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The Latest Breaking News from Oil

Oil reverses losses as OPEC+ agrees on supply increase plan

Oil reversed losses to trade near $116 as OPEC+ ministers agreed to boost supply increases by around 50%, after prices dropped on reports U.S. President Joe Biden is likely to visit Saudi Arabia this month and that the kingdom is ready to pump more crude.

Tribune News Service

Oil rises as stockpiles fall, OPEC+ supply hike disappoints

Oil increased as US crude inventories dropped, exacerbating concerns about a tight market after traders expressed doubt that OPEC+ can deliver on its agreement to accelerate the pace of a supply hike.

Tribune News Service

5 Outperforming Oil & Gas with More Fuel in the Tank

EU leaders on Monday imposed harsh restrictions on Russian oil exports, which drove oil prices higher. Meanwhile, easing COVID-19 restrictions in China and less oil and gas from other sources amid the Russia-Ukraine war are keeping prices elevated. Amid this, we think oil and gas stocks that have outpaced the…

StockNews.com

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Opec+ agrees on bigger oil-production hikes

Opec+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure from major consumers including the United States to help ease the pain of high energy prices.

Bangkok Post

Insiders Buy More Than $41M Of 2 Penny Stocks

US crude oil futures traded lower this morning on Thursday. 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

Market Wrap: Economic ‘hurricane’ warning as Russian oil ban brings volatility to markets

Investors warned to prepare for an economic "hurricane" caused by aggressive central bank tightening and the war in Ukraine.

The New Daily

US pump prices hit record as OPEC+ producers gather

The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to send to the world economy as U.S. gas prices hit another record high

The Independent UK

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Moscow calls EU move to phase out Russian oil 'self-destructive'

Russia warned on Thursday that the European Union's decision to partially phase out Russian oil was likely to destabilise global energy markets, calling it a 'self-destructive' step that could backfire on the bloc.

Reuters

Biden Visit Might Push For Saudi Arabia And OPEC To Make Up For Russian Oil Loss

Saudi Arabia and other OPEC members may increase oil supply to compensate for a reduction in Russian output, which may relieve pressure on growing global inflation and pave the way for US President Joe Biden's historic visit to Riyadh,

Benzinga

A Peek Into The Markets: US Stock Futures Gain Ahead Of Economic Reports; Crude Oil Down Over 2%

Pre-open movers

Benzinga

Russia is winning the economic war - and Putin is no closer to withdrawing troops

The perverse effects of sanctions means rising fuel and food costs for the rest of the world – and fears are growing of a humanitarian catastrophe, says Larry Elliott, the Guardian’s economics editor

The Guardian - UK

'Are you rich?' Inequality Observatory sets French wealth threshold

Like the poverty threshold, France's Inequality Observatory has published a report defining who is considered financially wealthy in the country. But first, we see how Saudi Arabia could step in to boost global oil production. Also, we take a look at Sheryl Sandberg's legacy following her decision to step down…

France 24

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.

Reuters

Iran slams French, German 'interference' in seizure of Greek ships

Iran has slammed "inappropriate interference" by Germany and France following their condemnation of Tehran for its seizure of two Greek-flagged oil tankers in Persian Gulf waters last week.

Radio France Internationale

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Insider UK

How to solve the energy transition 'trilemma'?

The war in Ukraine poses questions about how Scotland balances its net zero goals with the energy price crisis

The Independent UK

Divided again, Libya slides back toward violence, chaos

Two separate governments are once again vying for power in Libya

The Guardian - UK

Borgen review – this antidote to real-life politics is like The West Wing 2022

The Danish political drama is a breath of fresh air, given the unbearableness of Westminster. How lovely to have it back

The Times of India

As gas prices soar, Joe Biden likely to visit Saudi Arabia

WASHINGTON: President Joe Biden is likely to visit Saudi Arabia later this month as part of an international trip for Nato and Group of Seven meetings, according to people familiar with the matter, with record high US gas prices weighing on his party's political prospects.

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The Independent UK

Feds say oil deal woes led to murder of Vermont man

Federal prosecutors say a conspiracy that resulted in the murder of a Vermont man grew out of a financial dispute between the victim and one of the men now charged with arranging to have him killed

The Independent UK

As gas prices soar, Biden leans toward visiting Saudi Arabia

President Joe Biden is leaning towards making a visit to Saudi Arabia — a trip that would likely bring him face-to-face with the Saudi crown prince he once shunned as a killer

Bangkok Post

Panel expects export growth to ease

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) expects the country's export growth to slow for the remainder of the year as a result of several global uncertainties.

Bangkok Post

EU sanctions will keep oil prices high for 1-2 years

The EU's latest decision to ban most oil imports from Russia because of its invasion of Ukraine is expected to keep energy prices elevated for 1-2 years, says Kobsak Pootrakul, senior executive vice-president of Bangkok Bank.

Bangkok Post

In the end, economic theories prevail

I have made several dire predictions for the Thai economy this year such as high inflation, a liquidity crisis, interest rate hikes, bank collapses, a currency run, and, of course, an economic recession.

The Conversation

To prevent disasters like Lac-Mégantic, private interests cannot be allowed to affect regulations

On July 6, 2013, the fourth deadliest railway disaster in Canadian history took place. A train hauling 72 tankers filled with crude oil derailed in Lac-Mégantic, Que., killing 47 people.

The Guardian - UK

Oil prices rise as Opec prepares to set new output targets

Thursday’s meeting of oil-producing nations will be first since EU imposed sanctions on Russian crude

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