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The Latest Breaking News from Oil

Xi is expected in Riyadh as the Middle East looks beyond America

Two months after snubbing U.S. President Joe Biden’s pleas for oil, Saudi Arabia is rolling out the red carpet for his Chinese counterpart, Xi Jinping.

Tribune News Service

Putin says Russia could be fighting in Ukraine for a long time

Russian President Vladimir Putin said on Wednesday his army could be fighting in Ukraine for a long time, but he saw no sense in expanding a call-up of 300,000 reservists from September and October after serious Russian battlefield setbacks.

Reuters

A former Florida congressman is arrested on charges of lobbying for Venezuela

A newly unsealed grand jury indictment alleges that former Rep. David Rivera, a well-connected Florida Republican, illegally acted on Venezuela's behalf.

WEKU

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Tanker delays across Turkish straits not due to Russia oil price cap - official

Disruptions in tanker traffic from Russia's Black Sea ports to the Mediterranean are a result of a new Turkish insurance rule, not the price cap on Russian oil agreed by a coalition of G7 countries and Australia, an official with the group said on Tuesday.

Reuters

Hungarian government scraps price cap on fuels as shortage worsens

Hungary's government scrapped a price cap on fuels on Tuesday after a lack of imports and panic buying led to fuel shortages across the country in the past days that oil and gas group MOL said created a "critical situation."

Reuters

Analysis-G7 Russian oil price cap evolves from revenue squeeze to market anchor

When U.S. officials first floated the idea of capping Russian oil export prices in response to a planned European embargo in March, they pledged to squeeze revenues to Russia's war machine, while avoiding a devastating oil price spike.

Reuters

'Hiccup!' Spirits low after vodka brand auction runs dry

Shareholders of dismantled Russian oil company Yukos were low in spirits after the top bid in an auction of several iconic vodka brands came up short

The Independent UK

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More than Ukraine war to high coal prices as debate over price caps continue

Why price controls might not work when coal supply is so short

Newcastle Herald

Climate protesters told to pay National Gallery £1,000 for damaging painting

Just Stop Oil’s Hannah Hunt and Eden Lazarus found guilty after glueing themselves to Constable’s The Hay Wain

The Guardian - UK

Syria to Close Govt Agencies for 2 Days amid Fuel Crisis

Syria's government will close state agencies for two days in December due to severe fuel shortages caused by a disruption in the arrival of supplies and Western sanctions, state media reported Tuesday. The decision to close the institutions on Dec. 11 and Dec. 18 comes at a time when many…

Asharq Al-Awsat

China’s Xi arrives in Saudi Arabia to ‘bolster ties’

Initial agreements worth $29bn will be signed at a Saudi Arabian-Chinese summit this week, official news agency says.

Al Jazeera

Just Stop Oil climate protesters guilty of criminal damage to John Constable masterpiece at National Gallery

The pair taped posters to The Hay Wain and glued themselves to its frame

Evening Standard

Hypothermia and getting set on fire: Scots stars on making The Rig

YOU may expect a modern TV set to be a much safer destination than an oil rig but it’s not without its dangers, the stars of Scotland’s next…

The National (Scotland)

Syria to close govt agencies for 2 days amid fuel crisis

The Syrian government has decided to close state agencies for two days in December due to severe fuel shortages caused by the disruption in the arrival of supplies and Western sanctions

The Independent UK

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Daily Mirror

Mum explains how to feed family of 6 at Christmas for under £25 - including fizz

Cost of living expert Lynn Beattie, who runs the Mrs Mummypenny blog, shows you how to make a tasty bargain Christmas dinner for under £25. You can follow her on Instagram @mrsmummypennyuk

Evening Standard

Drone strikes military base in Russia as Moscow accuses Ukraine of carrying out attacks on its soil

Latest drone strike near border of Ukraine came day after Moscow accused Kyiv of two attacks on air bases deep inside Russia

The Guardian - UK

UK petrol and diesel retailers accused of ‘rocket and feather’ tactics

CMA to deepen investigation into fuel industry after record pump prices this year

The Guardian - UK

‘Dark activities’ of Russian-linked oil tankers have doubled, analysis shows

Maritime intelligence firm points to rise in tankers switching off trackers for sanctions-busting transfers

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Salon

COP27 flinched on phasing out oil

Widespread anxieties about energy made many governments cautious about phasing out all fossil fuels

Manchester Evening News

Boots shoppers snap up £10 skincare item loved by Molly Mae Hague

The body oil has been reduced as part of the health and beauty retailers £10 Tuesday deal

Axios

A new playbook for buying oil

Some 70 years later, the West has a response to OPEC

The Independent UK

Ukraine hits out at India for buying cheap Russian oil ‘while we are suffering and dying’

‘If you benefit because of our suffering, it would be good to see more of your help addressed to us’

WEKU

Why sanctions against Russia aren't working — yet

When sanctions were enacted against Russia in February of this year, many forecasts were of an imminent collapse in the Russian economy. A new report looks at why that hasn't happened.

The Independent UK

Just Stop Oil stage further marches slowing London traffic

Demonstrators obstructed the road at the Bricklayers Arms roundabout at around 8am on Tuesday.

The New Daily

Petrol prices ease before Christmas as Russian sanctions threaten diesel disruption

Australian motorists are enjoying bowser relief in the lead-up to Christmas, but oil markets are threatening to push up petrol prices.

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