The Latest Breaking News from Petroleum

Crude Oil- Back in the U.S. Administration’s Buying Zone

In October 2022, the Biden administration told the crude oil market that the target range for replacing barrels sold from the U.S. Strategic Petroleum Reserve was $67 to $72 per barrel. The price is back at its buying level, and time will tell if the administration pulls the trigger to…

Barchart · May 17, 2023

Angus Taylor signals Coalition may reject Labor changes to petroleum resource rent tax

Move may mean government must deal with Greens to pass PRRT reforms as shadow treasurer warns against gas industry’s ‘death by a thousand cuts’

The Guardian - AU · May 17, 2023

EU Foreign Minister says Europe should stop entry of Indian products made from Russian oil

Earlier this month, the Petroleum and Natural Gas Ministry strongly denied a Finland-based think tank’s report alleging that India led five countries that acted as “laundromats” to buy Russian oil and sell refined products to European countries

The Hindu · May 16, 2023

IOCL mobilises additional cylinders from neighbouring States to bring down backlog in delivery

In an effort to reduce the backlog in the delivery of liquefied petroleum gas (LPG) cylinders, Indian Oil Corporation Ltd. (IOCL) is bringing in refills from Karnataka, Kerala, Telangana and Puducherry

The Hindu · May 9, 2023

The Best Oil and Gas Stock to Buy Right Now

Constrained supplies and soaring demand for oil and gas have created enduring tailwinds for the energy sector. In addition to the industry tailwinds, prominent energy stock Marathon Petroleum’s (MPC) impressive fundamentals could make it a solid buy this summer. Read on….

StockNews.com · May 9, 2023

Option Volatility And Earnings Report For May 8 - 12

It’s a slightly quieter week on the earnings front but we still have a few key names reporting. These include Disney, PayPal, Airbnb, Duke Energy, Occidental Petroleum and Palantir.

Barchart · May 8, 2023

Fresh data rejigs drag down 2022-23 export-import tally by $3 billion

India’s goods trade numbers for February and March 2023 have been revised by over $10 billion from initial estimates, and the overall export-import figures for last year have been scaled down by around $3 billion dollars each.

The Hindu · May 7, 2023

Producers welcome Treasurer’s budget tweak to petroleum resource rent tax

An overhaul of the petroleum resource rent tax will help get Australia's finances back on track, Treasurer Jim Chalmers says.

The New Daily · May 6, 2023

Federal budget: Labor to collect billions more in petroleum resource rent tax

Treasurer Jim Chalmers and finance minister Katy Gallagher announce changes ahead of budget tipped to be at or near surplus

The Guardian - AU · May 6, 2023

E-fuels: how big a niche can they carve out for cars?

Sections of industry back synthetic alternatives to fossil fuels, but case is much stronger for aviation

The Guardian - UK · May 5, 2023