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The Latest Breaking News from Oil

PTT Oil and Retail Business Plc (OR) has acquired shares in a laundry business to further expand its non-oil services, including the provision of launderettes at its petrol stations.

Bangkok Post

Forget Southwestern Energy, Buy These 3 Oil & Gas Stocks Instead

Oil and gas prices have remained elevated over the past few months due to the tighter supply caused by the ban on Russian oil and surging demand. However, Southwestern Energy (SWN) hasn’t been able to capitalize on the high oil prices because of its fundamental weakness. However, Occidental Petroleum (OXY),…

StockNews.com

4 Refining Stocks to Buy With Rising Gas Prices

Last week, the national gas average reached the $5.00 per gallon mark amid a tight supply due to the war in Ukraine. Given the rising gas prices, refining stocks Valero Energy (VLO), CVR Energy (CVI), HF Sinclair (DINO), and Exxon Mobil (XOM) might be ideal buys now. Read more below.

StockNews.com

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Bernie Sanders blasts oil companies over gas prices: Pass a ‘windfall profits tax on those crooks’

CHICAGO — Vermont Sen. Bernie Sanders praised Starbucks and Amazon workers trying to unionize and railed against oil companies over high gas prices in a brief appearance in Chicago late Thursday.

Chicago Tribune

Dow Jumps Over 100 Points; Crude Oil Down 7%

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 100 points on Friday.

Benzinga

Investors poorer by over Rs 18 lakh crore as equities remain under pressure for 6th day

NEW DELHI: Investors' wealth has tumbled by over Rs 18.17 lakh crore during six days of market decline, with sentiments remaining extremely bearish amid rate hikes by global central banks, unrelenting foreign fund outflows and jump in crude oil prices.

The Times of India

Ex-BP executive lands $6.2m payout at US firm despite death of offshore worker

Andy Inglis ran BP’s exploration and production division before leaving in wake of Deepwater Horizon disaster

The Guardian - UK

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3 ETFs to Buy on Goldman Sachs' Forecast of $140 Oil Prices This Summer

Oil prices have soared due to a confluence of factors that have crimped supply and boosted demand. Goldman Sachs has forecast that Brent crude oil prices will average $140 a barrel this summer. Given this backdrop, we think it could be wise to add energy ETFs iShares U.S. Oil &…

StockNews.com

Texas’ giant university fund gets big payday from oil and gas, but colleges won’t notice

The oil boom is generating big profits for energy companies and record tax revenue for Texas, and it’s created a billion-dollar windfall for the state’s giant Permanent University Fund.

Tribune News Service

Blame High Gas Prices on Red Tape

Oil companies won’t invest in facilities to produce gasoline until they know they’ll be allowed a future.

Reason

Nigeria's Abubakar picks southern governor as 2023 election running mate

Nigeria's main opposition presidential candidate Atiku Abubakar on Thursday picked a governor from the oil producing Delta state as running mate for next year's presidential election.

Reuters

Tehran Receives $1.6 Bln in Gas Debt from Iraq

Iran said on Thursday it has received $1.6 billion from Iraq to settle part of the debts it has sought from its neighbor since 2020 for the supply of gas. “In light of the active energy diplomacy, and after months of negotiations, $1.6 billion in arrears... for gas exports to…

Asharq Al-Awsat

China to ban new heavy industrial projects in key zones

China will ban new steel, coking, oil refining, cement and glass projects in key zones, the government said on Friday in a wide-ranging policy document aimed at tackling pollution and meeting the country's climate goals.

Reuters

With record pump prices, Biden hard-pressed to ramp up Russia sanctions

As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer.

Reuters

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Reuters

Ecuador seeks partner to stop gas flaring as anger rises in the Amazon

Ecuador oil company Petroecuador says it is working to shut down gas flares in the Amazon to comply with a court-imposed deadline, but progress is too slow for nearby communities who allege the flares cause cancer and other illnesses.

The Times of India

Tamil Nadu retail fuel outlets start to go dry

CHENNAI: Following Rajasthan, Andhra Pradesh and several other Indian states, retail fuel outlets in Tamil Nadu have also started to go dry.

Miami Herald

Former top Venezuelan oil ministry lawyer gets 4 years in Miami money laundering case

MIAMI — A former top lawyer of Venezuela’s oil ministry who played a central role in a $1.2 billion money-laundering scheme fueled by government corruption was sentenced to more than four years in prison by a Miami federal judge Thursday — punishment that was less than half of what prosecutors…

Bangkok Post

Korn urges B60bn loan for Oil Fund

Korn Chatikavanij, a former finance minister and now leader of the Kla Party, suggested the government provide an additional 60-billion-baht loan to improve the liquidity of the Oil Fuel Fund.

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Bangkok Post

Inflation support schemes extended

The government has pledged to extend the existing 10 measures devised to alleviate the hardship of low-income earners from a surge in oil prices for three months until September.

Asharq Al-Awsat

Deputy PM: Russia Has No Need to Cut Oil Output

Russia has no need to cut its oil output in response to the European Union's embargo, Deputy Prime Minister Alexander Novak told RBC business channel on Thursday. According to Reuters, he earlier said he expected Russia's annual oil production for 2022 would be about 500 million tons, down from 524…

Asharq Al-Awsat

Oman's Sultan Appoints New Oil Minister

Oman's sultan replaced the oil minister, Mohammed bin Hamad Al-Rumhi, on Thursday with Salem al-Aufi who was appointed to the post, state television announced. Rumhi had been oil minister for over two decades. Aufi was previously undersecretary at the energy and minerals ministry. Sultan Haitham bin Tariq al-Said on Thursday…

The Times of India

India proposes settling Russia trade in rupees as purchases rise

NEW DELHI: India is proposing to settle trade with Russia in rupees, according to a person with knowledge of the matter, as the South Asian nation presses ahead with purchases of oil and weapons from the sanctions-hit country.

Bangkok Post

Govt prepares measures to cope with oil prices, boost tourism

The government's economic teams on Thursday agreed to extend support measures to reduce some living costs for another three months and sought cooperation from refineries to help the country's oil fund amid rising prices, according to a government spokesman.

The Times of India

Sensex, Nifty drag to 52-week lows: 10 factors behind stock market fall

NEW DELHI: Equity indices slumped to fresh 52-week lows on Thursday as markets extended their losing streak to fifth straight session.

Daily Mirror

Husband dies after being cleared of burning wife alive with boiling fat at chippy

Geoffrey Bran was accused of killing his wife Mavis who was burnt alive by 160 degree oil at their village chip shop in Hermon, Wales, but her husband claimed she slipped

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