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The Latest Breaking News from Oil

3 Big Reasons Why Oil Stocks Are No Longer a Buy

Oil stocks have been one of the few bright spots in the S&P 500 (SPY), during the doom and gloom of the 2022 bear market. However, that party could soon be coming to an end. Below I lay out 3 reasons why oil stocks are no longer a buy, plus…

StockNews.com

Brits reported to be among group being held hostage in Peru

It is reported that the action is part of a protest

Wales Online

Up to 900 extra police to patrol London this weekend for return of Just Stop Oil

Metropolitan Police Commander Jon Savell spoke about preparations for the upcoming protests.

The Independent UK

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British tourists among 70 held hostage by Amazonian tribe released

Officials said the protesters had accepted their request to release the tourists

Evening Standard

Saudi Arabia Registers Jump in Foreign Direct Investment Inflows

Foreign direct investment flows recorded a growth of 46.5% during the second quarter of this year, compared to the same period of 2021, after excluding the Saudi Aramco deal amounting to 46.5 billion riyals ($12.4 billion). Last year, Aramco forged a pipeline infrastructure deal worth 46.5 billion riyals ($12.4 billion)…

Asharq Al-Awsat

Judge considers decision in trial of activists who blocked tanker of Russian oil

The 10 defendants, aged between 27 and 72, claim they were ‘preventing a crime’.

The Independent UK

Saudi Arabia Stresses Importance of Energy Transition to Address Climate Challenges

The Saudi Ministry of Energy emphasized the importance of the global energy transition to address climate challenges and the expansion of international cooperation to support sustainable development and the zero emissions target. Saudi Minister of Energy Prince Abdulaziz bin Salman held a meeting via video conference on Thursday with the…

Asharq Al-Awsat

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Major banks support rainforest oil project despite problems

Financing fossil fuels, which are the primary cause of climate change, has become controversial in recent years, with major banks under fire for the scale of their lending for oil and gas development

The Independent UK

Bored of cooking? Spice it up with these fun fusion recipes

Don’t resort to midweek favourites – find new ones

The Independent UK

Japan to keep stake in Russian energy project in Sakhalin

Japan’s industry minister says that a Japanese consortium has decided to retain its stake in the new Russian operator of the Sakhalin-1 oil and gas project

The Independent UK

Iraqi Prime Minister Faces ‘Oil Mafia’

Less than two weeks after the “theft of the century” scandal, which saw the “disappearance” of $2.5 billion in Iraqi tax insurance funds, a new major theft emerged, involving nine senior officers in the Ministry of Interior in the southern province of Basra. A document issued by the Iraqi Ministry…

Asharq Al-Awsat

Corpus Christi sold its water to Exxon, gambling on desalination. So far, it is losing the bet.

Concerns over ecological damage to Corpus Christi Bay have delayed plans to convert sea water to drinking water for years in this booming Gulf Coast city, where environmentalists see water supply as a “chokehold” to block new fossil fuel infrastructure.

The Texas Tribune

OPEC Stresses the Importance of Increasing Oil Investments

OPEC Secretary-General Haitham al-Ghais stressed the importance of increasing investments in the oil sector to avoid any future volatility in the oil markets. Ghais said that among the main challenges are the energy transition and the future of energy in general, adding that OPEC has adopted a policy that aims…

Asharq Al-Awsat

Pressure grows on Jeremy Hunt to extend windfall tax

Official figures show energy giants have paid £2.8bn in first four months of levy

Evening Standard

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Asharq Al-Awsat

US Sanctions Oil Smuggling Network Supporting Iran's Quds Force

The United States on Thursday imposed sanctions on an international oil smuggling network it accused of supporting Lebanon’s Hezbollah and Iran's Quds Force, as Washington seeks to increase pressure on Tehran. In a statement, the US Treasury Department said it designated members of the network that facilitated oil trades and…

ABC News

Australia under pressure to sanction Myanmar military after Amnesty International report and leaked ANZ Bank transactions

Australia is an outlier among like-minded countries, including the United States, United Kingdom, Canada and the European Union, all of which have imposed tough sanctions on Myanmar's military rulers since the coup on February 1 last year.

Bangkok Post

US offers bounty for Singaporean over N. Korea oil shipments

The United States Department of State on Thursday issued a US$5 million bounty for information on a Singaporean businessman who broke international sanctions by transporting fuel to North Korea.

The Times of India

Do you need a moisturizer for your oily skin?

Those with oily skin battle the appearance of shine and oil all the time. Many people with this skin type dread the idea of applying moisturiser to their face out of concern that it would increase oil production and accentuate the slick appearance they are trying to hide.

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Reuters

Colombia congress approves $3.9 billion tax reform, raising duties on oil

Colombia's Congress on Thursday finished approving a tax reform set to raise an additional 20 trillion pesos ($3.98 billion) for the next four years, partially through increased duties on top exports oil and coal.

Reuters

Exclusive-G7 coalition has agreed to set fixed price for Russian oil -sources

The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday.

The Independent UK

UK orders Glencore to pay millions over African oil bribes

A British court has ordered commodities company Glencore to pay more than 280 million pounds for using bribes to bolster its oil profits in five African countries

The Conversation

Eco-activist attacks on museum artwork ask us to figure out what we value

In the last few weeks climate change activists have perpetrated various acts of reversible vandalism against famous works of art in public galleries.

Reuters

Forty countries to unveil methane plans at UN climate summit, U.S. official says

Some forty of the 119 countries that pledged last year to slash emissions of the powerful greenhouse gas methane will unveil their plans to do so at the UN climate summit next week, according to a senior U.S. official.

InsideEVs

Gas Cars Consume Much More Electricity Than People May Realize

Some people fear EVs may eventually crash the electrical grid. There are plenty of details they should know before they let their concerns get the best of them.

Evening Standard

Can carbon-capture machines save us from climate catastrophe?

Renewed interest in carbon capture is putting the controversial technology back under the spotlight

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