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The Latest Breaking News from Oil

Commentary: The real culprit behind the gasoline supply crunch

Calling the gasoline supply crunch “Putin’s price hike” hasn’t worked for President Joe Biden, so now he’s trying a different tactic: blaming oil companies. His June 15 letter to seven major refiners complains about profit margins and a lack of supply in the U.S. market. But this is a little…

Tribune News Service

Russian oil tankers get India safety cover via Dubai company

India is providing safety certification for dozens of ships managed by a Dubai subsidiary of top Russian shipping group Sovcomflot, official data showed, enabling oil exports to India and elsewhere after Western certifiers withdrew their services due to global sanctions against Moscow.

Reuters

Biden Administration Split Over 'Seriousness' of Iran's Nuclear Ambitions

Nearly four months after the nuclear negotiations with Iran were suspended, Tehran still shows a lack of interest in accepting the US offer to return to the nuclear agreement. The Biden administration publicly asserts that it is willing to negotiate a return to the nuclear deal.

Asharq Al-Awsat

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At least two sunoil tanks hit in Russian rocket attack on Mykolaiv

At least two sunflower oil tanks at a terminal in Ukraine's Black Sea port of Mykolaiv were seriously damaged in a Russian rocket attack, according to photos released on Thursday by the local emergency service.

Reuters

Markets Fluctuate, Oil Falls again as Recession Warnings Build

Asian markets struggled Thursday to recover from the previous day's battering, while oil extended losses, after Federal Reserve boss Jerome Powell admitted the economy could tip into recession as the bank hikes interest rates to fight runaway inflation. Soaring prices and central banks' battle to rein them in have sent…

Asharq Al-Awsat

Oil Falls More Than 2% as Investors Weigh Recession Risk

Oil prices continued to pull back on Thursday, dropping more than 2% as investors recalibrated assessments of recession risks and fuel demand amid interest rate hikes in major economies. US West Texas Intermediate (WTI) crude futures had skidded $2.6, or 2.7%, to $103.46 a barrel by 0330 GMT. Brent crude…

Asharq Al-Awsat

Prolonged Russia-Ukraine war shakes up global energy stability

The prolonged Russia-Ukraine war started in February and dragging on into the second quarter of 2022, has caused a hike in global crude oil prices to high levels. The average price of ICE Brent crude oil increased from 13.86 USD per barrel in the first quarter of 2022 to 111.63…

Bangkok Post

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China, India may be buying more Russia oil than known, US says

WASHINGTON: China and India may be buying more Russian oil than the US previously believed, easing a supply crunch in global markets and potentially driving a recent price decline, one of President Joe Biden’s economic advisers said.

The Times of India

Bank of Thailand should urgently hike rates: Korn

The Bank of Thailand (BoT) should urgently hike interest rate to prevent a further spike in inflation and ease the burden on low-income groups already reeling from the rising cost of living, according to Korn Chatikavanij, a former finance minister.

Bangkok Post

Why this new climate case against the high-polluting Scarborough gas project is so significant

A major new climate case to stop Woodside’s controversial Scarborough gas project going ahead has been filed by the Australian Conservation Foundation (ACF) in the federal court this week. ACF lawyers argue that the potential for the project’s emissions to harm the Great Barrier Reef must be assessed.

The Conversation

Russia-Ukraine war: what we know on day 120 of the invasion

Russian forces edge closer to seizing the last pocket of resistance in Ukraine’s eastern Luhansk; footage shows drone crashing into oil refinery inside Russia’s borders

The Guardian - AU

Investor caution urged for carbon-rich ASX

The Australian Stock Exchange has the second-lowest alignment to the Paris climate pact with most future spending by companies missing the global warming mark.

AAP

Biden asks Congress to suspend gas tax for 3 months

WASHINGTON — President Joe Biden on Wednesday asked Congress to suspend the federal gas tax through September, a move that he said could shave off 18 cents per gallon and “give families just a little bit of relief.”

Los Angeles Times

Sunak to meet oil and gas bosses in windfall tax charm offensive

Companies argue that the levy will damage investment into domestic green energy sources

The Guardian - UK

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The Independent UK

Chancellor to meet oil and gas industry leaders in Aberdeen

Rishi Sunak will host a roundtable with representatives from the sector on Thursday.

The National (Scotland)

Rishi Sunak faces hostile reception at oil and gas summit in Aberdeen

EMBATTLED Chancellor Rishi Sunak is expected to host a meeting with oil and gas chiefs in Aberdeen on Thursday after announcing a raid on their…

Insider UK

Chancellor visits Aberdeen to appease oil and gas executives

Rishi Sunak is set to hear from both staff and bosses at North Sea energy companies

Tribune News Service

Erdogan and Saudi Crown Prince embrace as years of rancor end

Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan on Wednesday agreed to work toward closer relations in areas such as economy and defense to turn the page on years of rancor that had brought trade and diplomatic ties to a virtual standstill.

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Los Angeles Times

Biden asks Congress to suspend gas tax for 3 months

WASHINGTON — President Joe Biden on Wednesday asked Congress to suspend the federal gas tax through September, a move he said could shave off 18 cents per gallon and "give families just a little bit of relief."

Radio France Internationale

BRICS partners may offer Russia a way out of sanctions impasse

The 2022 summit between leaders of China, Russia, India, Brazil and South Africa (BRICS) starts tomorrow, Thursday. In a speech preceding the virtual gathering, the host, Chinese President Xi Jinping, warned against "expanding" military ties. Meanwhile, only one BRICS country is critical of Russia's invasion of Ukraine, while some of…

StockNews.com

Panic At The Pump: Time to Look At Renewable Energy Stocks?

There has been a considerable rise in spending at the pump due to the supply-demand imbalance. Although renewable energy is gaining traction, it is yet to show enough promise as a solid alternative. So, despite the panic at the pump, it isn’t worth betting on fundamentally weak renewable stocks Plug…

Benzinga

What's Going On With Chevron, Diamondback Energy And Occidental Petroleum Shares Today?

Chevron Corporation (NYSE: CVX), Diamondback Energy Inc (NASDAQ: FANG) and Occidental Petroleum Corporation (NYSE: OXY) are all trading

The Independent UK

Critics say proposed Biden gas tax holiday gives billions to oil companies but won’t lower prices at pump

Plan likely wouldn’t lower gas price, experts say

France 24

All is forgiven? Saudi leader on first Turkey visit since Khashoggi murder

Saudi Arabia's Mohammed bin Salman is visiting Turkey, less than four years after dissident Saudi journalist Jamal Khashoggi entered his consulate in Istanbul, never to reemerge. Does President Recep Tayyip Erdogan burying the hatchet with the Gulf oil giant have anything to do with Turkey's skyrocketing inflation and soaring energy…

The Independent UK

Dredging company to pay $1M for restoration work oil spill

A Houston dredging company has been ordered to pay a $1 million fine for an oil spill that occurred when a subcontractor cut through a pipeline during Louisiana barrier island restoration work in 2016

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