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The Latest Breaking News from Petroleum

Using the Strategic Petroleum Reserve strategically

Putting oil into the stockpile is just as good as taking it out.

Axios

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

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…

Asharq Al-Awsat

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Is the US energy independent?

Our nation, in numbers. USAFacts provides a comprehensive, nonpartisan view of the state of our union.

USAFacts

This Is What Whales Are Betting On Occidental Petroleum

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

House Republicans launch probe of Biden’s oil reserve release

WASHINGTON — House Republicans are launching an investigation into what they say could be the “potential misuse” by the Biden administration of the nation’s emergency oil reserves to lower gasoline prices, as well as White House deliberations over a fuel export ban.

Tribune News Service

PTTEP takes 25% stake in Sharjah Onshore Area A

PTT Exploration and Production Plc (PTTEP) continues to expand its investment in petroleum production in the United Arab Emirates (UAE) by acquiring a 25% stake in the Sharjah Onshore Area A from a subsidiary of Eni, an Italy-based integrated energy company.

Bangkok Post

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These Growth Stocks Could Make You Rich Over the Next 5 Years

The stock market has been under immense pressure this year amid the skyrocketing inflation and the Fed’s aggressive stance to control it. However, stocks have witnessed a relief rally this month. Irrespective of the market conditions, we believe investing in quality growth stocks Marathon Petroleum (MPC), Forrester Research (FORR), and…

StockNews.com

Occidental Petroleum Is The Most Shorted Stock In The Energy Sector: How Do Exxon Mobil And Chevron Compare?

Occidental Petroleum Corporation (NYSE: OXY) has been the best-performing stock in the S&P 500 in 2022 and has inflicted major pain on short sellers.

Benzinga

3 Top Energy Stocks to Get Bullish on Fast

The OPEC+ oil output cuts amid rising global demand might increase oil prices. And given significant investors’ attention in the energy sector this year, we believe investing in Marathon Petroleum (MPC), Valero Energy (VLO), and APA Corporation (APA) could garner steady returns. Read on.

StockNews.com

What Are Whales Doing With Occidental Petroleum

Someone with a lot of money to spend has taken a bearish 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

Egypt, Qatar to Boost Cooperation Through Gas Exporting Countries Forum

Egypt and Qatar have agreed to bolster cooperation in the energy sector at the Gas Exporting Countries Forum (GECF) through continuous bilateral coordination. Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla held talks on Monday with Qatari Energy Minister Saad bin Sherida al-Kaabi. In a press statement, Molla said…

Asharq Al-Awsat

US military to begin draining Pearl Harbor pipelines

The U.S. military says it’s ready to begin draining fuel from three pipelines as part of an initial step toward closing a World War II-era fuel storage facility that leaked petroleum into Pearl Harbor’s tap water last year

The Independent UK

BCP turns to Norway in quest to curb CO2

An investment in petroleum production in Norway by Bangchak Corporation Plc (BCP) gives the energy conglomerate a foothold to grow its upstream petroleum business.

Bangkok Post

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Tribune News Service

GOP pans oil reserve sale despite a long and bipartisan history

WASHINGTON — After the Biden administration announced the latest sale of crude oil from the Strategic Petroleum Reserve to put a damper on pump prices earlier this week, Republican lawmakers called the move a stunt to mollify gasoline price-sensitive voters before the election in November.

Roll Call

GOP pans oil reserve sale despite a long and bipartisan history - Roll Call

Presidents from both parties have ordered sales from the Strategic Petroleum Reserve to soften spikes in gas prices.

Asharq Al-Awsat

Egypt Keeps Fuel Prices Unchanged until Year End

Egypt fixed gasoline prices on Saturday, for a period of 3 months until the end of this year, as a result of global economic conditions and their repercussions on the oil markets. The decision comes after three consecutive price increases, and the devaluation of the local currency against the dollar,…

Asharq Al-Awsat

Saudi Minister of Energy Meets Indian Officials in New Delhi

Saudi Minister of Energy and Chairman of the Ministerial Committee for Economy and Investment in the Saudi-Indian Strategic Partnership Council arrived in India on Friday. During the visit, Prince Abdulaziz bin Salman bin Abdulaziz held meetings with Indian Minister of Commerce and Industry Piyush Goyal, Minister of Petroleum Hardeep Singh,…

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Asharq Al-Awsat

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…

Benzinga

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.

Bangkok Post

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.

The Independent UK

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

Tribune News Service

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.

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