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The Latest Breaking News from crude oil

Russia oil price cap comes into force: How will it impact India

NEW DELHI: The Group of Seven (G7) nations, the European Union and Australia imposed a $60 per barrel price cap on Russian seaborne crude oil, with effect from Monday.

The Times of India

Aramco, Shandong Energy Collaborate on Downstream Projects in China

Saudi Aramco and Shandong Energy Group are exploring collaboration on integrated refining and petrochemical opportunities in China, the Saudi Arabian Oil Company said in a statement on Friday. The companies have signed a Memorandum of Understanding (MoU) which includes a potential crude oil supply agreement and chemicals products offtake agreement,…

Asharq Al-Awsat

Saudi Arabia, China Affirm Importance of Stable Global Oil Markets

Saudi Arabia and China reaffirmed the significance of stability in global oil markets and the Saudi role in that, a joint statement said on Friday, following Chinese President Xi Jinping's visit to the Kingdom. "The People's Republic of China welcomed the Kingdom’s role as a supporter of the balance and…

Asharq Al-Awsat

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14,000-barrel oil spill in Kansas temporarily shuts down Keystone Pipeline

An estimated 14,000 barrels of crude oil spilled from the Keystone Pipeline into Mill Creek near the city of Washington, Kansas, on Wednesday night.

Tribune News Service

3 Stocks That Stand to Benefit from the Ongoing Energy Crisis

Despite the recent retreat in oil and gas prices from their peaks, a surge in demand due to the onset of a chilly winter in the U.S. and Europe and the reopening of China’s economy could boost oil and gas prices significantly. Therefore, we think it could be wise to…

StockNews.com

4 Oil and Gas Stocks to Buy Before the Winter Freeze

The oil and gas industry benefited from the rising crude oil process earlier this year thanks to the sanctions on Russian oil exports and production cut by OPEC+. While oil prices recently declined to pre-war levels on economic jitters, rising energy demand in winter should benefit Marathon Petroleum (MPC), Valero…

StockNews.com

The 2 Most Aggressive Energy Stocks to Buy Right Now

The oil and gas market is expected to remain tight, and analysts project prices will surge further in 2023. Amid this, investors should consider buying energy stocks Valero Energy (VLO) and Adams Resources & Energy (AE), which have gained significant momentum this year. Read on….

StockNews.com

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Saudi Aramco Drops January's Arab Light Prices for Asia

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Asharq Al-Awsat

Oil Prices Climb after Russian Crude Sanctions Kick in

Oil rebounded on Tuesday after plunging by more than 3% in the previous session, as the implementation of sanctions on Russian seaborne crude oil eased concerns about oversupply while the relaxing of China's COVID curbs bolstered the demand outlook. Brent crude futures had gained 85 cents to $83.53 a barrel…

Asharq Al-Awsat

Russian oil price cap: Five things you need to know

Al Jazeera answers five key questions to better understand the effect of the EU and G7’s move.

Al Jazeera

Infographic: How much oil does Russia produce?

Russia is one of the largest producers of crude oil, and it provides more than a third of Europe’s oil imports.

Al Jazeera

Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

The Guardian - UK

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

Wales Online

Russia will ‘not accept’ price cap on oil exports, Kremlin warns

The Kremlin on Saturday said it would not accept a price cap on Russian oil agreed by the EU, G7 and Australia. The agreement caps Russian seaborne crude oil at $60 per barrel and is aimed at limiting Moscow’s funds for the Ukraine war. Read FRANCE 24's liveblog below to…

France 24

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Asharq Al-Awsat

G7 Coalition Agrees $60 Per Barrel Price Cap for Russian Oil

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout…

Reuters

Zelenskiy says level of price cap on Russia oil isn't serious

The $60 price cap on seaborne Russian oil agreed by Group of Seven nations and Australia is not serious and will do little to deter Russia from waging war in Ukraine, President Volodymyr Zelenskiy said on Saturday.

The Guardian - AU

Russia-Ukraine war live: Kyiv says ‘sick’ packages sent to its embassies following letter bomb in Madrid – as it happened

Ukraine’s foreign minister says 17 diplomatic missions have now received suspicious packages

The Times of India

India to continue buying oil from all countries including Russia: Official

NEW DELHI: India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs, a top official said ahead of EU restrictions on Russian oil kicking in.

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StockNews.com

Should You Put More Money Into APA Corp. Before the End of This Year?

APA Corporation (APA) has benefited from the higher crude oil prices this year, and its shares have gained more than 73% year-to-date. Although crude oil prices have dropped from their highs, analysts seem optimistic about a price recovery considering the expected demand-supply dynamics. Given this backdrop, will it be wise…

The Guardian - UK

UK national highways workers to strike; US jobs growth beats forecasts – business live

Union members working on England’s roads have announced 12 days of strike action over Christmas and the new year, while US added 263,000 jobs in November

Bangkok Post

Accelerating Business Solutions: PTT’s new business direction cools climate combustion to zero

The unexpected oil crisis emerging from the oil embargo against Russia, the world’s second largest crude oil exporter, has piled pressure on energy prices, supply shortages, and economic recession worldwide. The renewable energy benefits are currently absorbed beyond their actual purposes to build growth of clean energy for a sustainable…

The Times of India

Windfall profit tax on crude oil halved, levy on export of diesel too slashed

NEW DELHI: The government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel.

StockNews.com

5 Oil and Gas Stocks to Watch This Holiday Travel Season

Crude oil prices are increasing with declining inventory and hopes of a slower interest rate hike. Moreover, a surge in demand is also expected due to the possible reopening of the Chinese economy and holiday travel. Given the industry tailwinds, we think it could be wise to consider investing in…

The Conversation

To fight the climate crisis, we need to stop expanding offshore drilling for oil and gas

Environmental disaster struck the shores of Peru on Jan. 15, 2022, when Spanish energy company Repsol spilled 12,000 barrels of crude oil into the Bay of Lima after its tanker ruptured. The spill endangered 180,000 birds and destroyed the livelihoods of 5,000 families.

The Times of India

Markets hit fresh all-time highs; rally for 5th day

MUMBAI: Benchmark indices ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries.

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