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The Latest Breaking News from Oil

Torpedo destroyed on Scapa Flow seabed just metres from oil pipeline

A five-strong Explosive Ordnance Disposal team travelled 400-miles north from their base at Faslane to reach the scene near Orkney on Friday.

Daily Record

Asian stocks, crude bounce from losses despite recession fears

Asian stocks fought back Wednesday to recover some of the losses suffered at the start of the week, while oil also bounced from a rout, though recession alarms continue to ring loud.

Bangkok Post

OPEC Sees Slower 2023 Oil Demand Growth

OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still robust economic growth and progress in containing COVID-19 in China. In a monthly report on Tuesday, the Organization of the Petroleum…

Asharq Al-Awsat

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EXPLAINER: What's happened and what's next in Sri Lanka

Sri Lanka’s president, who had announced he would resign Wednesday, has fled the country after months of turmoil culminated in protesters converging on the presidential palace

The Independent UK

Libya's GNU to Replace Oil Chairman Sanalla

Libya's Government of National Unity (GNU) moved to replace the National Oil Corp (NOC) chairman and board on Tuesday as control over the state energy producer was drawn further into a complex political standoff between rival factions. According to the text of the decision confirmed to Reuters by a GNU…

Asharq Al-Awsat

Northern Italy drought threatens olive oil, risotto rice and passata supplies

The region’s worst drought in 70 years is expected to hit crop yields significantly, driving up prices by as much as 50%

The Guardian - UK

Oil Edges Higher; Market Wary of US Inflation Data

Oil edged up on Wednesday, a day after it fell through $100 a barrel for the first time since April, while traders looked towards US inflation data that could weaken the market. Brent crude futures were up 24 cents, or 0.2%, at $99.73 a barrel at 0325 GMT. US West…

Asharq Al-Awsat

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US, allies aim to cap Russian oil prices to hinder invasion

Leaders of the Group of Seven industrial nations have tentatively agreed to back a cap on the price of Russian oil, the main pillar of the Kremlin’s financial revenue

The Independent UK

Biden savors Israel 'homecoming' as high-wire Saudi leg looms

Israel embraced U.S. President Joe Biden as an old friend on Wednesday at the start of a high-stakes visit dominated by efforts to bring Israel closer to Saudi Arabia and persuade Washington's Gulf allies to pump more oil.

Reuters

June 28 tragedy: ONGC staff battled rough seas for 2.5 hours before they were pulled out, say sources

MUMBAI: A delayed rescue operation in inclement weather may have cost four lives after a Pawan Hans helicopter made an emergency landing near an ONGC rig last month, reports Manju V. When the chopper landed off Mumbai High on a rough sea, the occupants managed to unfasten seat belts, open…

The Times of India

Biden’s woes at home loom over Mideast trip that’s all about oil

President Joe Biden will seek to salvage relations with Saudi Arabia and boost Israel’s beleaguered government in a Mideast trip that risks political embarrassment unless near-record U.S.. gasoline prices swiftly come back to Earth.

Tribune News Service

ASX rises, RBNZ hikes rates, US dollar hits parity with euro

Australian shares have ended the session higher on Wednesday, despite mining and energy stocks being hit by subdued commodity and metal prices following fresh COVID-19 curbs in China.

ABC News

PTT to give Oil Fund B3bn boost

National oil and gas conglomerate PTT Plc has decided to allocate 3 billion baht to the fast-dwindling Oil Fuel Fund, following its months-long support of the diesel and liquefied petroleum gas (LPG) price subsidy programmes.

Bangkok Post

Integrating Cannabis Supply Chains: Meet Luis Merchan Of Flora Growth, A Globally-Expanding Cannabis Company

Flora Growth Corporation (NASDAQ: FLGC), a vertically integrated cannabis company, entered the industry intending to become the world’s largest producer of low-cost, naturally grown medicinal-grade cannabis oils and extracts i

Benzinga

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WEKU

Biden's Middle East trip aims to shore up a relatively calm moment in the region

In his visits to Israel and Saudi Arabia this week, President Biden will aim to keep the oil flowing and lock in progress on the Middle East's simmering conflicts.

StockNews.com

3 Energy Stocks to Buy and 1 to Avoid in July

Oil prices might soar higher as demand continues to outstrip supply. And we think energy stocks Adams Resources & Energy (AE), TotalEnergies (TTE), and Devon Energy (DVN) are well-positioned to benefit from the industry tailwinds and might be solid buys. However, as oil prices have receded lately on recession fears,…

Benzinga

Crude Oil Prices Fall Sharply; Greenwich LifeSciences Shares Spike Higher

U.S. stocks traded mixed toward the end of trading after recording losses in the previous session.

The Times of India

Current account deficit likely to touch $105 billion this fiscal: Report

MUMBAI: The country's current account deficit is likely to touch $105 billion or 3 per cent of the GDP this fiscal, mainly due to continuously widening trade deficit, according to a report.

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Benzinga

G2 Energy Signs Purchase and Sale Agreement for Additional Oil Properties

Vancouver, B.C. - TheNewswire - July 7, 2022 - G2 Energy Corp. (CSE:GTOO), (CSE:GTOO), ((, (FWB:1NZ.F) (the "Company" or "G2") is pleased to announce the Company's wholly owned subsidiary G2 Energy TX2, Inc. has signed a Purchase and Sale Agreement (the "PSA") dated April 12, 2022 with subsequent amendments dated June…

Manchester Evening News

How to beat the incoming hummus shortage by making your own (and pita bread)

Both are super easy to make at home

The Hindu

Oil slides on strong dollar and weaker demand outlook

Recession fears and China COVID curbs weigh on oil; Brent and WTI slide by more than $6 a barrel

The Independent UK

‘Humiliating climbdown’ or a chance to assert US diplomacy: What’s really behind Biden’s controversial trip to Saudi Arabia

The White House says Mr Biden’s visit with Saudi leaders is meant to ‘reorient’ America’s relationship with Riyadh. But as Andrew Feinberg reports, foreign policy experts are split on whether the president should be going at all

Edinburgh Live

People warned not to fish around Torness nuclear power station after oil spill

East Lothian Council has already advised people not to bathe at two nearby beaches or let their pets go in the sea

The Canberra Times

Midnight Oil to sign off on touring career

Midnight Oil will play one of the last shows of their final tour in Canberra in October, making up for a cancelled show in April.

StockNews.com

The 4 Top-Performing S&P 500 Stocks as of July 2022

Worries over the Fed’s hawkish stance to curb the rising inflation and growing recession risks have weighed heavily on market sentiment, causing the benchmark S&P 500 to tumble significantly. However, fundamentally sound S&P 500 stocks Occidental Petroleum (OXY), Hess (HES), Valero Energy (VLO), and Exxon Mobil (XOM) managed to gain…

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