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The Latest Breaking News from Petroleum

No global oil shortage, supply route disruptions driving crude prices, oil minister says

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri highlights the current oil supply situation. He states that global oil production exceeds consumption, but disruptions are causing price increases. Puri notes geopolitical factors, particularly the Russia-Ukraine conflict and challenges in shipping routes. Additionally, he discusses India's efforts to enhance…

The Economic Times · 4h ago

In 1951, two Phillips Petroleum chemists discovered plastics that later found uses in everyday products; US production reached 136 billion pounds in 2025

In 1951, an intriguing twist of fate brought Robert Banks and Paul Hogan to Bartlesville, Oklahoma, where they stumbled upon significant plastics. Although their creation faced hurdles in initial market uptake, the 1956 Hula-Hoop phenomenon ignited interest. The medical field soon embraced high-density polyethylene for baby bottles, recognizing its cleanliness.

The Economic Times · 4h ago

US crude oil output rose in July, while petroleum demand declined, EIA says

In July, US crude oil production climbed to 13.95 million barrels per day, up from June’s figures. Despite the production surge, the demand for crude oil and petroleum products dropped to 20.61 million barrels per day. Meanwhile, gross natural gas production reached a remarkable 137.0 billion cubic feet per day,…

The Economic Times · 19h ago

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Aramco Trading sells 10 million bbls Khafji crude to Asian refiners, sources say

Aramco Trading concluded a tender for 10 million barrels of Khafji crude, attracting interest from Asian refiners. South Korea's GS Caltex and China's Shenghong Petrochemical each purchased 2 million barrels through this tender. Additionally, India's Hindustan Petroleum Corp Ltd, Indian Oil Corp, and Reliance acquired 2 million barrels each. The…

The Economic Times · Sep 30

Crude surged. Why didn’t India’s petrol prices?

As the West Asia conflict drove up oil costs, India kept a much larger rise from reaching the pump. This explainer dives into how protection came from diversified supplies, a tax cut, losses absorbed by fuel retailers and an ethanol programme built before the crisis.

The Economic Times · Sep 30

US to lend 40 million barrel oil from strategic reserve as Ukraine war strains global supply

The United States has proposed a loan of 40 million barrels of oil from its Strategic Petroleum Reserve to energy companies. This initiative is designed to counteract rising oil prices, which have been significantly impacted by the conflicts in Ukraine and Iran. As Indian refiners brace for a decline in…

The Times of India · Sep 29

A Texas oil geologist first saw McKittrick Canyon in 1921, later bought the land for a private retreat

In 1921, petroleum geologist Wallace Pratt was captivated by the stunning landscape of McKittrick Canyon. He subsequently partnered to acquire land which led to the establishment of family homes. Commencing in 1959, Pratt generously began donating his land for conservation, culminating in the 1972 creation of Guadalupe Mountains National Park.…

The Times of India · Sep 28

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UAE to invest another $25 billion in India, eyes energy bets

The UAE is set to invest an additional $25 billion in India, strengthening energy cooperation between the nations. India and the UAE are exploring strategic petroleum reserves and subsea pipelines for gas transportation and storage. Bilateral trade between the countries has doubled to $100 billion, with a target of $200…

The Economic Times · Sep 28

Scottish firm blanks Holyrood and Westminster politicians over Gaza gas project

A SCOTTISH oil firm has been accused of showing “complete contempt” for Holyrood and Westminster after ignoring concerns over its Gaza gas…

The National (Scotland) · Sep 27

India seeks 2027 LPG imports from US via term tender, document shows

In a strategic move, Indian state-owned companies are set to import 2.75 million metric tons of liquefied petroleum gas, planning to acquire this resource from the United States for the year 2027. The tender anticipates four substantial gas carrier shipments each month, along with an additional monthly cargo available on…

The Economic Times · Sep 25

Ethanol can help raise farmers' income and reduce fuel imports: Nitin Gadkari

Union minister Nitin Gadkari on Friday said greater ethanol use could boost farmers’ incomes and reduce India’s dependence on petroleum imports. Launching Madhya Pradesh’s new public bus service, he also backed flex-fuel, electric and hydrogen vehicles, waste-to-fuel projects and expanded public transport, while outlining plans to increase bus manufacturing and…

The Economic Times · Sep 25

Trump says administration is weighing diesel export restrictions

A diesel export ban is gaining steam as a possible lever the White House can pull, without the need for congressional action, to help contain skyrocketing prices that are causing economic shock waves and becoming a midterm campaign headache for Republicans. President Donald Trump said Tuesday that he personally supports…

