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The Latest Breaking News from Petroleum

Buffett's Berkshire Hathaway Still Loves Occidental Petroleum with over a 25% Stake

Berkshire Hathaway recently reported on a 13-F filing that it had raised its stake in Occidental Petroleum. It now owns over 25% of OXY's shares, including warrants to buy at $59.624 per share.

Barchart

Iran’s Raisi inaugurates South Pars gasfield after foreign companies exit

Raisi says the project has been completed years ahead of plan and saved a lot of money by transporting an existing rig.

Al Jazeera

Romania explosion: One dead and 57 injured following blast at petrol station

One person died and 57 were injured after two explosions at a liquefied petroleum gas station in the Romanian town of Crevedia near the capital Bucharest on Saturday.

Evening Standard

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Petroleum dealers press for GST tax regime

Petroleum dealers in TN urge Central/State govts to switch to GST/uniform tax regime. This follows a peaceful protest by dealers from certain States. Uniform taxes would benefit consumers/dealers near borders. Dealers demand increase in margins. Low-volume dealers struggle due to competition/high expenses. 6,500 retail outlets in TN sell fuel supplied…

The Hindu

Crude Settles Higher after a Fire Shuts Down a U.S. Refinery in Louisiana

October WTI crude oil (CLV23 ) on Friday closed up +0.78 (+0.99%), and Oct RBOB gasoline (RBV23 ) closed up +6.40 (+2.48%). Crude oil and gasoline prices Friday posted moderate gains, with gasoline climbing to a 1-week high. Crude garnered support Friday after Marathon Petroleum shut the Garyville refinery in...

Barchart

Petroleum asphalt remains in Yellowstone River, even after cleanup from train derailment

Two months after a railroad bridge collapse sent carloads of hazardous oil products plunging into Montana’s Yellowstone River, the cleanup workers are gone and a mess remains

The Independent UK

TDP govt. will set up a corporation for motor transport workers, says Lokesh

TDP's Nara Lokesh promises exclusive corp. to care for transport workers & revival of sector if party comes to power in 2024. YSRCP's taxes & lack of conducive conditions for industries have caused economic slump. TDP will roll back taxes & cut petroleum taxes.

The Hindu

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Will Gasoline’s Price Fall Going into the Off-Season?

While the number of electric vehicles on the road continues to rise, gasoline remains the fuel powering most vehicles. Gasoline is a seasonal energy commodity that tends to increase during spring and summer, the peak driving season, and fall during fall and winter. At the end of the 2023 summer,…

Barchart

Top Chinese official calls for increase in ‘propaganda of secrecy’ around energy sector

“We must intensify the propaganda of secrecy...in nuclear energy, petroleum and other energy industries...and actively cultivate a secrecy culture,” NEA director Zhang Jianhua said.

Fortune

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 those codes unconstitutional in Panama Refining Co. v. Ryan (1935).

Reason

Karnataka has 312 operational CNG stations, 1,414 more planned

Union Minister of State for Petroleum & Natural Gas recently told the Rajya Sabha that 312 CNG stations had been established in Karnataka while 1,414 more will be set up in 8-10 years.

The Hindu

Many Indane LPG distributors object to being forced to sell biscuits and flour in Chennai

Many distributors of the Indane liquefied petroleum gas (LPG) of the Indian Oil Corporation Ltd. are objecting to the oil marketing company (OMC) asking them to sell products of two private brands.

The Hindu

How High Will Oil Prices Rise?

Nearby WTI and Brent crude oil futures settled at $70.64 and $74.90, respectively, at the end of Q2 2023. WTI futures were 6.65% lower in Q2 and fell nearly 12% over the first half of 2023. Brent fell 6.25% in the second quarter and was almost 12.75% lower over the…

Barchart

IIT Madras to offer PG course on applied petroleum engineering

IIT Madras’ Digital Skills Academy is offering a web-enabled postgraduate advanced certification course in applied petroleum engineering and hydrogen energy. The Institute is partnering with Zemblance Hydrocarbons and experts from Oil and Natural Gas Corporation, IndianOil, GAIL (India) and Chennai Petroleum Corporation Ltd. to provide practical insights. The hybrid programme…

The Hindu

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USAFacts

How much oil is produced in the US?

Since 2018, the US has been the largest producer of crude oil in the world.

Investors Business Daily

Warren Buffett's Favorite Energy Stock Reported Profits Falling Nearly 80% in Q2

Occidental Petroleum Q2 earnings fall farther than expected, amid oil prices trading near three month highs.

StockNews.com

3 Quality Energy Stock Buys Investors Are Pursuing

With fossil fuels likely to find continued usage in the foreseeable future, quality energy stocks HF Sinclair (DINO), Weatherford International (WFRD), and CVR Energy (CVI) are justifiably popular on Wall Street. Read on….

Investors Business Daily

Marathon Petroleum Stock Sees Rising Relative Strength

A Relative Strength Rating upgrade for Marathon Petroleum shows improving technical performance. Will it continue?

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The Hindu

British Petroleum delegation from U.K. visits VIT, Vellore

BP delegation visits VIT Vellore to create awareness on digital trends in energy industry. Four-member team, led by Ms. Joanne Legge, held strategic discussion with VIT founder-chancellor G. Viswanathan. Pro vice chancellor Partha Sharathi Mallick briefed delegation on intellectual capital, research activities, infrastructure and industry interface. Deans from various schools…

The Independent UK

Tar balls are being found 100 miles downstream from Yellowstone River train derailment

Tar balls have shown up 100 miles downstream of a railroad bridge collapse last month that sent numerous tank cars carrying petroleum products plummeting into Montana’s Yellowstone River,

Al Jazeera

Kenya braces for 3 days of anti-gov’t protests: All the details

The latest round of anti-government protests in Kenya has been scheduled after tax hikes add to soaring cost of living.

The Independent UK

Prince Andrew ‘asked Epstein for help with £150m oil deal during New York trip’

Epstein passed request on to his personal banker while prince stayed at his Manhattan mansion in 2010

The Hindu

Kochi-Salem LPG pipeline to run alongside NH544

Most of the Kochi-Salem Liquefied Petroleum Gas (LPG) pipeline in Tamil Nadu will run along National Highway 544 (NH544) that runs between these two locations.

Barchart

4 Reasons to Expect Higher Energy Prices in the Second Half of 2023

The energy sector includes the traditional commodities that power the world. Oil, natural gas, and coal are hydrocarbons, while ethanol is an alternative fuel. The energy sector edged marginally lower in Q2 2023 but remained the worst-performing commodity market sector over the first half of 2023.

The Independent UK

Caribbean leaders seeking discounted oil criticize US sanctions against Venezuela

Caribbean leaders are denouncing U.S. economic sanctions against oil-rich Venezuela and say they’ve been forced to buy costlier petroleum elsewhere as they struggle with tight budgets

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