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The Latest Breaking News from Oil

Saudi Arabia registered an 8.7% economic growth in 2022, the General Authority for Statistics (GASTAT) said on Tuesday. The real GDP of the Kingdom during the fourth quarter of 2022 grew by 5.4 percent, compared to the same period in 2021. “This increase in GDP was a result of the…

Asharq Al-Awsat

ExxonMobil rakes in record net profits in 2022, leading to backlash

US oil company ExxonMobil recorded a net profit of $56 billion last year, beating its previous 2008 record. It benefitted from a surge in prices following the Russian invasion of Ukraine and a cost-cutting drive during the pandemic. The White House has called these profits "outrageous", leading to further calls…

France 24

Saudi TAQA Completes Acquiring 100% of Mansoori Petroleum Services

The Industrialization and Energy Service Company (TAQA) announced the closure of its 100 percent acquisition of al-Mansoori Petroleum Services, expanding TAQA Well Solutions business internationally. The acquisition is funded by a capital increase led by TAQA's existing significant shareholders. The investment brings to TAQA a long-established, well-diversified MENA-based business with…

Asharq Al-Awsat

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'Urgent action needed' to help firms accelerate low carbon energy shift

Industry body calls on government to provide a stable regulatory and fiscal framework

Insider UK

OPEC Oil Output Falls as Iraqi Exports Decline

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87…

Asharq Al-Awsat

Three delicious dinners to cook for under £1

One Pound Chef Miguel Barclay shows us how to cook up a storm – with a cult-classic Spanish wine – for half the price of a takeaway

The Independent UK

Revealed: how world’s biggest fossil fuel firms ‘profited in Myanmar after coup’

Leaked tax records suggest subsidiaries of international gas field contractors continued to make millions after the coup

The Guardian - US

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South Korea logs record trade deficit as tech demand falls

South Korea has logged its biggest monthly trade deficit ever, at $12.7 billion in January, as exports of computer chips and other high-tech items sank and costs for importing oil and gas surged

The Independent UK

OPEC does not control price of oil, says cartel chief

OPEC president talks to Al Jazeera about output cuts, price volatility, and the war in Ukraine and its effect on prices.

Al Jazeera

Exxon announced record earnings. It's bound to renew scrutiny of Big Oil

Exxon earned nearly $56 billion in profit last year, the biggest annual profit any Western oil company has ever seen. Chevron set its own record with $35 billion in profit.

WEKU

Man from Wales missing off North Sea oil rig

Officers have boarded the rig to make enquiries after a major search was stood down

Wales Online

December MPI marks the lowest level in 28 months

Thailand's Manufacturing Production Index (MPI) fell by 8.19% year-on-year in December last year to 93.98 points, the lowest level in 28 months, as the world economy contracted.

Bangkok Post

Country's fuel usage up 13.5% in 2022

Thai fuel consumption rose by 13.5% last year, driven by the easing of the Covid-19 pandemic, full reopening of the country and economic recovery, says the Department of Energy Business (DOEB).

Bangkok Post

Methane emissions from offshore oil and gas severely under-reported, study finds

An environmental group is concerned offshore oil and gas industries are underestimating their emissions after an international study found methane leaks were under-reported in the UK.

ABC News

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The Independent UK

Unprecedented profit for Exxon as travel, and war, heated up

Exxon Mobil posted record annual profits in 2022 as consumers globally struggled with high prices for gasoline, home heating and consumer goods

Daily Mirror

Esso owners raked in record £44bn last year as drivers battled with soaring fuel prices

US heavyweight Exxon Mobil’s massive haul was not only more than it has ever made before but a historic high for a Western oil company

The Independent UK

Difficulty measuring methane slows plan to slash emissions

Satellites, drones and airplanes equipped with infrared cameras will likely be the backbone of a new federal policy to fine the nation’s largest methane polluters

The Guardian - UK

Greenpeace protesters board Shell platform bound for Shetland

Four activists board 52,000-tonne vessel north of Canary Islands and demand company ‘Stop drilling – start paying’

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Evening Standard

Eco-activists guilty of King Charles waxwork cake attack at Madame Tussauds

The two Just Stop Oil protesters must pay £3,500 after slapping the model of Charles III with vegan chocolate cake

The National (Scotland)

Activists occupy Shell floating oil and gas platform heading for North Sea

CLIMATE activists have boarded a vessel carrying a floating oil and gas platform to a field in the North Sea.

StockNews.com

Better Energy Stock to Buy: DVN vs. BRY

Oil and gas companies are expected to benefit this year amid robust demand. Moreover, experts believe oil production will grow in the coming months. Amid a favorable outlook of the industry, quality stocks Devon Energy (DVN) and Berry (BRY) might register solid gains. But which stock is a better buy…

Salon

"War profiteering" Chevron's record gain

"It has price-gouged consumers in plain sight and it's going to get away with it," consumer advocate says

Asharq Al-Awsat

Saudi Energy Minister: We Aim to Boost Oil, Gas Production, Plan to Export Hydrogen

Saudi Energy Minister Prince Abdulaziz bin Salman announced the Kingdom’s strategic plans to increase its production of oil, gas and clean energy. “We in the Kingdom aim to increase oil and gas production, and we plan to export hydrogen,” said Prince Abdulaziz on the sidelines of the 7th edition of…

The Times of India

Economy to grow by 7% in FY23; current account deficit may widen: Highlights of Economic Survey 2023

Chief economic advisor (CEA) V Anantha Nageswaran on Tuesday unveiled the Economic Survey 2022-23 and said that the Indian economy is poised to do better on the back of reforms undertaken by the government.

Salon

Calif. plans climate cuts despite floods

Lawmakers will have to resist inertia and oil and gas influence as the climate crisis worsens

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