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The Latest Breaking News from Oil

Live updates | EU formally approves embargo on Russia oil

The European Union has formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine

The Independent UK

Oil Price Rises Even as OPEC Boosts Output More than Expected

Oil prices rose Thursday despite an agreement by major crude producers to boost output more than expected, while US stocks rallied ahead of closely-watched employment data seen as a key input to the inflation debate. In Vienna, the OPEC+ group decided to add 648,000 barrels per day to the market…

Asharq Al-Awsat

Timeline: The first 100 days of Russia’s war in Ukraine

Ukraine invasion was met with sanctions, expansion of NATO, and a bifurcation of the global financial and trade system.

Al Jazeera

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Ukrainians Hold Out as Russia Storms Eastern City on War’s 100th Day

Russian forces advanced deep into the ruined eastern factory city of Sievierodonetsk, but Ukrainian troops were still holding out on Friday as Russia's assault on its neighbour entered its 100th day. Ukraine's defense minister said his troops were already training in Europe to operate new, advanced missile systems pledged this…

Asharq Al-Awsat

Business: India brushes off criticism over purchase of Russian oil

India on Thursday bluntly stated that the issue of purchase of crude oil from Russia is “not an India related issue at all” as its approach is guided by the nation’s energy security requirements, similar to that of "many other regions and countries" - pointing to the West. Read more…

Dynamite News

Delhi: Man who duped scores with ‘oil firm investments’ held

NEW DELHI: Economic Offences Wing (EOW) of Delhi Police has arrested a man for duping more than 1,000 people on the pretext of making investment in a Russian oil company.

The Times of India

Biden to visit Saudi Arabia in push to lower oil prices and punish Russia

This marks the president’s departure from his campaign promise of isolating Riyadh over the murder of columnist Jamal Khashoggi

The Guardian - US

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EU official in charge of energy policy says dependency on Russian oil has left Europe open to 'blackmail'

Kadri Simson appeared before an Oireachtas committee to take questions amid the backdrop of an energy crisis sparked by the war in Ukraine

Irish Mirror

GOP unveils climate agenda with familiar proposals - Roll Call

House Republicans unveiled a climate agenda that runs counter to the overwhelming advice from scientists.

Roll Call

‘Shooting themselves in the foot’: Western sanctions on Russia

The more tension there is between Russia and the West, the higher the prices will be for commodities, analysts say.

Al Jazeera

Prices of wheat, sugar, rice on declining trend after govt measures: Report

NEW DELHI: Retail prices of wheat, rice, sugar and edible oils are showing a declining trend after the measures taken by the government, including curbs on exports of wheat and sugar, food secretary Sudhanshu Pandey said on Thursday.

The Times of India

Pledge of more oil heightens odds of Saudi trip for Biden

The Biden administration is praising Saudi Arabia for its role in a promised boost in oil production and a cease-fire in Yemen

The Independent UK

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. "We now have a visual confirmation that the hijacked Greek Suezmax tanker Prudent Warrior is in the anchorage of Bandar Abbas, Iran," the online service which…

Asharq Al-Awsat

Opec agrees to ramp up oil production, but fails to exclude Russia

Brent crude makes small rise to $116.94 as group sets extra output higher at 650,000 barrels a day

The Guardian - UK

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The Times of India

Fuel retailers talking of under-recoveries on petrol, diesel: Hardeep Puri

NEW DELHI: With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses, which are as high as Rs 17.1 per litre on petrol and Rs 20.4 on diesel.

Asharq Al-Awsat

OPEC+ Brings Forward Oil Output Rises

OPEC+, an alliance of the Organization of the Petroleum Exporting Countries and other producing nations, agreed on Thursday to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation. OPEC+ said it had agreed to boost output by 648,000 barrels per day (bpd)…

The Independent UK

South Africa court to rule on Shell offshore oil exploration

A South African court is to rule on efforts to stop British oil giant Shell from conducting any further seismic surveys in the country’s Indian Ocean waters to explore for offshore oil and gas deposits

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.

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Tribune News Service

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.

StockNews.com

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…

Bangkok Post

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.

Benzinga

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…

The New Daily

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 Independent UK

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

Reuters

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.

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