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The Latest Breaking News from Oil

Bumper profits raise pressure on oil majors

Saudi Aramco makes $42.5bn quarterly profits as BP steps up share buybacks

Financial Times

BP declares £7bn profits while energy bills soar? It’s time to start taxing shareholder payouts

Closing tax loopholes would redirect more of BP and Shell’s bumper profits, says Joseph Evans of the IPPR

The Guardian - UK

Woman's game-changing roast potato cooking hack costs just 5p an hour with no oven

Savvy Ria McCullough's method produces such good results, she has pledged never to go back to cooking them in the oven again. And better still, it comes in at nearly £1 an hour cheaper.

Edinburgh Live

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Greta Thunberg shares her thoughts on Just Stop Oil protests during This Morning chat

Teenage climate change activist Greta Thunberg spoke with Holly Willoughby and Phillip Schofield on today's edition of This Morning, revealing how she handles pressure and her thoughts on campaign groups like Just Stop Oil

Daily Mirror

Abdulaziz bin Salman Stresses Saudi-UAE Cooperation for Future Energy Mix

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that Saudi Arabia and the UAE were working to increase production capacity, enhance refining volume, and convert oil into petrochemicals. He noted that the two countries were seeking to provide a safe and sustainable energy system. In his speech on the sidelines…

Asharq Al-Awsat

Greece Stresses Saudi Role in Balancing Oil Markets, Respects OPEC+ Decision

Greek Minister of Development and Investment Adonis Georgiadis said the diversification of energy sources was the European Union’s most important priority. He noted that the world would never return to the previous situation, even if the Russian-Ukrainian war ended. In this regard, Georgiadis stressed that all European countries would try…

Asharq Al-Awsat

Wall Street's Most Accurate Analysts Reshuffled Their Best Oil & Gas Picks, Here They Are

As the peak season for the third quarter gets underway, several oil and gas companies have released their earnings reports and investors await reports from other major firms.

Benzinga

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The Oil Machine review – timely documentary details our dependence on ‘black gold’

A valuable if somewhat conventional reminder of how our reliance on oil developed and the threats it now poses to life on Earth

The Guardian - UK

Tyre recycling plan company Wastefront secures €2m grant

The Norwegian start-up is building its first waste tyre recycling plant in Sunderland

Birmingham Post

Biden warns of windfall tax on ‘war profiteering’ oil companies

US president criticises oil companies for making record profits amid the Russia-Ukraine war, warns of higher tax.

Al Jazeera

GMB's Ed Balls slams GP for 'taking law into own hands' in Just Stop Oil protests

Good Morning Britain hosts Ed Balls and Susanna Reid raised the issue of the Just Stop Oil protests delaying urgent medical care, as a show guest talked of the impact the climate crisis was having on the world

Daily Mirror

BP profits 'utterly obscene' as energy giant earns £7.1 billion in just three months

Energy giants are raking in massive profits at a time many Scots are struggling to pay fuel bills.

Daily Record

BP profits soar in 3Q as pressure increases for windfall tax

BP’s earnings have more than doubled in the third quarter as the London-based energy giant benefited from high oil and natural gas prices following Russia’s invasion of Ukraine

The Independent UK

Menu planner: For a low-cost meal, try garlicky spaghetti with clams

Thinking ahead to your next few meals? Here are some main dishes and sides to try.

Chicago Sun-Times

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The Times of India

US to exempt Russia oil loaded before December 5 from price cap plan

WASHINGTON: The US plan to cap the price of Russian oil sales, part of the broader international response to the invasion of Ukraine, will temporarily exempt shipments loaded before the December 5 implementation date, offering some clarity to oil shippers, traders and investors.

Asharq Al-Awsat

IMF: Diversified Gulf Economy Improves Financial Balance

Gulf Arab oil exporters are expected, on average, to put away about 33 percent of their oil revenues over 2022-26, which will lead to an overall improvement in the financial balance, according to the International Monetary Fund (IMF). The IMF said in its latest report that higher oil and gas…

WEKU

The activist who threw soup on a van Gogh says it's the planet that's being destroyed

Phoebe Plummer, a climate activist with Just Stop Oil, speaks with NPR's Morning Edition about what the group wants, and why they're turning to controversial tactics to get it.

Asharq Al-Awsat

Egypt Expects $12 Bn in Gas Revenues in 2022

Egypt's gas revenues are expected to reach $12 billion, and about $7 billion from oil derivatives and petrochemicals, announced petroleum minister Tarek el-Molla. Molla spoke to Skynews Arabia on Monday on the sidelines of his participation in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). He said that Egypt…

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Insider UK

BP profits more than double to £7.1bn amid windfall tax pressure

Unlike Shell, the UK-listed oil giant will pay £695m via the energy profits levy

The National (Scotland)

BP profits more than double as pressure for greater windfall tax grows

It came as BP confirmed it will be hit by the windfall tax on its UK operations this year, unlike rival company Shell.

Manchester Evening News

BP profits almost tripled to £7.1bn amid high oil and gas prices

Soaring oil and gas prices have contributed to the profits

Asharq Al-Awsat

Saudi Arabia Records More than $253 Bn in Revenues in Q3

Saudi Arabia announced that the country has recorded more than $253 billion increase in its general budget in the third quarter of 2022, recording a surplus of over $39.8 billion. The Saudi government revealed that oil revenues for the third quarter exceeded $61 billion, compared to $39.4 billion during the…

The Independent UK

BP profits double due to soaring oil and gas prices

It comes week after Shell announced it had doubled profits from same quarter last year

Asharq Al-Awsat

Russia to Donate 25,000 Tons of Wheat to Lebanon

Russia will donate 25,000 tons of wheat to crisis-hit Lebanon, the public works minister said on Monday. Russia would also donate 10,000 tons of fuel oil to Beirut, minister Ali Hamie told Reuters, without elaborating. The Russian embassy in Lebanon did not respond to a request for comment. News of…

The Guardian - UK

Jobs at risk as Morrisons shuts 132 McColl’s stores; calls grow for broader energy windfall tax – as it happened

Supermarket chain plans to close loss-making McColl’s stores, as it tries to regenerate business

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