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The Latest Breaking News from Oil

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

CNBC

Benzinga

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

Daily Mirror

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…

Evening Standard

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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…

Benzinga

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”

Evening Standard

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Months into the Ukraine war, has Germany’s position changed?

Berlin has eased its restrictive arms export policy to supply Kyiv with lethal weapons, but frictions remain.

Al Jazeera

Warren Buffett's Berkshire Hathaway Boosts Stake In Occidental Petroleum

Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-B) has bought another 5.9 million shares of Occidental Petroleum Corporation (NYSE:OXY), boosting its stake in the oil company to ~15.2%. Occidental's share price has doubled this year, benefiting from Berkshire's purchases and rising oil prices, with a further boost from the Ukraine crisis. The purchases made on May 2…

Benzinga

'I tried M&S fish and chips Gastropub meal and it was like a 'posh London pub'

M&S may be a good alternative for those looking to stay home instead of hitting the pub with their friends.

Daily Record

EU leaders announce sixth package of sanctions targeting Russia as oil imports to be phased out entirely

“This sends another important signal to all perpetrators of the Kremlin's war: We know who you are, and you will be held accountable"

Irish Mirror

Shell reports record 1st-quarter earnings as oil prices soar

Energy giant Shell has reported record first-quarter earnings after a surge in oil prices

The Independent UK

Ukraine wants complete energy embargo on Russia - senior parliamentarian

Ukraine hopes the European Union will impose an embargo on Russian natural gas and oil and wants Ukraine and Europe to "completely abandon Russian energy resources", a senior member of the Ukrainian parliament said on Thursday.

Reuters

Windfall tax: What is it, how would it work and how would consumers benefit?

Labour and the Lib Dems are calling for one; the Tories are resisting it. But how would it actually work?

Bristol Post

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The Guardian - UK

First Thing: Joe Biden says ‘Maga crowd’ could target LGBTQ+ children next

President warns of new Republican party attacks on rights after supreme court abortion leak. Plus, Amber Heard takes witness stand against Johnny Depp

Insider UK

Shell fuels calls for windfall tax with record profits haul

First quarter underlying earnings came in at £7.2bn – nearly three times higher than a year ago

Tribune News Service

Quick Fix: Celebrate salmon season with these kabobs

It’s a treat to savor wild salmon at this time of year. The season started May 1 and runs through August. Here’s a new and easy way to cook salmon. Place salmon cubes on skewers and grill or broil them.

The Independent UK

Russian war, China lockdowns roil oil markets as OPEC+ meets

Oil markets have been fluctuating over fears of lost supplies from Russia because of the war in Ukraine

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Asharq Al-Awsat

Oil Climbs on Supply Jitters as EU Lays Out Russian Oil Ban

Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand. Brent was up 36 cents, or 0.3%, at $110.50 a barrel by 0825 GMT, and…

The National (Scotland)

Record Shell profits spark fresh demand for Tories to back windfall tax

THE UK Government is under increasing pressure to introduce a windfall tax on energy giants after Shell announced mammoth first-quarter profits…

Bangkok Post

Asian, European markets rise as US Fed eases fears of huge rate hike

Markets rallied Thursday after the US Federal Reserve played down chances of a huge interest rate hike in the near future, while oil extended gains as the European Union moved to ban imports from Russia.

Asharq Al-Awsat

French Ecology Minister Confident in Russia Oil Ban

France’s ecology minister said Thursday she is confident that the European Union’s 27 nations will quickly agree to a proposed ban on oil imports from Russia. Speaking to FranceInfo radio, Barbara Pompili, said the embargo could be agreed upon within days. “I am confident,” she said.

Al Jazeera

Timeline: Week 10 of Russia’s war in Ukraine

Al Jazeera recaps key events of week 10 of Russia’s invasion of Ukraine.

Al Jazeera

‘A second Afghanistan’: Doubts over Russia’s war prosecution

Russia’s lack of progress in its war against Ukraine has been noted by analysts since it launched a second phase.

Wales Online

Call for huge tax on Shell as it makes £7.2bn profit in three months

On Tuesday, fellow FTSE 100 firm BP unveiled its highest quarterly underlying profits for more than a decade

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