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The Latest Breaking News from Petroleum

Decision by the UAE to leave OPEC shakes up alliance that influences oil prices worldwide

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe

The Independent UK

Ghana’s fuel payment strategy works for now: how to fix longer term problems

Ghana introduced a new payment arrangement for petroleum imports in 2023, using gold instead of scarce US dollars. The policy was designed to ease pressure on the cedi by reducing the need for upfront dollar purchases to settle fuel import bills.

The Conversation

Study finds toxic benzene emissions along the Texas Gulf Coast are among the highest in the nation

Researchers found that state policy and oil refineries’ failure to fix leaks contributed more to high benzene emissions than the size or capacity of the refineries.

The Texas Tribune

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Texas’ Gulf Coast Has a Health Problem: Benzene Emissions Are Among the Highest in the Nation

At the worst-performing refineries, report finds operators are not tackling recurring and harmful leaks, leading to public health risk.

Capital & Main

Foreign companies are making billions off Australia’s gas. It’s time that changed

Is Australia giving away its gas resources, virtually for free?

The Conversation

The everyday items facing price rises amid Iran war oil shock: From toys to pens and shaving cream

The tremors of the Middle East war are reaching the far corners of the economy

The Independent UK

Occidental Petroleum Stock Is Off Its Peak - Time to Buy OXY or Short OTM Puts?

Occidental Petroleum (OXY) stock is well off its recent peak prices. However, tensions in the Middle East are not over, and oil could spike again. It could be time to buy OXY or short out-of-the-money puts.

Barchart

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Earnings Preview: What to Expect From Occidental Petroleum's Report

Occidental Petroleum is expected to announce its fiscal first-quarter earnings next month, and analysts project a double-digit profit drop.

Barchart

Why Oil Refiners Are the Real Winners of $100 Oil Prices

$100 oil is boosting refiners, not drillers. Discover why Valero, Marathon Petroleum, and Phillips 66 are benefiting from record crack spreads

MarketBeat

What to Expect From Marathon Petroleum's Next Quarterly Earnings Report

Marathon Petroleum will release its first-quarter earnings next month, and analysts anticipate a robust triple-digit bottom-line growth.

Barchart

Nigerian ex-oil minister denies taking bribes for government contracts, during a trial in London

A former Nigerian oil minister has denied taking bribes in exchange for government contracts

The Independent UK

Lessons learned in '70s have made US, world economies less vulnerable to oil shocks

The world economy is experiencing a disorienting flashback to the 1970s

The Independent UK

Oil Companies Accused of Massive Accounting Fraud in New Mexico

Suit claims ExxonMobil and others underreported debts by $194 million, calling it “a playbook” for how companies dump old wells and expenses on states.

Capital & Main

God on their side, the bill on ours: Counting the real cost of the war in West Asia for India

With guns in their hands and God on their side – Bob Dylan John Mearsheimer writes in The Tragedy of Great Power Politics: “States rarely go to war unless they think that rapid success is likely.”It has been more than a month since Benjamin Netanyahu and Donald Trump started the…

Newslaundry

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MyLifeXP

Book Gas Cylinder on WhatsApp? It’s Easier Than You Think

You call the gas agency and the line is busy. You try again and again. Minutes turn into frustration, and a simple task starts feeling exhausting. But what if booking your LPG cylinder didn’t need calls, waiting, or stress at all? What if it could happen in seconds right from…

Barchart

Occidental Petroleum Stock May Be at a Peak - Time to Sell OXY Covered Calls?

Occidental Petroleum stock closed up 1.5% on Friday and has risen 23% since the end of February. Even if it's not a peak, it might make sense to sell OXY covered calls, given its high out-of-the-money call premiums.

Fortune

Iran's Hormuz toll booth points toward an L-shaped price plateau, not the V-shaped recovery traders want

True market clarity will emerge only when we shift our focus from fleeting financial reactions to the physical engineering realities that power the globe.

Whats Hot

India Increases Commercial LPG Allocation Amid Middle East Energy Crisis

As the ongoing conflict in the Middle East continues to disrupt global energy supplies, the Indian government has stepped up efforts to ensure industrial fuel availability. The Ministry of Petroleum and Natural Gas has directed states to increase commercial LPG allocation from 50% to 70% of pre-crisis levels.

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The Conversation

Could this energy crisis be worse for the global economy than COVID?

Despite reports of negotiations between the US and the Iranian regime, the Strait of Hormuz remains effectively closed to most oil tankers, with only a small number of vessels being allowed to pass. The result is a loss of roughly 11 million barrels per day (mbd) of oil and petroleum…

Times Life

Switch to PNG in 3 Months or Lose LPG Supply: Govt Rule Explained

A kitchen rule that once felt unthinkable is now suddenly real. The government has said that if a household does not shift to piped natural gas, or PNG, even after the connection is available, LPG supply to that address can stop after three months. The move is not just about…

Barchart

As the Oil Shock Sends Energy Stocks Soaring, Buy These 3 Now

Oil prices spike on ongoing war concerns, sending energy stocks into rally mode. However, a long-term outlook is vital.

The Conversation

This is how the 1970s oil shock played out. There are lessons for the economy today

On October 6 1973, the Yom Kippur War – mainly involving Egypt, Syria and Israel –triggered one of the biggest energy crises of the 20th century. Eleven days later, several Arab members of the Organization of the Petroleum Exporting Countries (OPEC) announced they would stop selling oil to countries supporting…

Newslaundry

The anatomy of a protest: Why workers across refineries in India are striking work?

For the last four years, around 8 am every morning, including Sundays, thousands of men dressed in navy blue and orange overalls, yellow hard-hats and boots have queued up outside the gates leading to the ‘P-25 Project’ site. Hired by private contractors, they work at an intense pace to construct…

The Guardian - AU

Seven charts that reveal how unprepared Australia was for the fuel crisis

Disruptions to Middle East oil shipments have rippled along the world’s longest supply chain through Asia – and there’s no knowing when the pressure will ease

The Conversation

Over 400 million barrels will be added to the oil market soon – what are strategic reserves and what can they do?

In the second week of the Iran war – with the Strait of Hormuz effectively closed, cutting off shipping of 20% of the world’s oil supply – the International Energy Agency announced the largest release of strategic oil reserves in history. Thirty-two countries will sell a combined 412 million barrels…

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