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The Latest Breaking News from Petroleum

Road transport, highways sector has maximum number of delayed projects: Govt. report

The road transport and highways sector has the maximum number of delayed projects followed by railways and petroleum industry

The Hindu

Activists booked, externment orders: Facing local resistance, Maharashtra refinery project back in focus

Over two months after a journalist was murdered allegedly over a report linked to the project, a proposed petroleum refinery project in Maharashtra’s Ratnagiri and the agitation against it is again in the news.

Newslaundry

OPEC: We Do Not Target Oil Prices, IEA Should be 'Very Careful'

The International Energy Agency (IEA) should be "very careful" about discouraging investment in the oil industry, which was vital for global economic growth, announced OPEC Secretary General Haitham al-Ghais. Ghais warned that such statements could lead to oil market volatility in the future. He said that the Organization of the…

Asharq Al-Awsat

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Man killed in petroleum plant blast was also wrestling coach

Authorities say a man killed in an explosion at a suburban Chicago petroleum refinery was working at the plant as a contractor and was also a high school wrestling coach

The Independent UK

Replacing methane with hydrogen to heat homes is a bad idea -- here's why

Hydrogen is an energy-rich gas, which releases no carbon emissions when burned. It can be used in most equipment where fossil fuels such as natural gas (methane) or LPG (liquefied petroleum gas) are currently used. In your home, that might mean a gas boiler, heater, cooker or all three.

The Conversation

Oil Rises as Falling US Inventories Refocus Market on Demand

Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. US…

Asharq Al-Awsat

Tax shield on super gas profits leaves Australians looking like 'chumps', economist says

It was once described as world-leading, but calls are growing louder for changes to Australia's super gas profits tax amid claims it is collecting "beer nuts".

ABC News

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1 dead, 1 injured in blast at Chicago area petroleum plant

Authorities say an explosion at a suburban Chicago petroleum plant killed one person and injured a second Tuesday morning

The Independent UK

Federal safety agency investigating explosion at Lemont refinery that killed a man and injured another person

An asphalt tank exploded at the refinery in the 12000 block of South New Avenue about 10 a.m. Tuesday, according to the Will County sheriff’s office.

Chicago Sun-Times

Explosion at Seneca Petroleum Lemont: One person killed in horror chemical plant blast

Pictures from the Seneca Petroleum Company in Lemont, Illinois, show the blaze leaping above industrial containers as firefighters use cranes to tackle the blaze

Daily Mirror

Host of activities lined up in Telangana for Saksham 2023

A comprehensive plan has been drawn up by the participating companies — Indian Oil, HPCL, BPCL and GAIL — in partnership with Petroleum Conservation Research Association to reach out to various sections of society with activities to create awareness.

The Hindu

Crude Oil and the U.S. SPR

The U.S. SPR has dropped steadily and stood at the lowest level since October 1983 on April 14, 2023. The Biden administration authorized an unprecedented SPR release and sale following Russia’s invasion of Ukraine that drove crude oil prices to over $130 per barrel in March 2022, the highest price…

Barchart

Exclusive-Pakistan makes its first purchase of discounted Russian oil

Pakistan has placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow, the country's petroleum minister said, with one cargo to dock at the port of Karachi in May.

Reuters

Petroleum tax hike a bandaid budget fix: Woodside boss

Tinkering with the petroleum resource rent tax could cause long-term harm to the gas and oil industries, Woodside chief Meg O'Neill says.

AAP

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StockNews.com

2 of the BEST S&P 500 Stocks by One-Year Performance

While macroeconomic uncertainties have fostered market volatility, the S&P 500 gained 7.8% year-to-date. We think fundamentally strong S&P 500 stocks Gilead Sciences (GILD) and Marathon Petroleum (MPC), which have gained more than 30% over the past year, could be worth buying now. Read more.

The Guardian - AU

Changes to petroleum resource rent tax estimated to net Australian government $94.5bn

Greens to use Parliamentary Budget Office costing to push Labor to clamp down harder on tax concessions for gas producers

Birmingham Post

Big rise in value of exports but Wales still has a trade deficit of £3bn

Firms in Wales exported £20.5bn worth of goods to markets around the world in 2022

Barchart

Q1 2023 and Beyond- Energy

The energy sector of the commodities market includes crude oil, gasoline, heating oil, natural gas, and ethanol contracts that trade on the CME’s NYMEX division. The energy sector led the way on the downside in Q1 2023 with gains in gasoline and ethanol and significant declines in the crude oil,…

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Daily Mirror

More households can apply for extra £200 to help with energy costs from TODAY - who can claim

Households who use heating oil, liquefied petroleum gas (LPG), coal or biomass as their main source of heating received payments worth £200 from February 2023 to help with energy costs

Asharq Al-Awsat

Saudi Arabia to Supply Full Crude Contract Volumes to Asia

Several informed sources said that the giant Saudi Aramco plans to supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, Reuters reported. This comes after the Organization of the Petroleum Exporting Countries (OPEC) and the…

Fortune

Occidental's Vicki Hollub on what future CEOs need to know before moving into the C-suite

She also recounts what it was like to call Warren Buffett to talk about a deal.

The Independent UK

Judge: Alaska oil project can proceed as lawsuits play out

Construction can proceed related to a major oil project on Alaska’s petroleum-rich North Slope

Kiplinger

Stock Market Today: Stocks Finish Mixed After Surprise OPEC+ Announcement

The Organization of the Petroleum Exporting Countries and its allies over the weekend announced a surprise cut to crude production.

Barchart

Crude Oil Found a Bottom

In 2022, the U.S. sold an unprecedented level of its Strategic Petroleum Reserve, sending the SPY to the lowest level since December 1983. The sales weighed on crude oil but appeared to have set a floor under the energy commodity that continues to power the world.

Asharq Al-Awsat

Reducing Oil Production: A New Pillar to Support Global Economic Conditions

In support of the stability of the global oil markets, and the enhancement of the balance between supply and demand, the member of the Organization of Petroleum Exporting Countries (OPEC) and the producing countries within the OPEC+ have decided to implement a voluntary reduction of crude oil production. Experts described…

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