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The Latest Breaking News from Oil

US president Biden to visit Saudi Arabia in coming weeks: Reports

In shift, Biden will reportedly meet with Crown Prince Mohammed bin Salman as US seeks replacement to Russian oil.

Al Jazeera

‘We’re in trouble’: Electric rates in Texas have surged over 70% as summer kicks in

There’s no escaping rising oil prices. They’ve driven up the cost of gasoline, and the higher expense registers every time people fill up the tank.

Tribune News Service

Top news of the day: India rejects criticism in U.S. State Department’s religious freedom report; PM Modi advocates strong Opposition, says don’t hold resentment against any party or individual, and more

The major news headlines of the day and more.

The Hindu

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Conor Sen: Consumers are losers in a booming industrial economy

Reasons to worry about a recession are piling up: the Federal Reserve's inflation fight, a slowing housing market, warnings from retailers and venture capitalists and a smattering of layoff announcements. But one part of the labor market is sending a decidedly different signal. Goods-producing employment, which includes industries like manufacturing,…

Tribune News Service

3 Stocks Under $3 Insiders Are Aggressively Buying

US crude oil futures traded lower this morning on Friday. 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 investment…

Benzinga

Saudi Arabia, the Balance Point between Moscow, Washington in OPEC Agreement

The White House praised a major Saudi role in controlling oil markets, through a greater increase in the production of the OPEC+ alliance during July and August than previously announced. “We welcome the important decision from OPEC+ today to increase supply in July and August based on new market conditions,”…

Asharq Al-Awsat

Data | India’s downturn in domestic crude oil production persists

India depends on imports to meet 85% of its crude oil needs, and its ageing oil wells are a major hiccup in the country’s ambition to reduce import reliance

The Hindu

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Saudi Energy Minister, Iraqi Counterpart Discuss Connecting Electricity Grids

Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Minister of Oil Ihsan Ismail discussed on Thursday connecting their electricity grids. The ministers explored issues of common interest in various energy fields. The meeting discussed ways to strengthen cooperation in the energy fields in order achieve shared leadership through…

Asharq Al-Awsat

Live updates | EU formally approves embargo on Russia oil

The European Union has formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine

The Independent UK

Oil Price Rises Even as OPEC Boosts Output More than Expected

Oil prices rose Thursday despite an agreement by major crude producers to boost output more than expected, while US stocks rallied ahead of closely-watched employment data seen as a key input to the inflation debate. In Vienna, the OPEC+ group decided to add 648,000 barrels per day to the market…

Asharq Al-Awsat

Timeline: The first 100 days of Russia’s war in Ukraine

Ukraine invasion was met with sanctions, expansion of NATO, and a bifurcation of the global financial and trade system.

Al Jazeera

Ukrainians Hold Out as Russia Storms Eastern City on War’s 100th Day

Russian forces advanced deep into the ruined eastern factory city of Sievierodonetsk, but Ukrainian troops were still holding out on Friday as Russia's assault on its neighbour entered its 100th day. Ukraine's defense minister said his troops were already training in Europe to operate new, advanced missile systems pledged this…

Asharq Al-Awsat

Business: India brushes off criticism over purchase of Russian oil

India on Thursday bluntly stated that the issue of purchase of crude oil from Russia is “not an India related issue at all” as its approach is guided by the nation’s energy security requirements, similar to that of "many other regions and countries" - pointing to the West. Read more…

Dynamite News

Delhi: Man who duped scores with ‘oil firm investments’ held

NEW DELHI: Economic Offences Wing (EOW) of Delhi Police has arrested a man for duping more than 1,000 people on the pretext of making investment in a Russian oil company.

The Times of India

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The Guardian - US

Biden to visit Saudi Arabia in push to lower oil prices and punish Russia

This marks the president’s departure from his campaign promise of isolating Riyadh over the murder of columnist Jamal Khashoggi

Irish Mirror

EU official in charge of energy policy says dependency on Russian oil has left Europe open to 'blackmail'

Kadri Simson appeared before an Oireachtas committee to take questions amid the backdrop of an energy crisis sparked by the war in Ukraine

Roll Call

GOP unveils climate agenda with familiar proposals - Roll Call

House Republicans unveiled a climate agenda that runs counter to the overwhelming advice from scientists.

Al Jazeera

‘Shooting themselves in the foot’: Western sanctions on Russia

The more tension there is between Russia and the West, the higher the prices will be for commodities, analysts say.

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news in one place.

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The Times of India

Prices of wheat, sugar, rice on declining trend after govt measures: Report

NEW DELHI: Retail prices of wheat, rice, sugar and edible oils are showing a declining trend after the measures taken by the government, including curbs on exports of wheat and sugar, food secretary Sudhanshu Pandey said on Thursday.

The Independent UK

Pledge of more oil heightens odds of Saudi trip for Biden

The Biden administration is praising Saudi Arabia for its role in a promised boost in oil production and a cease-fire in Yemen

Asharq Al-Awsat

TankerTrackers.com Locates Seized Greek Tankers in Iranian Waters

Two Greek oil tankers seized by Iran last week are located in Iranian waters, monitoring service TankerTrackers.com said in a Twitter post on Thursday. "We now have a visual confirmation that the hijacked Greek Suezmax tanker Prudent Warrior is in the anchorage of Bandar Abbas, Iran," the online service which…

The Guardian - UK

Opec agrees to ramp up oil production, but fails to exclude Russia

Brent crude makes small rise to $116.94 as group sets extra output higher at 650,000 barrels a day

The Times of India

Fuel retailers talking of under-recoveries on petrol, diesel: Hardeep Puri

NEW DELHI: With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses, which are as high as Rs 17.1 per litre on petrol and Rs 20.4 on diesel.

Asharq Al-Awsat

OPEC+ Brings Forward Oil Output Rises

OPEC+, an alliance of the Organization of the Petroleum Exporting Countries and other producing nations, agreed on Thursday to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation. OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd)…

The Independent UK

South Africa court to rule on Shell offshore oil exploration

A South African court is to rule on efforts to stop British oil giant Shell from conducting any further seismic surveys in the country’s Indian Ocean waters to explore for offshore oil and gas deposits

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