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The Latest Breaking News from Petroleum

The state subsidy programme for electricity prices is not the only way to curb their rapid increase, which is partially driven by the import of costly liquefied natural gas (LNG).

Bangkok Post

The Best Oil and Gas Stock to Buy Into the End of 2022

Oil & Gas company Marathon Petroleum’s (MPC) impressive third-quarter results added to its stellar track record. With the EU embargo expected to impact crude supplies from Russia, the fundamentally strong company seems well-positioned to capitalize on opportunities to fulfill the supply gap and deliver impressive returns on investment. Read on….

StockNews.com

US Imposes New Sanctions over Iran Sanctions Evasion, Targets Chinese Firms

The United States on Thursday imposed sanctions on over a dozen companies based in China, Hong Kong and the United Arab Emirates that Washington accused of facilitating the sale of Iranian petrochemicals and petroleum products to buyers in East Asia. The latest US move against Iranian oil smuggling comes as…

Asharq Al-Awsat

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Algeria Jails Ex-Sonatrach Head for 15 Years for Graft

An Algerian court on Tuesday handed a 15-year prison sentence to the former head of state energy giant Sonatrach in a corruption case. Abdelmoumen Ould Kaddour had been on trial over the 2018 purchase of the Sicilian Augusta oil refinery. According to Algerian media, the state oil and gas firm…

Asharq Al-Awsat

Linc Energy whistleblower warns of continued spread of toxic chemicals from failed coal gas site

A petroleum engineer says he warned regulators years ago about the risk of chemicals, such as cyanide and benzene, spreading through groundwater beyond a failed underground coal gasification site in Queensland.

ABC News

Commerce Commission controls on ‘fair’ fuel prices is unfair on climate targets

There are alternatives to price caps that won’t interfere with our climate goals – like a windfall tax on the petroleum industry, writes Prof Timothy Welch.

Newsroom.co.nz

Saudi Green Initiative Increases Climate Ambition

The Saudi Minister of Petroleum and Energy, Prince Abdulaziz bin Salman, delivered a speech at the "Green Saudi Arabia" that inspired several Saudi officials who highlighted the challenge during their demonstration of the environmental dimensions of their projects, asking the public to hold them by their word next year.

Asharq Al-Awsat

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Sudan Raises Prices of Gasoline, Diesel

Sudan's energy ministry raised the price for car petrol to 620 Sudanese pounds ($1.07) per liter from 522 pounds per liter, it said in a statement on Thursday. It raised the price for diesel to 720 pounds per liter from 672 pounds, it said. The Ministry said the decision came…

Asharq Al-Awsat

APICORP, Hartree Sign $75M Islamic Facility for Voluntary Carbon Offsets

The Arab Petroleum Investments Corporation (APICORP) has signed a $75 million Murabaha agreement in favor of Hartree Partners Power & Gas Company (UK) Limited, an affiliate of Hartree Partners LP. The first-of-its-kind facility in the MENA region will fund high-quality voluntary carbon offsets, which will be used to develop environmentally…

Asharq Al-Awsat

Kuwait Launches Commercial Operations at Al-Zour Refinery

The Kuwait Integrated Petroleum Industries Co (KIPIC) launched the first phase of al-Zour refinery commercial operations on Sunday after the project started last month to produce and sell primary quantities of fuel oil and supply it to local power stations. In a statement to (KUNA), Acting CEO of (KIPIC) Waleed…

Asharq Al-Awsat

Haiti police end gang blockade at fuel terminal, government says

Haitian police have taken control of the Varreux fuel terminal and ended a gang blockade that had halted distribution of petroleum products, the Haitian government said on Thursday, adding that fuel distribution will resume on Monday.

Reuters

Biden shrinks Strategic Petroleum Reserve to lowest level since 1980s

Biden's decision to tap into the reserve may have helped lower gasoline prices from their $5 highs in June.

Axios

Majority of Australians back taxing fossil fuel companies’ super profits, survey shows

Research comes as treasurer acknowledges ‘an appetite in the community’ to strengthen petroleum resource rent tax

The Guardian - AU

OPEC Sec Gen Calls for Swift Action to Invest in Oil to Prevent Future Emergencies

The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Tuesday. "If we don't get it right this time we are…

Asharq Al-Awsat

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Axios

Using the Strategic Petroleum Reserve strategically

Putting oil into the stockpile is just as good as taking it out.

Asharq Al-Awsat

Abdulaziz bin Salman Stresses Saudi-UAE Cooperation for Future Energy Mix

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that Saudi Arabia and the UAE were working to increase production capacity, enhance refining volume, and convert oil into petrochemicals. He noted that the two countries were seeking to provide a safe and sustainable energy system. In his speech on the sidelines…

Asharq Al-Awsat

Egypt Expects $12 Bn in Gas Revenues in 2022

Egypt's gas revenues are expected to reach $12 billion, and about $7 billion from oil derivatives and petrochemicals, announced petroleum minister Tarek el-Molla. Molla spoke to Skynews Arabia on Monday on the sidelines of his participation in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). He said that Egypt…

USAFacts

Is the US energy independent?

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

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Benzinga

This Is What Whales Are Betting On Occidental Petroleum

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.

Tribune News Service

House Republicans launch probe of Biden’s oil reserve release

WASHINGTON — House Republicans are launching an investigation into what they say could be the “potential misuse” by the Biden administration of the nation’s emergency oil reserves to lower gasoline prices, as well as White House deliberations over a fuel export ban.

Bangkok Post

PTTEP takes 25% stake in Sharjah Onshore Area A

PTT Exploration and Production Plc (PTTEP) continues to expand its investment in petroleum production in the United Arab Emirates (UAE) by acquiring a 25% stake in the Sharjah Onshore Area A from a subsidiary of Eni, an Italy-based integrated energy company.

StockNews.com

These Growth Stocks Could Make You Rich Over the Next 5 Years

The stock market has been under immense pressure this year amid the skyrocketing inflation and the Fed’s aggressive stance to control it. However, stocks have witnessed a relief rally this month. Irrespective of the market conditions, we believe investing in quality growth stocks Marathon Petroleum (MPC), Forrester Research (FORR), and…

Benzinga

Occidental Petroleum Is The Most Shorted Stock In The Energy Sector: How Do Exxon Mobil And Chevron Compare?

Occidental Petroleum Corporation (NYSE: OXY) has been the best-performing stock in the S&P 500 in 2022 and has inflicted major pain on short sellers.

StockNews.com

3 Top Energy Stocks to Get Bullish on Fast

The OPEC+ oil output cuts amid rising global demand might increase oil prices. And given significant investors’ attention in the energy sector this year, we believe investing in Marathon Petroleum (MPC), Valero Energy (VLO), and APA Corporation (APA) could garner steady returns. Read on.

Benzinga

What Are Whales Doing With Occidental Petroleum

Someone with a lot of money to spend has taken a bearish 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.

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