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The Latest Breaking News from Petroleum

Federal safety agency investigating explosion at Lemont refinery that killed a man and injured another person

An asphalt tank exploded at the refinery in the 12000 block of South New Avenue about 10 a.m. Tuesday, according to the Will County sheriff’s office.

Chicago Sun-Times

Explosion at Seneca Petroleum Lemont: One person killed in horror chemical plant blast

Pictures from the Seneca Petroleum Company in Lemont, Illinois, show the blaze leaping above industrial containers as firefighters use cranes to tackle the blaze

Daily Mirror

Host of activities lined up in Telangana for Saksham 2023

A comprehensive plan has been drawn up by the participating companies — Indian Oil, HPCL, BPCL and GAIL — in partnership with Petroleum Conservation Research Association to reach out to various sections of society with activities to create awareness.

The Hindu

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Crude Oil and the U.S. SPR

The U.S. SPR has dropped steadily and stood at the lowest level since October 1983 on April 14, 2023. The Biden administration authorized an unprecedented SPR release and sale following Russia’s invasion of Ukraine that drove crude oil prices to over $130 per barrel in March 2022, the highest price…

Barchart

Exclusive-Pakistan makes its first purchase of discounted Russian oil

Pakistan has placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow, the country's petroleum minister said, with one cargo to dock at the port of Karachi in May.

Reuters

Petroleum tax hike a bandaid budget fix: Woodside boss

Tinkering with the petroleum resource rent tax could cause long-term harm to the gas and oil industries, Woodside chief Meg O'Neill says.

AAP

2 of the BEST S&P 500 Stocks by One-Year Performance

While macroeconomic uncertainties have fostered market volatility, the S&P 500 gained 7.8% year-to-date. We think fundamentally strong S&P 500 stocks Gilead Sciences (GILD) and Marathon Petroleum (MPC), which have gained more than 30% over the past year, could be worth buying now. Read more.

StockNews.com

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Changes to petroleum resource rent tax estimated to net Australian government $94.5bn

Greens to use Parliamentary Budget Office costing to push Labor to clamp down harder on tax concessions for gas producers

The Guardian - AU

Big rise in value of exports but Wales still has a trade deficit of £3bn

Firms in Wales exported £20.5bn worth of goods to markets around the world in 2022

Birmingham Post

Q1 2023 and Beyond- Energy

The energy sector of the commodities market includes crude oil, gasoline, heating oil, natural gas, and ethanol contracts that trade on the CME’s NYMEX division. The energy sector led the way on the downside in Q1 2023 with gains in gasoline and ethanol and significant declines in the crude oil,…

Barchart

More households can apply for extra £200 to help with energy costs from TODAY - who can claim

Households who use heating oil, liquefied petroleum gas (LPG), coal or biomass as their main source of heating received payments worth £200 from February 2023 to help with energy costs

Daily Mirror

Saudi Arabia to Supply Full Crude Contract Volumes to Asia

Several informed sources said that the giant Saudi Aramco plans to supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, Reuters reported. This comes after the Organization of the Petroleum Exporting Countries (OPEC) and the…

Asharq Al-Awsat

Occidental's Vicki Hollub on what future CEOs need to know before moving into the C-suite

She also recounts what it was like to call Warren Buffett to talk about a deal.

Fortune

Judge: Alaska oil project can proceed as lawsuits play out

Construction can proceed related to a major oil project on Alaska’s petroleum-rich North Slope

The Independent UK

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Kiplinger

Stock Market Today: Stocks Finish Mixed After Surprise OPEC+ Announcement

The Organization of the Petroleum Exporting Countries and its allies over the weekend announced a surprise cut to crude production.

Barchart

Crude Oil Found a Bottom

In 2022, the U.S. sold an unprecedented level of its Strategic Petroleum Reserve, sending the SPY to the lowest level since December 1983. The sales weighed on crude oil but appeared to have set a floor under the energy commodity that continues to power the world.

Asharq Al-Awsat

Reducing Oil Production: A New Pillar to Support Global Economic Conditions

In support of the stability of the global oil markets, and the enhancement of the balance between supply and demand, the member of the Organization of Petroleum Exporting Countries (OPEC) and the producing countries within the OPEC+ have decided to implement a voluntary reduction of crude oil production. Experts described…

Dynamite News

Commercial LPG cylinder prices slashed by Rs 91.50 in National Capital

Petroleum and oil marketing companies reduced the price of Commercial LPG cylinders by Rs 91.50 per unit with immediate effect from Saturday. Read further on Dynamite News:

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Barchart

Buffett's Slow Acquisition of Occidental Petroleum Continues

On Monday Berkshire Hathaway filed with the SEC it had purchased more shares in Occidental Petroleum. It now has about 23.6% of the oil and gas company. What does he see in the company?

Asharq Al-Awsat

OPEC+ Unlikely to Tweak Oil Policy in Monday Talks

OPEC+ is likely to stick to its existing deal to cut oil output at a meeting on Monday, five delegates from the producer group told Reuters, after oil prices recovered following a drop to 15-month lows. Oil has recovered towards $80 a barrel for Brent crude after falling to near…

Newsroom.co.nz

New oil and gas not consistent with 1.5C

New oil and gas fields are not consistent with 1.5C of warming but the Government has just approved one and opened up applications for more.

Asharq Al-Awsat

Egypt to Raise Food Subsidies Spending by 20% in FY 2023/24 Draft Budget

Egypt expects to raise its allocation for food subsidies by 20% and for petroleum products by 24% in the 2023-24 fiscal year, according to a draft budget approved by the cabinet on Wednesday. The budget forecasts GDP growth at 4.1% and inflation at an average rate of 16% during the…

Asharq Al-Awsat

Syria’s President Appoints New Oil Minister in Reshuffle

Syrian President Bashar al-Assad has appointed a new oil minister and changed four other ministers in a cabinet reshuffle, state media said on Wednesday. Hassan Kaddour, who was the general director of the Syrian Petroleum Company for the last two years, replaces Bassam Touma as oil minister, the report said.…

The Independent UK

New California gas price law another defeat for oil industry

California Gov. Gavin Newsom is planning to sign a new law that could penalize oil companies for making too much money

Investors Business Daily

Warren Buffett Adds To His Occidental Petroleum Stake As Energy Stock Receives Upgrade

Warren Buffett bolstered his stake in one of his favorite energy plays.

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