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The Latest Breaking News from Oil

EU countries 'almost' have agreement on new sanctions, top diplomat says

European Union countries are "almost there" in agreeing the bloc's proposed new package of sanctions against Russia, including an oil embargo, the bloc's foreign policy chief Josep Borrell said on Thursday.

Reuters

How treaties protecting fossil fuel investors could jeopardize global efforts to save the climate – and cost countries billions

Fossil fuel companies have access to an obscure legal tool that could jeopardize worldwide efforts to protect the climate, and they’re starting to use it. The result could cost countries that press ahead with those efforts billions of dollars.

The Conversation

The Guardian view on banning Russian oil: defunding Putin’s war machine

Editorial: EU proposals for an embargo would deprive the Kremlin of a vital source of income

The Guardian - UK

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Rising Oil Prices Buy Iran Time in Nuclear Talks, Officials Say

Emboldened by an oil price surge since Russia invaded Ukraine, Iran's clerical rulers are in no rush to revive a 2015 nuclear pact with world powers to ease sanctions on its energy-reliant economy, three officials familiar with Tehran's thinking exclusively told Reuters. Last year, Tehran engaged in indirect talks with…

Asharq Al-Awsat

Journalist says Britain has become a safe deposit box for oligarchs' ill-gotten gains

Butler to the Word author Oliver Bullough says the UK has developed a system of bankers, lawyers, accountants and PR managers who work to help Russian kleptocrats hide their wealth.

WEKU

Orban says new EU sanctions against Russia would harm Hungary more -report

The European Union's new sanctions package against Russia, including an embargo on crude oil imports, would cause more harm to Hungary than Russia, Prime Minister Viktor Orban said, news website index.hu reported on Thursday.

Reuters

'RBI wants smooth policy measures; prefers smaller rate hikes'

MUMBAI: Battling a sharp surge in inflation, the Reserve Bank is all for a smooth monetary policy response and the desire to have smaller hikes led it to tighten the policy in an off-schedule meet, a source said on Thursday.

The Times of India

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The Leader podcast: Should Shell’s oil mega-profits fund struggling families?

Shell has announced a shock jump in its profits - nearly triple what it was last year, which has sparked calls for a windfall tax on oil and gas giants to help families struggling with the cost-of-living squeeze.

Evening Standard

Tory-linked group that campaigns against net zero climate action ‘funded by US oil interests’

Tory MP Steve Baker is a trustee of the Global Warming Policy Foundation

The Independent UK

Benzinga's Top Ratings Upgrades, Downgrades For May 5, 2022

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Benzinga

Peering Into Marathon Oil's Recent Short Interest

Marathon Oil's (NYSE:MRO) short percent of float has fallen 31.61% since its last report. The company recently reported that it has 17.36 million shares sold short, which is 2.38% of all regular shares that are available for trading.

Benzinga

Dockworkers Worldwide Are Trying to Stop Russia’s War

Manual laborers keep the world moving—and can slow it down.

Foreign Policy

Phasing out oil can offer a better life for many

The EU could ban crude oil imports from Russia within six months if a new round of sanctions is approved. Excluding a handful of countries, refined Russian oil products like petrol and diesel could cease to flow into the EU by the end of 2022.

The Conversation

Shell and BP reveal record profit margins fuelling calls for windfall tax on oil and gas firms

Lib Dem leader Sir Ed Davey says it's "completely unforgivable" that the Government is yet to tax the super-profits of energy companies

Chronicle Live

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StockNews.com

Is Range Resources a Smart Natural Gas Stock to Own in 2022?

The shares of natural gas company Range Resources (RRC) have soared in price over the past few months thanks to surging natural gas prices. However, given the company's mixed fundamental performance, can its stock maintain its price rally? Read on, let's find out.

StockNews.com

5 Cost-Conscious Retail Stocks That Could Thrive During a Recession

Many analysts believe that the U.S. economy is slipping into recession. We think investors looking to dodge the recessionary pressure could bet on discount retail stocks Costco (COST), Walmart (WMT), BJ’s Wholesale (BJ), PriceSmart (PSMT), and Target (TGT). So, let’s discuss.

The Times of India

India plans to cut taxes on edible oils to cool surging prices

NEW DELHI: India is planning to cut taxes on some edible oils to cool the domestic market after the war in Ukraine and Indonesia’s ban on palm oil exports sent prices skyrocketing, according to people familiar with the matter.

The Guardian - UK

EU plans to put Putin’s rumoured girlfriend on sanctions list

Alina Kabaeva likely to join Patriarch Kirill, who supports war in Ukraine, on draft document of travel bans and asset freezes

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Benzinga

Morning Brief: Top Financial Stories Dominating on Thursday, May 5

CNBC

Daily Mirror

Calls for windfall tax grow as oil and gas giant Shell's profits soar to £7bn

Boris Johnson faces renewed demands to act as Brits face a cost of living crisis due to rising energy bills - while firms rake in massive earnings

Evening Standard

Evening Standard Comment: As Shell and BP make bumper profits, it could be time to consider a windfall tax

The timing is certainly awkward. Oil giant Shell has reported underlying profits of £7.2 billion in the first quarter of this year, up 43 per cent on the final three months of 2021, thanks to high oil and gas prices. It comes days after BP announced profits of more than…

Benzinga

Executives Buy Over $373M Of 4 Stocks

Although crude oil futures traded higher on Thursday, there were a few notable insider trades.

Benzinga

Post EU's Latest Russian Oil Ban, OPEC+ Is Expected To Raise Production Marginally: CNBC

On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum,

Benzinga

Shell's Q1 Profit Up 43% As High Oil Prices Offset Russia Exit

Shell Plc (NYSE:SHEL) reported a record Q1 profit of $9.13 billion, up 43%, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division. The company reported the highest quarterly profit since 2008, even after writing down $3.9 billion post-tax due to its decision to…

Evening Standard

What is a windfall tax? Ed Miliband attacks loopholes in oil and gas levy

The Shadow Climate Secretary said the figures show government “failure to act on the windfalls of war being pocketed by the oil and gas producers”

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