Roll Call · Sep 22

BRICS+ and the fallout from Trump's energy shocks

Global oil markets face instability from ongoing conflicts and disrupted supply routes. Strategic petroleum reserves and reduced Chinese imports initially cushioned the deficit. However, manipulated price indicators and market interventions are now proving unsustainable. This situation threatens to trigger a global recession, impacting India's energy security. India must prioritize long-term…

The Economic Times · Sep 21

Petrol pumps to not accept UPI payment: Punjab dealers warn of Rs 2,000 limit if MDR is imposed

Petrol pump dealers in Punjab have warned of stopping UPI payments above Rs 2,000 if merchant discount rate or digital transaction charges are imposed. The state dealers’ association has sought an exemption from the Centre, citing thin margins and rising operational costs. Representatives from Mohali have backed the proposed payment…

The Economic Times · Sep 21

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The Economic Times · Sep 19

India needs multi-route energy strategy as West Asia tensions threaten supplies: Experts

Growing West Asian tensions expose India's energy supply vulnerabilities. Experts urge a multi-route strategy and diversified crude and gas suppliers. Expanding storage and port infrastructure is also crucial for national energy security. Alternative routes and logistical options are needed to maintain supplies during crises. India must build resilience through reserves…

The Times of India · Sep 16

Pakistan ministers warn of energy crisis; Shehbaz government struggles as fuel prices break records

Pakistan is facing a widening energy crunch as disruptions around key Gulf shipping routes push up global oil prices, fuel costs surge and the government weighs measures to curb petroleum consumption.

AAP · Sep 16

Hero rats tasked with detecting contaminated soil

African giant pouched rats could be used to detect soil that has been contaminated with petroleum, posing health risks to communities.

International Business Times · Sep 15

Iran Allegedly Laundered $1.5 Billion In Oil Money Through Crypto. The U.S. Is Going After Some Of It.

Federal prosecutors say two Hong Kong companies helped convert proceeds from sanctioned Iranian petroleum sales to Chinese buyers into cryptocurrency.

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Barchart · Sep 15

Marathon Petroleum Stock Just Hit New Highs, But Oil Price Risks Remain

Marathon Petroleum (MPC) exhibits strong technical momentum, recently hitting a new all-time high. Shares are up more than 120% over the past year. MPC maintains a 100% “Buy” technical opinion from Barchart. Future performance is highly sensitive to refining margins and oil prices, with downside risk if oil drops to...

The Economic Times · Sep 15

Saudi pipeline hit by drones to be out of service for weeks, further restricting oil flow

A Saudi oil pipeline faces weeks of repairs after an attack, impacting global petroleum supplies. Houthi rebels captured key Red Sea islands, further threatening Saudi oil exports. This disruption forces the kingdom to shift crude oil away from the Persian Gulf. The pipeline's shutdown threatens extended periods of reduced oil…

MarketBeat · Sep 12

Oil Above $100 Is Creating a New Opportunity Beyond the Major Producers

Phillips 66, Valero, and Marathon Petroleum posted strong earnings beats as widening crack spreads from higher oil prices lifted refiner stocks past current analyst price targets.

The Economic Times · Sep 11

Counting Rs 4 lakh crore loss in RIL? Dangote refinery listing in Nigeria could trigger a 30% rally

Reliance Industries could see a re-rating of its oil-to-chemicals business as the planned Dangote Petroleum Refinery listing provides a global valuation benchmark, says YES Securities. The brokerage sees up to Rs 1 lakh crore of potential O2C valuation uplift and retains a Buy rating on Reliance with a Rs 1,660…

The Economic Times · Sep 11

Shipping traffic through Strait of Hormuz falls to single digits, data shows

Vessel traffic in the Strait of Hormuz dropped significantly on Thursday. Two Panamax ships exited the strait, carrying fertilizer and sailing in ballast. Five vessels entered the strait, including cargo and petroleum product carriers. Iran-aligned Houthis seized control of Yemen's port city of Mocha. Commodity vessel traffic in the Bab…

Times Life · Sep 11

Ceramides in Your Moisturiser: How to Read a Skincare Label and Know If the Hydration Claims Are Real

What ceramides actually areCeramides are lipids, fats, that make up roughly 50% of the skin's outermost layer, the stratum corneum. Think of your skin barrier as a brick wall: the skin cells are the bricks, and ceramides are the mortar. Without enough mortar, the wall lets water out and irritants…

The Economic Times · Sep 10

Paralysed in a car crash, this US Army veteran rebuilt his life and graduated seven years later earning petroleum engineering degree

Army veteran Rocky Fernandez earned his petroleum engineering degree seven years after a car crash. He overcame paralysis, hospital stays, and medical setbacks to return to education. Support from the Houston VA and vocational services aided his academic journey. Fernandez adjusted to life with paralysis while managing health challenges and…

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