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The Latest Breaking News from Petroleum

Oil And Gas Industry Hops On Generative AI Bandwagon

Away from the Microsoft and Googles of the world, a century-old industry -- oil and gas -- is hoping that generative artificial intelligence will make producing petroleum more efficient and easier on its workforce.

International Business Times

Biden sold off nearly 50% of the Strategic Petroleum Reserve. Is that a problem?

"When people say, 'Oh no, it’s so low,' well, what is it there for? It’s there to help us out."

Fortune

South Africa’s largest oil refinery sold for a few cents: will BP and Shell be held accountable for environmental damage?

The sale of the South African Petroleum Refinery (Sapref), jointly owned by multinational energy companies BP and Shell, to the state-owned Central Energy Fund for R1 (five US cents) raises questions about whether the company is evading its social and environmental liabilities.

The Conversation

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OPEC Plus Extends Oil Production Cuts Through 2025

OPEC extends oil production cuts, impacting global prices and U.S. consumers. Biden taps Strategic Petroleum Reserve amid concerns. U.S. oil production sta...

Top News

ConocoPhillips To Buy Marathon For $22.5 Bn In Latest Big Oil Deal

US energy giant ConocoPhillips announced Wednesday that it is acquiring competitor Marathon Oil for $22.5 billion in the latest big petroleum merger consummated in spite of rising concerns about climate change.

International Business Times

10 surprising things that are made from petroleum

From chocolate to toothpaste, many surprising household products and everyday items are made from petroleum.

LiveScience

Are Wall Street Analysts Predicting Occidental Petroleum Stock Will Climb or Sink?

Occidental Petroleum has underperformed the broader market over the past year, but Wall Street analysts are moderately optimistic about the stock’s prospects.

Barchart

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Texas lizard added to endangered species list over the oil and gas industry’s objections

The dunes sagebrush lizard lives in the same West Texas land that supports the state’s biggest oil and gas fields, and industry leaders say the new designation will hurt drilling and production.

The Texas Tribune

Gas tanker overturns at Mangalapuram

Mangalapuram on the outskirts of the State capital faced tense moments when a tanker carrying liquefied petroleum gas (LPG) overturned on Sunday, prompting the authorities to sound an alert and redirect traffic from the National Highway (NH) 66 for several hours.

The Hindu

South African communities vs Shell: high court victories show that cultural beliefs and practices count in climate cases

When the Shell petroleum company announced in 2021 that it wanted to explore for fossil fuels off South Africa’s pristine Wild Coast, Indigenous communities in the area immediately fought back through the country’s courts.

The Conversation

Alleged ‘deal’ offer from Trump to big oil could save industry $110bn, study finds

Ex-president at Mar-a-Lago last month hosted more than 20 executives, including from Chevron, Exxon and Occidental Petroleum

The Guardian - US

Villagers end protests against CPCL

Villagers from Panangudi, Narimanan, and Gopurajapuram in Nagapattinam district have ended their 11-day hunger strike demanding due compensation from the Chennai Petroleum Corporation Ltd. (CPCL) for those affected by land acquisition for the company’s expansion project have ended their stir

The Hindu

Citgo Petroleum Posts 0 Million First Quarter Profit

Citgo Petroleum reports 0 million profit in Q1, showcasing strong performance and resilience in energy sector.

Top News

CPCL refinery achieves 111% of installed capacity

Chennai Petroleum Corporation Ltd (CPCL) Refinery achieves record crude throughput and product production in 2023-24.

The Hindu

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Russia Exceeds U.N. Limits On Petroleum Shipments To North Korea

Russia's illicit petroleum shipments to North Korea prompt U.S. sanctions amid escalating tensions.

The Independent UK

Russia is violating UN limits on petroleum shipments to North Korea, the White House says

The White House says Russia is shipping refined petroleum to North Korea at levels that exceed U.N. Security Council limits

Barchart

What are the Most Bullish Factors for Crude Oil?

After declining in 2023, crude oil prices rallied in Q1 2024 and have edged even higher in the early days of Q2. Crude oil remains the energy commodity that powers the world, and the price prospects over the coming months will remain bullish as markets reflect the economic and geopolitical…

WEKU

Biden administration restricts oil and gas leasing in Alaska's petroleum reserve

The administration said it will restrict new oil and gas leasing on 13 million acres in Alaska to help protect wildlife such as caribou and polar bears as the Arctic continues to warm.

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The Guardian - US

Biden administration moves to restrict oil and gas leases on 13m acres in Alaska

Environmentalists celebrate new rules but Alaska politicians call it an ‘illegal’ attack on state’s livelihood and predict lawsuits

Top News

Biden Administration Restricts Oil Leasing In Alaskan Petroleum Reserve

Biden administration restricts oil and gas leasing in Alaska to protect wildlife and combat climate change, facing opposition from Republican lawmakers.

StockNews.com

Are OXY and XOM Ready to Fuel Up Investors' Returns in 2024?

Geopolitical tensions and a potential disruption in supply are boosting the energy sector’s prospects. However, a slowdown in the global economy and a delay in interest rate cuts pose demand concerns for the sector. Let's analyze the investment prospects of Occidental Petroleum (OXY) and Exxon Mobil (XOM).

Texas Observer

‘Forever Chemicals,’ Religion, and Family Tragedy in Texas

PFAS do not break down but rather persist indefinitely. It is possible that Dad drank carcinogenic water for most of his life.

International Business Times

Biden Rule Hikes Fees For Oil Projects On Public Lands

Oil companies drilling on public lands must post larger bonds and pay higher royalties under a rule finalized Friday by the Biden administration.

The Hindu

Two HPCL officials booked for alleged pilferage of petroleum products by CBI

CBI has registered a case against two HPCL Assistant Managers (Operations) posted at its Mathura Terminal in Uttar Pradesh, two private companies for alleged pilferage of petroleum products.

The Hindu

India to build first commercial crude oil strategic storage

India, the world’s third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption.

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