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The Latest Breaking News from Oil

North Sea oil and gas ban: should Starmer U-turn on Labour pledge?

Keir Starmer has triggered an escalating row among Labour members and backers by pledging to block new domestic oil and gas developments in the North Sea in favour of investment in renewable sources.

The Week

Keir Starmer pledges ‘good, union jobs’ amid energy row with GMB

Labour leader to address union’s conference after its leader attacks plan to ban new North Sea oil and gas extraction

The Guardian - UK

Markets Today: Stocks Mixed with Energy Stocks Climbing as Saudi Arabia Cuts Oil Production

Morning Markets June E-Mini S&P 500 futures (ESM2 3) this morning are up +0.1%, and June Nasdaq 100 E-Mini futures (NQM2 3) are down -0.15%. U.S. stock index futures this morning are mixed. Energy stocks are climbing in pre-market trading as crude prices jumped more than +2% to a 1-month...

Barchart

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Jack Leach injury leaves England with ‘big shoes to fill’ for Ashes, says Steve Smith

Australia talisman is targeting a first series win on English soil after the World Test Championship final against India

Evening Standard

Josh Barrie’s dishes that can do one: Truffle oil anything

What’s a sure-fire way to ruin a moment of nuance? Wreck it with truffle oil, says Josh Barrie

Evening Standard

Keir Starmer insists North Sea oil and gas will be used 'for many years' following union backlash

GMB boss Gary Smith warned Labour would lose seats over a “stupid” and “catastrophic” ban on new North Sea oil developments.

Daily Record

COP28 official sees oil and gas companies playing key role at U.N. climate summit

Major emitters, including fossil fuel companies, should be brought into the U.N. climate summit fold, senior UAE official says.

Axios

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Explainer-Blood, treasure and chaos: the cost of Russia's war in Ukraine

Russia's 2022 invasion of Ukraine has left tens of thousands of dead, displaced millions and sown economic turmoil across the world.

Reuters

Brent crude price rises after Saudi Arabia agrees to cut oil output

Price gained more than 2% on Monday morning to touch one-month high of $78.73

The Guardian - UK

Oil, health care, Texas are winners on this year's Fortune 500

Oil company ExxonMobil surpassed Apple to hit No. 3 on this year's ranking of the largest U.S. companies by revenue.

Fortune

Fossil fuels got a boost from lawmakers aiming to fix Texas’ grid, while renewable energy escaped stricter regulations

The bills will give owners of natural gas power plants incentives to build more capacity, but they don’t go as far as originally proposed to change how electricity is created and sold in the Texas market.

The Texas Tribune

Stock Index Futures Mixed on Pressure from Rising Bond Yields, Oil Prices Rise After Saudi Output Cuts

June S&P 500 futures (ESM23) are up +0.01%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.25% this morning as market participants digested the U.S. debt ceiling agreement, while U.S. Treasury yields climbed following a robust May jobs report.

Barchart

Oil price up after Saudi Arabia cuts output; UK mortgage rates and car sales rise – as it happened

Rolling coverage of the latest economic financial news, as Brent crude hits $78/barrel and new car market records longest period of growth since 2015

The Guardian - UK

Future of fossil fuels under the spotlight as COP28 talks open in Germany

The future of fossil fuels – the leading source of global warming emissions – will come under scrutiny at UN climate negotiations taking place in Germany this Monday, as an Emirati oil chief is poised to step into the driver's seat.

Radio France Internationale

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Bangkok Post

Most Asian shares rise, oil prices up after Saudi output cuts

SYDNEY: Most Asian share markets rose on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed US jobs report, while oil prices jumped after Saudi Arabia pledged big output cuts.

The Independent UK

UN climate chief calls fossil fuel phase out key to curbing warming but may not be on talks' agenda

The United Nations climate chief says phasing out all fossil fuels is central to curbing global warming

Ideal Home

Why you should bury your garden tools in sand, according to experts

If you're looking to preserve the longevity of your tools, you ought to know this gamechanging tip

The Conversation

What should the Australian War Memorial do with its heroic portraits of Ben Roberts-Smith?

On Friday, the Federal Court dismissed Ben Roberts-Smith’s defamation case against The Age, The Sydney Morning Herald and The Canberra Times.

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Daily Record

Oil and gas ban will cost Scottish Labour seats claims trade union leader

EXCLUSIVE: Speaking to the Daily Record, the GMB's Gary Smith said the Scottish party could not just appeal to "Edinburgh graduates".

Al Jazeera

US, UK navies say responded to call from ship in Strait of Hormuz

Iran’s Revolutionary Guard rejects US Navy claim that a merchant ship was being ‘harassed’ by its boats.

Bangkok Post

Fossil fuelled: Climate talks begin with spotlight on oil chief

PARIS: The future of fossil fuels -- the leading source of planet-heating emissions -- will face scrutiny at UN climate negotiations Monday with an under-fire Emirati oil chief poised to step into the driver's seat.

Bangkok Post

Saudi Arabia slashes output further to boost oil price

VIENNA - Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

The Independent UK

US, UK navies say they respond to distress call as Iran's Revolutionary Guard 'harassed' ship

The U.S. Navy says its sailors and the United Kingdom Royal Navy came to the aid of a ship in the crucial Strait of Hormuz after Iran’s Revolutionary Guard “harassed” it

WEKU

Saudi Arabia cuts oil production again to shore up prices — this time on its own

OPEC+ countries also agreed to extend oil production cuts they announced in April through the end of 2024, reducing production by more than 1 million barrels per day.

The Guardian - UK

Keir Starmer says nuclear power is ‘critical part’ of UK’s energy mix

Labour leader pledges to get stalled projects operational to boost energy security, cut costs and create jobs

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