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The Latest Breaking News from crude oil

US to sell 26 million more barrels from strategic oil reserve

The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, fulfilling budget directives mandated years ago that it had sought to stop as oil prices have stabilized.

Tribune News Service

Shipping companies agree to pay $45 million in O.C. oil spill lawsuits

LOS ANGELES — Companies linked to two cargo ships accused of damaging a pipeline months before it ruptured, sending crude oil gushing into the waters off Orange County, have agreed to pay $45 million to settle lawsuits brought by business owners and residents, attorneys said Thursday.

Los Angeles Times

Firm: Faulty weld, pressure on pipe led to Kansas oil spill

The operator of an oil pipeline says a faulty weld at a bend in an oil pipeline contributed to a spill that dumped nearly 13,000 bathtubs’ worth of crude oil into a northeastern Kansas creek

The Independent UK

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Twin earthquakes kill almost 2,000 in Turkey and Syria

Some of the most powerful Middle East earthquakes in decades killed almost 2,000 people in Turkey and Syria and forced a halt in crude oil flows to a regional export terminal.

Tribune News Service

Pain at the pump: Gas in Nevada least affordable in US

LAS VEGAS — Gas prices have been a hot topic over the past year with the volatile crude oil market largely tied to the ongoing Russian invasion of Ukraine and inflation.

Tribune News Service

Twin earthquakes kill more than 1,000 in Turkey and Syria

Some of the most powerful Middle East earthquakes in decades killed more than 1,000 people in Turkey and Syria on Monday and forced a halt in crude oil flows to a regional export terminal.

Tribune News Service

Europe is set to ban Russian oil products, the latest strike on the Kremlin war chest

Starting Sunday, the EU will prohibit imports of Russian gasoline, diesel and other products from Russian refineries used throughout Europe.

WEKU

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Diesel set to dip to B34.5 per litre

The domestic price of diesel is set to decrease to 34.5 baht a litre later this month, down from 34.94 per litre, following a decline in global crude oil prices.

Bangkok Post

Diesel price to fall to B34.50 per litre

The domestic price of diesel will fall to 34.50 baht a litre later this month, down from 34.94 baht, following a decline in global crude oil prices.

Bangkok Post

Egypt Cabinet Approves 13 Draft Agreements to Explore Oil, Gas

The Egyptian Cabinet approved on Wednesday 13 draft agreements between the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, and a number of international companies. Under the deals, the Egyptian General Petroleum Corporation will be responsible for oil exploration in areas west of Wadi Natrun, east of Siwa,…

Asharq Al-Awsat

3 Momentum Stocks to Load Up on Before January Ends

While the interest-rate hikes by the Fed have weighed heavily on market sentiments and the growth prospects of an otherwise robust economy, stocks such as Select Energy Services (WTTR), Overseas Shipholding Group (OSG), and Adams Resources & Energy (AE) have shown solid momentum lately and are well-positioned to maintain the…

StockNews.com

Uganda inaugurates first commercial oil drilling programme in Lake Albert

Uganda is commissioning the first of its four planned oil drilling rigs and starts drilling the first production well this Tuesday – a key milestone for the country, as Kampala races to meet its target of first crude oil output in 2025.

Radio France Internationale

Yellen sees success in extending Russia price cap, despite risks

U.S. Treasury Secretary Janet Yellen expressed confidence that restrictions on Russian sales of crude oil can be expanded to refined petroleum products in February, while acknowledging that the task will be more complicated.

Tribune News Service

2 Momentum Stocks You'll Kick Yourself Later for Not Buying Now

Given the inflationary environment, the Fed’s committed efforts in bringing inflation down to its 2% target will likely keep the market volatile in the near term. Therefore, Overseas Shipholding Group (OSG) and Adams Resources & Energy (AE), which have maintained strong momentum despite market fluctuations, could be ideal buys now.…

StockNews.com

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StockNews.com

Marathon, Valero and 1 Other Energy Stock to Purchase in 2023

With the sustained energy demand and an anticipated surge in oil prices, energy stocks will likely outperform the broader market again this year. Therefore, it seems wise to invest in fundamentally strong energy stocks Marathon Petroleum (MPC), Valero Energy (VLO), and Adams Resources & Energy (AE) to garner solid returns.…

Reuters

Bulgaria seeks to revive trans-Balkan pipeline project to secure non-Russian oil

Bulgaria is looking to revive a trans-Balkan oil pipeline project to secure non-Russian crude oil supplies for its only oil refinery on the Black Sea, controlled by Russia's Lukoil, President Rumen Radev said on Tuesday.

Reuters

Exclusive-Russia sees sanctions impact on oil products, eyes crude export boost -senior source

Russia expects Western sanctions to have a significant impact on its oil products exports and therefore its production, but that will likely leave more crude oil to sell, a senior Russian source with detailed knowledge of the outlook told Reuters.

Fortune

Falling Russian fossil fuel revenues could deal a lethal blow to Putin's war machine

Vladimir Putin is starting to see the main financing mechanism for his war in Ukraine dry up.

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Reuters

G7 seeks two price caps for Russian oil products

The Group of Seven (G7) coalition will seek to set two price caps on Russian refined products in February, one for products trading at a premium to crude oil and the other for those trading at a discount, a G7 official said.

The Independent UK

EPA, pipeline operator reach deal to clean up Kansas spill

The Environmental Protection Agency announced Monday that it has reached an agreement with a pipeline operator to clean up a spill that dumped 14,000 bathtubs’ worth of crude oil into a rural Kansas creek

StockNews.com

4 Momentum Stocks to Get in on Right Now

While a slowdown looks inevitable, the U.S. economy might narrowly avoid a recession this year. Moreover, experts believe the stock market can recover in 2023. Therefore, investors might consider buying quality momentum stocks Schlumberger (SLB), Overseas Shipholding (OSG), Epsilon Energy (EPSN), and Adams Resources & Energy (AE) now. Keep reading….

Asharq Al-Awsat

Iraq Oil Revenues Top $115 Billion in 2022

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer…

Asharq Al-Awsat

Iraqi Security Dismantles Largest Crude Oil Smuggling Network in Basra

The Iraqi National Security Agency has announced that the committee investigating the oil theft in Basra uncovered the largest crude oil smuggling network. The new announcement may be linked to the arrest of nine senior officers in early November, including top officials of the protection police involved in oil and…

Dynamite News

Rupee's Outlook Depends Largely On Global Monetary Policy Moves

Monetary policy tightening by various central banks to contain inflation, the war in Ukraine leading to price rise for crude oil and subsequent realignment in the global energy supply chain, and strengthening of the US dollar index kept the Indian currency under pressure in 2022. Read on for details:

StockNews.com

The 3 Top Energy Stocks to Buy for 2023

The energy sector is anticipated to perform well in the foreseeable future as the Chinese economy recovers from COVID-19 and demand rebounds. Given this backdrop, quality energy stocks Marathon Petroleum (MPC), Berry Corporation (BRY), and Adams Resources & Energy (AE) might be solid buys for 2023. Read on….

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