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The Latest Breaking News from Petroleum

G7 agree price cap on Russian oil to stop Putin’s ‘ability to fund war of aggression’

The cap is expected to be introduced in December for crude oil and for petroleum products in February

Evening Standard

G7 countries back plan to cap price of Russian oil over Ukraine invasion

It's aimed at limiting the invasion's effect on energy prices and preventing Russian profits from oil exports.

Axios

G7 agrees price cap on Russian oil to rein in runaway energy costs

Finance ministers of the G7 group of leading democracies have agreed a global price cap on Russian oil and petroleum products.

The Independent UK

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What Are Whales Doing With Marathon Petroleum

Someone with a lot of money to spend has taken a bearish stance on Marathon Petroleum (NYSE:MPC). 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

Commercial LPG price reduced by ₹91.5 a cylinder

Simultaneously, the rates of aviation turbine fuel were cut marginally by 0.7%.

The Hindu

Check Out What Whales Are Doing With OXY

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 11 strange trades.

Benzinga

Is Devon Oil a Better Energy Play Than Marathon Petroleum?

Elevated oil & gas prices have been helping energy companies thrive, with oil producers' free cash from operations increased significantly this year. Therefore, Marathon Petroleum (MPC) and Devon Energy (DVN) beat the market volatility. But which of these stocks is a better choice for investors? Read more to find out….

StockNews.com

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North Sea gas platform could become designated nesting site to aid offshore wind development

Orsted is working with owners Alpha Petroleum Resources Ltd and Energean UK on Wenlock proposal 100km off the Humber

Birmingham Post

US fossil fuel firm sues insurer for refusing to cover climate lawsuit

Aloha Petroleum’s case against AIG could set precedent as to whether firms are protected against climate damage claims

The Guardian - UK

KAPSARC Warns of Challenges Hindering Investments in Oil, Gas

Industry investment should increase during the next two years, otherwise, the world risks a significant deficit of oil and gas supply by 2025 and beyond, found a report by the King Abdullah Petroleum Studies and Research Center (KAPSARC). It also warned of a high probability of the price of oil…

Asharq Al-Awsat

5 injured in explosion at LPG filling plant

SAMUT PRAKAN: Five workers were injured, three seriously, by an explosion and fire at a liquefied petroleum gas (LPG) filling plant in Bang Sao Thong district early on Tuesday.

Bangkok Post

Woodside profit quadruples amid gas crisis

Australia's largest oil and gas company Woodside Energy has quadrupled profits on soaring prices amid a global energy crisis, boosted by assets bought from BHP.

AAP

This Is What Whales Are Betting On 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 18 strange trades.

Benzinga

Egypt Records 6.56% Increase in Manufacturing Production in June

Preliminary data on Egypt’s manufacturing and extractive industries production showed that the sector grew by 6.56 percent on a month-on-month basis in June 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The manufacturing and extractive industries index — excluding crude oil and petroleum products — reached…

Asharq Al-Awsat

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Asharq Al-Awsat

OPEC+ Member States Support Saudi Arabia’s Stance on Balancing Oil Markets

A statement by Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on balancing oil markets has been met by a flurry of support by OPEC+ member states. The United Arab Emirates is aligned with Saudi Arabia’s thinking on crude oil markets, a source with knowledge of the matter told Reuters…

StockNews.com

Bad, Better, Best: How Should You Play These Oil & Gas Stocks?

Oil prices remain elevated on robust U.S. fuel consumption and tight supply outlook. On the other hand, U.S. natural gas prices skyrocketed to a 14-year high earlier this month on high summer demand. However, not all oil and gas stocks are expected to benefit from the high prices. While we…

The Hindu

Bharat Petroleum Corporation Ltd donates ambulance to Attappady hospital

Bharat Petroleum Corporation Ltd (BPCL) donates ambulance to Swami Vivekananda Medical Mission Hospital at Agali on Wednesday

The Hindu

Jaishankar co-chairs Joint Commission Meeting with Brazilian FM, discusses cooperation in defence, petroleum sectors

Mr. Jaishankar is on the second leg of his maiden official visit to three Latin American countries

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Asharq Al-Awsat

Oil Prices Rise on Potential OPEC+ Supply Cuts

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a US refinery. Brent crude rose 59 cents, or 0.6%, to $101.81 a barrel by 0400 GMT, while US West Texas Intermediate…

ABC News

ACT Senator David Pocock questions Labor's approval of new oil and gas exploration sites

ACT Senator David Pocock says the federal government's decision to approve 10 new offshore sites for petroleum exploration "doesn't make sense" or align with its climate goals.

Benzinga

Marathon Petroleum Whale Trades For August 24

A whale with a lot of money to spend has taken a noticeably bullish stance on Marathon Petroleum. Looking at options history for Marathon Petroleum (NYSE:MPC) we detected 11 strange trades.

The Hindu

Scrap cess on petro prices, KTR urges Centre

Alleges that petro prices continue to witness upward spiral

The Guardian - AU

Australian government launches offshore petroleum exploration permits for 47,000 sq km of ocean

Resources minister says exploration ‘central to alleviating future domestic gas shortfalls’ but Greens slam ‘mockery’ of climate target

Asharq Al-Awsat

Oil Slips as Fears of Imminent OPEC+ Output Cut Fade

Oil prices fell on Wednesday, taking a breather from a near 4% surge the previous day, on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+. Global benchmark Brent crude futures fell 40 cents, or 0.4%, to…

StockNews.com

Buffett Gets OK to Buy 50% OXY; 2 Other "Buy" Rated Stocks in His Portfolio

Warren Buffett’s long-term value investment strategy serves as a guide for several investors. Buffett’s Berkshire Hathaway recently got regulatory approval to buy up to 50% of oil giant Occidental Petroleum (OXY). Since the stock has gained significantly year-to-date, we think it could be wise to wait for a better entry…

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