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The Latest Breaking News from Petroleum

Biden says more oil releases possible to cut gasoline prices

President Joe Biden announced the drawdown of an additional 15 million barrels of oil from U.S. emergency reserves, as well as what he called a “ready and release plan” aimed at driving down gasoline prices.

Tribune News Service

OPEC: Move to Cut Oil Output Was Unanimous to Prevent Crisis

The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haitham al-Ghais said on Tuesday that OPEC+ alliance took an unanimous decision to cut oil output as a pre-emptive measure to prevent a crisis. Speaking at the African Energy Week in South Africa, al-Ghais said the heads of delegations unanimously decided…

Asharq Al-Awsat

Biden open to new Strategic Petroleum Reserve sales as last planned tranche released

WASHINGTON — The Biden administration plans to release 15 million barrels from U.S. emergency reserves, and may consider significantly more this winter, in an effort to ease high gasoline prices that have become a liability for Democrats in next month’s midterm elections.

Tribune News Service

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Did releasing oil from the Strategic Petroleum Reserve impact gas prices?

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

USAFacts

Slugging — what is it and does it actually work?

Lathering your face with petroleum jelly before bed is the beauty tip that has taken over TikTok, says Amy Francombe

Evening Standard

Egypt Ready to Pump Natural Gas to Lebanon

Egypt confirmed its commitment and readiness to pump natural gas "immediately" to Lebanon as soon as the procedures related to the start of exporting and receiving Egyptian gas to Lebanese territory are completed. During a meeting with Lebanese caretaker Minister of Energy and Water Walid Fayyad in Cairo, Egyptian Minister…

Asharq Al-Awsat

Aramco Establishes 2 Offshore Fabrication Yards in Collaboration with Int’l Partners

Saudi Aramco, in collaboration with international partners, is establishing two offshore fabrication yards that aim to deliver a more than 200 percent increase in Saudi Arabia’s offshore fabrication capacity, announced the company on Monday. The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction…

Asharq Al-Awsat

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Occidental Petroleum Whale Trades Spotted

Someone with a lot of money to spend has taken a bullish stance on Occidental Petroleum (NYSE:OXY). And retail traders should know. We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Benzinga

Dip in petrol prices, but expect more pain at the pump

The nation's average petrol price dropped 3.9 cents to 178.6 cents a litre last week, according to Australian Institute of Petroleum data.

The New Daily

OAPEC Says OPEC+ Decision is Correct and Came at Right Time

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali bin Sabt, said the OPEC+ decision to cut oil production is correct and was taken at the right time. In a press statement issued by OAPEC on Saturday, bin Sabt confirmed that the "decision took into account the…

Asharq Al-Awsat

Saudis angrily say US oil accusations are political, unfounded

BEIRUT — The spat between the United States and Saudi Arabia and its fellow OPEC members over the management of petroleum supplies intensified Thursday when Riyadh accused Washington of “politicizing oil” and declared it would not submit to “dictates” from supposedly friendly countries.

Los Angeles Times

5 Energy Stocks You Should Continue to Buy Right Now

OPEC+ members recently announced their plan to cut output to support oil prices. With analysts expecting oil prices to hit the $100 mark once again, we think investors should load up on quality energy stocks TotalEnergies (TTE), Marathon Petroleum (MPC), Valero Energy (VLO), Energy Transfer (ET), and APA Corporation (APA).…

StockNews.com

Norway is portrayed as both hero and villain in Europe’s energy crisis

Many countries are counting on Norwegian fuel to get them through the winter months, writes Emily Rauhala. But critics call the energy income obscene

The Independent UK

3 Oil and Gas Stocks to Watch for Gains in October

OPEC+ has announced a deep output cut from November, which should bolster prices. Moreover, analysts expect oil prices could reach the $125 mark in the near term amid supply cuts. Given this backdrop, we think investing in sound oil and gas stocks Marathon Petroleum (MPC), Valero Energy (VLO), and PBF…

StockNews.com

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Benzinga

What Are Whales Doing With Occidental Petroleum

A whale with a lot of money to spend has taken a noticeably bearish stance on Occidental Petroleum. Looking at options history for Occidental Petroleum (NYSE:OXY) we detected 21 strange trades.

Dynamite News

Cabinet Okays Rs22k-cr One-Time Grant To 3 State-Run Oil Marketing Firms For Losses In LPG

The Cabinet on Wednesday approved the proposal of the ministry of petroleum and natural gas to give one-time grant of Rs22,000 crore to three state-run oil marketing companies (OMCs) for the losses incurred in domestic LPG business. Read further on Dynamite News:

Tribune News Service

Bobby Ghosh: Oil and gas workers add fuel to Iranian protesters’ fire

They took their time about it, but Iran’s oil workers seem finally to have joined the anti-regime protests. Videos on social media platforms reportedly show marches and demonstrations in Abadan and Assaluyeh, vital hubs in the country’s petroleum and petrochemicals sector.

StockNews.com

3 Energy Stocks for Investors to 'Buy the Dip'

Energy stocks have dipped along with the rest of the market as recession fears increase. However, the longer-term supply situation continues to be concerning especially with expectations that Russia's oil production will decline due to sanctions. Thus, investors should consider buying high-quality energy stocks like Valero (VLO), Occidental Petroleum (OXY),…

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Dynamite News

India under no global pressure to shun Russian oil: Hardeep Singh Puri

Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri on Saturday said that India is under no pressure to shun Russian oil. Read more on Dynamite News:

Asharq Al-Awsat

OPEC Head: Uncertainty Over Demand, Global Economy are the Reasons for the Cut, Not Politics

The reduction in oil production targets more spare capacity in case of any global emergency, OPEC's Secretary-General Haitham al-Ghais has announced. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 11 of its allies led by Russia, known as OPEC+, agreed on Wednesday to lower their…

StockNews.com

Leading oil & gas company Marathon Petroleum (MPC) reported solid second-quarter financials. Moreover, analysts seem bullish about the company’s growth prospects, considering its strategic business advancements and sustained energy demand. And given MPC’s high profitability and high-yield dividend, this energy stock that hedge funds keep buying could be worth your…

The Hindu

Despite turbulence in energy markets, India, U.S. determined to transition to clean energy: Hardeep Singh Puri

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said that there is a huge potential of India-U.S. collaboration in the energy sector

Benzinga

Check Out What Whales Are Doing With OXY

A whale with a lot of money to spend has taken a noticeably bearish stance on Occidental Petroleum. Looking at options history for Occidental Petroleum (NYSE:OXY) we detected 35 strange trades.

The Conversation

Nigerian newborns weigh less if their mothers use biomass fuel - a major health risk

Babies should ideally weigh about 2,500g or more at birth. Birth weight is a vital indicator of foetal and neonatal health. If a newborn weighs less than 2,500g – because they are preterm or their growth in the womb was restricted for some reason – they are more at risk…

France 24

OPEC+ production cuts pile further pressure on global inflation

The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides…

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