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The Latest Breaking News from Petroleum

Egypt to Host 24th Meeting of Gas Exporting Countries Forum

Egypt will host the 24th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) on Sunday under the chairmanship of Minister of Petroleum and Mineral Resources Tarek El-Molla. El-Molla explained that the three-day meeting comes amid a global dialogue about energy security and just weeks ahead of the 2022 UN…

Asharq Al-Awsat

Biden's Plan To Help Taxpayers At The Gas Pump Comes As Strategic Reserves Fall To 1984 Levels

President Joe Biden announced on Oct. 19 the release of 15 million barrels of oil from the strategic petroleum reserve (SPR) due to recent production cuts announced by the OPEC + coalition.

Benzinga

Looking At Occidental Petroleum's Recent Whale Trades

A whale with a lot of money to spend has taken a noticeably bearish stance on Occidental Petroleum. Looking at options history for Occidental Petroleum (NYSE:OXY) we detected 57 strange trades.

Benzinga

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Cooking gas price frozen

Cooking gas prices will remain unchanged until the end of this year, even though world prices for liquefied petroleum gas (LPG) are falling, as authorities seek to shore up the heavily indebted Oil Fuel Fund.

Bangkok Post

Biden warns oil and gas companies against price gouging as he announces additional petroleum reserve releases

‘You should not be using your profits to buy back stock or for dividends. Not now, not while a war is raging’

The Independent UK

EXPLAINER: What is the Strategic Petroleum Reserve?

The Biden administration plans to release 15 million barrels of oil from the U.S. strategic reserve to counter recent production cuts announced by OPEC+ nations

The Independent UK

Biden says more oil releases possible to cut gasoline prices

President Joe Biden announced the drawdown of an additional 15 million barrels of oil from U.S. emergency reserves, as well as what he called a “ready and release plan” aimed at driving down gasoline prices.

Tribune News Service

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OPEC: Move to Cut Oil Output Was Unanimous to Prevent Crisis

The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haitham al-Ghais said on Tuesday that OPEC+ alliance took an unanimous decision to cut oil output as a pre-emptive measure to prevent a crisis. Speaking at the African Energy Week in South Africa, al-Ghais said the heads of delegations unanimously decided…

Asharq Al-Awsat

Biden open to new Strategic Petroleum Reserve sales as last planned tranche released

WASHINGTON — The Biden administration plans to release 15 million barrels from U.S. emergency reserves, and may consider significantly more this winter, in an effort to ease high gasoline prices that have become a liability for Democrats in next month’s midterm elections.

Tribune News Service

Did releasing oil from the Strategic Petroleum Reserve impact gas prices?

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USAFacts

Slugging — what is it and does it actually work?

Lathering your face with petroleum jelly before bed is the beauty tip that has taken over TikTok, says Amy Francombe

Evening Standard

Egypt Ready to Pump Natural Gas to Lebanon

Egypt confirmed its commitment and readiness to pump natural gas "immediately" to Lebanon as soon as the procedures related to the start of exporting and receiving Egyptian gas to Lebanese territory are completed. During a meeting with Lebanese caretaker Minister of Energy and Water Walid Fayyad in Cairo, Egyptian Minister…

Asharq Al-Awsat

Aramco Establishes 2 Offshore Fabrication Yards in Collaboration with Int’l Partners

Saudi Aramco, in collaboration with international partners, is establishing two offshore fabrication yards that aim to deliver a more than 200 percent increase in Saudi Arabia’s offshore fabrication capacity, announced the company on Monday. The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction…

Asharq Al-Awsat

Occidental Petroleum Whale Trades Spotted

Someone with a lot of money to spend has taken a bullish stance on Occidental Petroleum (NYSE:OXY). And retail traders should know. We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Benzinga

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The New Daily

Dip in petrol prices, but expect more pain at the pump

The nation's average petrol price dropped 3.9 cents to 178.6 cents a litre last week, according to Australian Institute of Petroleum data.

Asharq Al-Awsat

OAPEC Says OPEC+ Decision is Correct and Came at Right Time

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali bin Sabt, said the OPEC+ decision to cut oil production is correct and was taken at the right time. In a press statement issued by OAPEC on Saturday, bin Sabt confirmed that the "decision took into account the…

Los Angeles Times

Saudis angrily say US oil accusations are political, unfounded

BEIRUT — The spat between the United States and Saudi Arabia and its fellow OPEC members over the management of petroleum supplies intensified Thursday when Riyadh accused Washington of “politicizing oil” and declared it would not submit to “dictates” from supposedly friendly countries.

StockNews.com

5 Energy Stocks You Should Continue to Buy Right Now

OPEC+ members recently announced their plan to cut output to support oil prices. With analysts expecting oil prices to hit the $100 mark once again, we think investors should load up on quality energy stocks TotalEnergies (TTE), Marathon Petroleum (MPC), Valero Energy (VLO), Energy Transfer (ET), and APA Corporation (APA).…

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The Independent UK

Norway is portrayed as both hero and villain in Europe’s energy crisis

Many countries are counting on Norwegian fuel to get them through the winter months, writes Emily Rauhala. But critics call the energy income obscene

StockNews.com

3 Oil and Gas Stocks to Watch for Gains in October

OPEC+ has announced a deep output cut from November, which should bolster prices. Moreover, analysts expect oil prices could reach the $125 mark in the near term amid supply cuts. Given this backdrop, we think investing in sound oil and gas stocks Marathon Petroleum (MPC), Valero Energy (VLO), and PBF…

The Times of India

Centre to bear Rs 22,000 crore burden for keeping LPG prices in check

NEW DELHI: The Centre will pay Rs 22,000 crore as a one-time grant to state-run fuel retailers to compensate them for keeping price of LPG — liquefied petroleum gas supplied as cooking fuel to households — in check in spite of a surge in the benchmark rates.

Benzinga

What Are Whales Doing With Occidental Petroleum

A whale with a lot of money to spend has taken a noticeably bearish stance on Occidental Petroleum. Looking at options history for Occidental Petroleum (NYSE:OXY) we detected 21 strange trades.

Dynamite News

Cabinet Okays Rs22k-cr One-Time Grant To 3 State-Run Oil Marketing Firms For Losses In LPG

The Cabinet on Wednesday approved the proposal of the ministry of petroleum and natural gas to give one-time grant of Rs22,000 crore to three state-run oil marketing companies (OMCs) for the losses incurred in domestic LPG business. Read further on Dynamite News:

The Times of India

Rs 22,000 crore boost for oil firms, bonus for railway workers: Key Cabinet decisions

NEW DELHI: The Union Cabinet on Wednesday announced a slew of decisions from providing a one-time grant to oil marketing companies, bonus to railway employees and few others, amid festival fervor in the country.

Tribune News Service

Bobby Ghosh: Oil and gas workers add fuel to Iranian protesters’ fire

They took their time about it, but Iran’s oil workers seem finally to have joined the anti-regime protests. Videos on social media platforms reportedly show marches and demonstrations in Abadan and Assaluyeh, vital hubs in the country’s petroleum and petrochemicals sector.

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