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The Latest Breaking News from Oil

BP profits 'utterly obscene' as energy giant earns £7.1 billion in just three months

Energy giants are raking in massive profits at a time many Scots are struggling to pay fuel bills.

Daily Record

BP profits soar in 3Q as pressure increases for windfall tax

BP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine

The Independent UK

Menu planner: For a low-cost meal, try garlicky spaghetti with clams

Thinking ahead to your next few meals? Here are some main dishes and sides to try.

Chicago Sun-Times

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US to exempt Russia oil loaded before December 5 from price cap plan

WASHINGTON: The US plan to cap the price of Russian oil sales, part of the broader international response to the invasion of Ukraine, will temporarily exempt shipments loaded before the December 5 implementation date, offering some clarity to oil shippers, traders and investors.

The Times of India

IMF: Diversified Gulf Economy Improves Financial Balance

Gulf Arab oil exporters are expected, on average, to put away about 33 percent of their oil revenues over 2022-26, which will lead to an overall improvement in the financial balance, according to the International Monetary Fund (IMF). The IMF said in its latest report that higher oil and gas…

Asharq Al-Awsat

The activist who threw soup on a van Gogh says it's the planet that's being destroyed

Phoebe Plummer, a climate activist with Just Stop Oil, speaks with NPR's Morning Edition about what the group wants, and why they're turning to controversial tactics to get it.

WEKU

Egypt Expects $12 Bn in Gas Revenues in 2022

Egypt's gas revenues are expected to reach $12 billion, and about $7 billion from oil derivatives and petrochemicals, announced petroleum minister Tarek el-Molla. Molla spoke to Skynews Arabia on Monday on the sidelines of his participation in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). He said that Egypt…

Asharq Al-Awsat

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BP profits more than double to £7.1bn amid windfall tax pressure

Unlike Shell, the UK-listed oil giant will pay £695m via the energy profits levy

Insider UK

BP profits more than double as pressure for greater windfall tax grows

It came as BP confirmed it will be hit by the windfall tax on its UK operations this year, unlike rival company Shell.

The National (Scotland)

BP profits almost tripled to £7.1bn amid high oil and gas prices

Soaring oil and gas prices have contributed to the profits

Manchester Evening News

Saudi Arabia Records More than $253 Bn in Revenues in Q3

Saudi Arabia announced that the country has recorded more than $253 billion increase in its general budget in the third quarter of 2022, recording a surplus of over $39.8 billion. The Saudi government revealed that oil revenues for the third quarter exceeded $61 billion, compared to $39.4 billion during the…

Asharq Al-Awsat

BP profits double due to soaring oil and gas prices

It comes week after Shell announced it had doubled profits from same quarter last year

The Independent UK

Russia to Donate 25,000 Tons of Wheat to Lebanon

Russia will donate 25,000 tons of wheat to crisis-hit Lebanon, the public works minister said on Monday. Russia would also donate 10,000 tons of fuel oil to Beirut, minister Ali Hamie told Reuters, without elaborating. The Russian embassy in Lebanon did not respond to a request for comment. News of…

Asharq Al-Awsat

Jobs at risk as Morrisons shuts 132 McColl’s stores; calls grow for broader energy windfall tax – as it happened

Supermarket chain plans to close loss-making McColl’s stores, as it tries to regenerate business

The Guardian - UK

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The Guardian - UK

Calls for extension of windfall tax as BP posts ‘eye-watering’ profits

Company under pressure after reporting £7bn profit in third quarter as Ukraine war drives up gas prices

Evening Standard

FTSE 100 Live: BP profits top £7 billion, house prices fall, Ocado shares soar 33%

BP is the latest oil major to report huge profits after revealing a quarterly surplus of $8.2 billion (£7.1 billion), driven by a surge in prices.

Asharq Al-Awsat

Saudi Aramco Posts 39% Jump in Third-quarter Profits

Saudi Aramco on Tuesday posted a 39-percent jump in third-quarter profits year on year, the latest financial results boosted by higher oil prices and volumes sold. The energy giant's net income totaled $42.4 billion -- up from $30.4 billion during the same period last year -- and was "primarily driven…

The Independent UK

Oil giant Saudi Aramco has $42.4B profit in third quarter

Oil giant Saudi Aramco is reporting a $42.4 billion profit in the third quarter of this year, buoyed by higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide

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news in one place.

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Los Angeles Times

Biden accuses oil companies of ‘war profiteering’ as he warns of excess profit penalties

WASHINGTON — President Joe Biden on Monday urged major oil companies to stop “war profiteering” and use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election.

Los Angeles Times

Biden to call on Congress to consider windfall tax on excessive oil profits

WASHINGTON — President Joe Biden will urge Congress to consider new tax penalties on oil and gas companies if they refuse to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm elections.

The Independent UK

‘Enough is enough’: Biden calls for tax on oil companies getting rich off ‘windfall of war’

‘Their profits are a windfall of war — the windfall from a brutal conflict that is ravaging Ukraine and hurting tens of millions of people around the globe’

USAFacts

Is the US energy independent?

Our nation, in numbers. USAFacts provides a comprehensive, nonpartisan view of the state of our union.

Benzinga

A Colder Than Average Winter Is Coming, These 3 High Yielding Energy Stocks Could Benefit

The SPDR Select Sector Fund - Energy Select Sector (ARCA:XLE) which offers exposure to the U.S. energy industry, including many of the world’s largest oil producers, is up over 60% year-to-date.

Evening Standard

Bystander stops Just Stop Oil activist from vandalising the MI5 building

A Just Stop Oil protester was left covered in orange paint after a furious passer-by intervened to stop them vandalising an MI5 building. Environment activists used fire extinguishers to spray paint at the Secret Intelligence Service’s headquarters in London on Monday, as well as at the Home Office, the Bank…

Benzinga

S&P 500 Down 0.5%; Crude Oil Falls Sharply

U.S. stocks traded lower toward the end of trading, with the S&P 500 dropping around 0.5% on Monday.

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