnerable Africa’s economies are to geopolitical shocks. Fuel prices have remained elevated, squeezing economies that depend heavily on petroleum imports from the Middle East. These include Ethiopia, Kenya, Mozambique, South Africa, Tanzania and Uganda.

New LPG subsidy strains fuel fund

The Energy Ministry has announced an increase in the subsidy for liquefied petroleum gas (LPG) to keep domestic cooking gas prices unchanged, though the move adds financial pressure on the state Oil Fuel Fund.

Are Heating Oil and Distillates Heading for Even Higher Highs?

Brent North Sea crude oil is the benchmark for Middle Eastern petroleum. Brent is most suited for refining into medium distillates, including heating oil, jet fuel, and diesel fuel. Heating oil futures are a proxy for the other medium distillates.

The Conversation

Oil shortages escalate from wars in Iran and Ukraine, with few signs of relief

The global energy crisis triggered by two wars is set to worsen, as Ukraine pummels Russia’s refining industry and Iranian attacks continue on Middle Eastern oil production and refining. Further, the nature of the destruction and the growing number of fronts and warring parties involved may herald a new era…

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The Economic Times

Stocks in news: Paytm, LIC, Airtel, BSE and ONGC

Markets extended gains on Monday, driven by easing oil prices and strong quarterly earnings. Paytm's parent company sees investors selling shares worth up to Rs 2,002 crore. The government will offer shares in LIC to non-retail investors starting Tuesday. Airtel, ONGC, and BSE will announce their first quarter results today.…

Chevron launches high-speed boat to transport oil workers

Chevron Thailand Exploration and Production is enhancing its offshore petroleum operations by deploying the world's first trimaran crew vessel to transport workers to drilling platforms in the Gulf of Thailand.

The Economic Times

ONGC to reserve half of new oil storage for strategic reserves

India's Oil and Natural Gas Corp will reserve half of its planned oil storage. This new facility will meet the country's strategic petroleum needs. India is expanding its strategic petroleum reserve capacity with private participation. The nation plans additional storage facilities in Odisha and Padur. India currently has capacity to…

Major oil companies reap profits as US-Iran fighting drives energy prices higher

Oil and gas giants raked in massive spring profits while fighting between Iran and the US impeded petroleum shipments and consumers around the world paid more for fuel and confronted shortages.

The Economic Times

Corporate, personal loans drive 63% of bank credit growth: SBI research report

Corporate and retail loans fueled bank credit growth during the April-June quarter. Industry and personal loans together accounted for sixty-three percent of this expansion. Petroleum, infrastructure, engineering, and chemicals led industry credit growth significantly. Loans against gold jewellery emerged as the top personal lending contributor. These key sectors drove the…

Glycerin Is the Most Affordable Skin Moisturiser Indian Beauty Routines Have Always Ignored

What Glycerin Actually Does to Your SkinGlycerin is a humectant. That single fact explains everything. It pulls water from the air and from the deeper layers of your skin up into the outermost layer, the stratum corneum, and holds it there. A 2016 study published in the journal Skin Pharmacology…

The Economic Times

Petrol could cost Rs 125/litre without ethanol blending: Government

The Ministry of Petroleum defended the Ethanol Blended Petrol Programme against criticisms. It stated petrol prices would have risen significantly without this initiative. This program provided substantial financial relief to consumers during global oil volatility. Ethanol blending has saved foreign exchange and reduced carbon emissions significantly.

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