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The Latest Breaking News from Oil

India snaps up cheap Russian oil and coal

NEW DELHI: India’s purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%, according to two trade sources and data reviewed by Reuters.

Bangkok Post

How Did Russia-Ukraine War Trigger a Food Crisis?

Russian hostilities in Ukraine are preventing grain from leaving the “breadbasket of the world" and making food more expensive across the globe, threatening to worsen shortages, hunger and political instability in developing countries. Together, Russia and Ukraine export nearly a third of the world’s wheat and barley, more than 70%…

Asharq Al-Awsat

How to recreate your favourite Japanese dishes at home

From flower-shaped sushi to an Asian-inspired Sunday roast, Hannah Twiggs brings you six recipes from Japan Centre as the iconic London food hall celebrates its 46th anniversary

The Independent UK

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EXPLAINER: How did Russia-Ukraine war trigger a food crisis?

Russian hostilities in Ukraine are preventing grain from leaving the “breadbasket of the world.”

The Independent UK

Stocks Waver, Oil Prices Fall on Recession Fears

Stock markets wobbled and oil prices sank on Friday amid growing fears that inflation-fighting interest rate hikes by central banks could trigger recession. Investors were shaken this week after the US Federal Reserve unleashed its biggest hike in borrowing costs for almost 30 years to tackle red-hot consumer prices, AFP…

Asharq Al-Awsat

Iraq’s Kurdistan Works to Establish Two Oil Firms as Erbil-Baghdad Tensions Rise

Iraq's Kurdistan Regional Government (KRG) is working to establish two oil firms, the latest move in the battle between Erbil and Baghdad to control the oil sector in the semi-autonomous region. The KRG's new oil firm KROC would specialize in oil exploration, while the second - KOMO - would focus…

Asharq Al-Awsat

Controversial ex-congressman Rivera files to run for Florida House seat

MIAMI — Former Miami Congressman David Rivera, who is under federal investigation over a consulting arrangement with the Venezuelan state-run oil company and was recently ordered to pay a six-figure penalty for violating campaign finance laws, is running for state House again.

Miami Herald

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Explainer: Moving to curb pump prices

Lowering the gross refining margin is a top priority for the government.

Bangkok Post

Refinery stocks fall on concerns over fuel fund contribution

Oil refinery stocks fell sharply on Friday with potential losses of between 17-43% in net profits this year after the government asked for the cooperation of companies to channel their profits into the Oil Fuel Fund for three months from July to September to help control fuel prices.

Bangkok Post

OR continues non-oil business expansion

PTT Oil and Retail Business Plc (OR) has acquired shares in a laundry business to further expand its non-oil services, including the provision of launderettes at its petrol stations.

Bangkok Post

Rate worries lead to worst week of the year on SET

Recap: Asian shares were mixed while European shares rebounded yesterday as investors digested policy tightening by major central banks.

Bangkok Post

Forget Southwestern Energy, Buy These 3 Oil & Gas Stocks Instead

Oil and gas prices have remained elevated over the past few months due to the tighter supply caused by the ban on Russian oil and surging demand. However, Southwestern Energy (SWN) hasn’t been able to capitalize on the high oil prices because of its fundamental weakness. However, Occidental Petroleum (OXY),…

StockNews.com

4 Refining Stocks to Buy With Rising Gas Prices

Last week, the national gas average reached the $5.00 per gallon mark amid a tight supply due to the war in Ukraine. Given the rising gas prices, refining stocks Valero Energy (VLO), CVR Energy (CVI), HF Sinclair (DINO), and Exxon Mobil (XOM) might be ideal buys now. Read more below.

StockNews.com

Bernie Sanders blasts oil companies over gas prices: Pass a ‘windfall profits tax on those crooks’

CHICAGO — Vermont Sen. Bernie Sanders praised Starbucks and Amazon workers trying to unionize and railed against oil companies over high gas prices in a brief appearance in Chicago late Thursday.

Chicago Tribune

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Benzinga

Dow Jumps Over 100 Points; Crude Oil Down 7%

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 100 points on Friday.

The Times of India

Investors poorer by over Rs 18 lakh crore as equities remain under pressure for 6th day

NEW DELHI: Investors' wealth has tumbled by over Rs 18.17 lakh crore during six days of market decline, with sentiments remaining extremely bearish amid rate hikes by global central banks, unrelenting foreign fund outflows and jump in crude oil prices.

The Guardian - UK

Ex-BP executive lands $6.2m payout at US firm despite death of offshore worker

Andy Inglis ran BP’s exploration and production division before leaving in wake of Deepwater Horizon disaster

StockNews.com

3 ETFs to Buy on Goldman Sachs' Forecast of $140 Oil Prices This Summer

Oil prices have soared due to a confluence of factors that have crimped supply and boosted demand. Goldman Sachs has forecast that Brent crude oil prices will average $140 a barrel this summer. Given this backdrop, we think it could be wise to add energy ETFs iShares U.S. Oil &…

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Tribune News Service

Texas’ giant university fund gets big payday from oil and gas, but colleges won’t notice

The oil boom is generating big profits for energy companies and record tax revenue for Texas, and it’s created a billion-dollar windfall for the state’s giant Permanent University Fund.

Reason

Blame High Gas Prices on Red Tape

Oil companies won’t invest in facilities to produce gasoline until they know they’ll be allowed a future.

Reuters

Nigeria's Abubakar picks southern governor as 2023 election running mate

Nigeria's main opposition presidential candidate Atiku Abubakar on Thursday picked a governor from the oil producing Delta state as running mate for next year's presidential election.

Asharq Al-Awsat

Tehran Receives $1.6 Bln in Gas Debt from Iraq

Iran said on Thursday it has received $1.6 billion from Iraq to settle part of the debts it has sought from its neighbor since 2020 for the supply of gas. “In light of the active energy diplomacy, and after months of negotiations, $1.6 billion in arrears... for gas exports to…

Reuters

China to ban new heavy industrial projects in key zones

China will ban new steel, coking, oil refining, cement and glass projects in key zones, the government said on Friday in a wide-ranging policy document aimed at tackling pollution and meeting the country's climate goals.

Reuters

With record pump prices, Biden hard-pressed to ramp up Russia sanctions

As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer.

Reuters

Ecuador seeks partner to stop gas flaring as anger rises in the Amazon

Ecuador oil company Petroecuador says it is working to shut down gas flares in the Amazon to comply with a court-imposed deadline, but progress is too slow for nearby communities who allege the flares cause cancer and other illnesses.

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