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The Latest Breaking News from Oil

UAE’s Production Near Maximum Capacity Based on OPEC+ Baseline

The United Arab Emirates' oil production is near to maximum capacity based on its current OPEC+ production baseline, which is 3.168 million barrels per day, Energy Minister Suhail al-Mazrouei told state news agency WAM on Monday. “In light of recent media reports, I would like to clarify that the UAE…

Asharq Al-Awsat

Best supplements and vitamins to help deal with stress

We asked the experts their tips about how to best supplements to manage stress

Evening Standard

With climate change, we must resist the quick fix on oil supplies

Why is it that climate-change deniers are so quick to speak up when the weather is cold and icy, but become as mute as a mime when America is suffering from record heat?

The Philadelphia Inquirer

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Sri Lanka IOC provides fuel as government pumps go dry in island nation

COLOMBO: Lanka IOC, the subsidiary of Indian Oil Corporation in Sri Lanka, kept its pumps open throughout Tuesday as the cash-starved government's fuel entity's fuel stations did not operate in the island nation due to the worsening energy crisis.

The Times of India

Asian shares track Wall St drop as inflation fears drag on

Shares have retreated in Asia after another broad decline on Wall Street as markets remain gripped by uncertainty over inflation, rising interest rates and the potential for a recession

The Independent UK

G7 Leaders Pledge to Prevent Tehran from Developing Nuclear Weapon

Leaders of the Group of Seven (G7) reiterated Tuesday their clear commitment that Iran must never develop a nuclear weapon. They called on the Iranian government to benefit from the available diplomatic opportunity to return to the nuclear deal. This comes as indirect takes between Washington and Tehran to revive…

Asharq Al-Awsat

Italmatch Chemicals acquires Aubin Group

The deal marks a full exit for BGF, a long-term investor in the Aberdeenshire-based business

Insider UK

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From Scholz to Biden, a G-7 scorecard of how each leader got on

A three-day Group of Seven summit hosted by Germany ended on Tuesday, with leaders backing a plan to discuss how to cap energy prices and pledging to support Ukraine indefinitely.

Tribune News Service

4 die as Pawan Hans helicopter headed for oil rig off Mumbai coast lands at sea, goes down

MUMBAI: Four of the nine occupants of a Pawan Hans helicopter died after the aircraft, carrying ONGC officials to an oil rig in Bombay High, made an emergency landing in the Arabian sea on Tuesday.

The Times of India

Stocks to Fall MUCH FURTHER this Bear Market Cycle

Spoiler alert...the bear market is not over. Unfortunately history shows that the S&P 500 (SPY) has much further to fall to squeeze out excess valuation. That is just a natural part of the bear market process that is properly explained in this timely market commentary. More importantly, this commentary provides…

StockNews.com

Why the Oil Fuel Fund is overburdened

The Energy Ministry an-nounced that the mounting debt of the state Oil Fuel Fund exceeded 100 billion baht as of yesterday. While a recent nudge from Kla Party leader Korn Chatikavanij, a former finance minister, shed more light on pressing issues surrounding energy and resulting in the government requesting cooperation…

Bangkok Post

Global energy price cap: market manipulation whose time has come?

Analysis: It may sound like Marxism, but the proposal aimed at taming prices and cutting Putin’s funds came from the G7

The Guardian - UK

'Russia cannot and must not win this war,' Macron tells G7 leaders

French President Emmanuel Macron has accused Russia of trying to "destabilise international order" by blocking food and energy flows. He also denounced a missile strike on a crowded mall in central Ukraine, blamed on Russia, as an "abomination". His comments came as G7 leaders wrapped up a two-day meeting in…

Radio France Internationale

G7 leaders wrap up summit, pledge tougher action against Russia

Leaders of world’s richest democracies say they will impose ‘severe and immediate economic costs’ on Moscow.

Al Jazeera

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The Guardian - UK

Response to Russia’s war in Ukraine dominates G7 summit

Analysis: Talks close with pledge to support Kyiv for ‘as long as it takes’ but price caps on Kremlin oil and gas remain sticking point

The Independent UK

Johnson condemns ‘utter barbarism’ of Putin’s attacks on Ukraine as G7 ends

Boris Johnson said ‘I don’t think’ the war in Ukraine will trigger a wider conflict in Europe despite efforts by the Kremlin to drag the West in.

Axios

G7 leaders pledge to pursue price caps on Russian oil

"We invite all likeminded countries to consider joining us in our actions."

Benzinga

4 Stocks Under $2 Insiders Are Aggressively Buying: NEXGEL, eFFECTOR Therapeutics And More

U.S. crude oil futures traded higher by over 1% on Tuesday. Investors, meanwhile, focused on some notable insider trades. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall…

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Wales Online

Cheapest place to eat fish and chips revealed as average price hits £11

The price of cod, haddock, and cooking oil has seen the cost rocket

The National (Scotland)

Oil and gas contributes £16bn to Scottish economy, new study finds

THE oil and gas sector contributes £16 billion to the Scottish economy and provides more than 82,000 jobs, new research by a trade body for the…

Bangkok Post

Indonesia will use COVID tracking app to sell cheap cooking oil

Indonesia will make use of its Covid-19 tracking app to distribute cheap cooking oil as the government takes steps to ensure its subsidies reach their target.

Asharq Al-Awsat

US Apex to Ramp Up Oil Production in Egypt’s Western Desert

Apex Chairman of the Board of Directors Roger Plank held talks on Monday with Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla. Plank said his company is currently studying the expansion of its activities in Egypt’s Western Desert by acquiring several already producing concession areas and intensifying drilling…

The Guardian - UK

Fracking firms could share in UK fossil fuel tax breaks worth billions

Exclusive: Campaigners say funding may provide incentive to restart fracking if moratorium is lifted

Benzinga

U.S. Stock Futures Higher Ahead Of Economic Reports, Crude Oil Rises Over 1%

Pre-open movers

Asharq Al-Awsat

Saudi Shura Approves Real Estate Contribution, Energy Supply Regulations

The Saudi Shura Council approved new laws regulating the energy supply system, real estate contributions, and the sale and lease of real estate projects. The energy supply system regulation aims to allocate all types of energy to its consumers in electricity, crude oil refining, petrochemical production, water desalination, industry, mining,…

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