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The Latest Breaking News from Petroleum

OPEC+ production cuts pile further pressure on global inflation

The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides…

France 24

White House takes closer look at controversial gasoline export ban option

WASHINGTON — White House officials have asked the U.S. Energy Department to analyze whether a ban on exports of gasoline, diesel and other refined petroleum products would lower fuel prices, an indication the controversial idea is gaining traction in some corners of the Biden administration.

Tribune News Service

Ghana’s petroleum sector management is a mess: what’s gone wrong?

After three decades of prospecting Ghana discovered commercially viable quantities of petroleum in 2007. Within 3.5 years, it exported its first barrels of crude oil. The progression from discovery to extraction and export was twice as rapid as the global average of six to seven years.

The Conversation

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Gas keeps costing more. Would an emergency oil supply help cut prices?

WASHINGTON — California gasoline prices are soaring again — up more than a dollar over the last month — and the latest big congressional idea for relief involves creating an emergency oil supply that Washington would tap when prices soar.

McClatchy Washington Bureau

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases

Move by U.S. is first such action against Indian company, comes day after EAM Jaishankar U.S. visit

The Hindu

Washington Imposes New Sanctions on Iran’s Petroleum Sales

The United States on Thursday imposed sanctions on companies it accused of involvement in Iran's petrochemical and petroleum trade, pressuring Tehran as it seeks to revive the 2015 Iran nuclear deal. “So long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action (JCPOA),…

Asharq Al-Awsat

Saudi Economic Resilience to Increase 60% by 2030

A recent study by the King Abdullah Petroleum Studies and Research Center (KAPSARC) concluded that Saudi Arabia’s gross domestic product will become 60 percent more resilient to shocks, including fluctuations in oil prices, by 2030. According to the study, which used standard models, the economic reforms of Vision 2030 will…

Asharq Al-Awsat

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Looking At Occidental Petroleum's Recent Whale Trades

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

LIC buys over 2% stake in BPCL for nearly Rs 1,598 crore

NEW DELHI: LIC has acquired over a 2 per cent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL) for nearly Rs 1,598 crore since December last year.

The Times of India

APSRTC encouraging ‘competitive bidding’ in fuel purchase

A few dealers allege that there is more to it than meets the eye

The Hindu

Smuggling of petroleum products rampant in districts bordering Karnataka, alleges BJP

Party wants APSRTC to buy fuel directly from refining companies

The Hindu

Are We Past 'Peak Petrostate'?

It's the economics of energy production that make petrostates more trigger-happy, Emma Ashford argues in Oil, the State, and War.

Reason

Nigeria is producing less and less oil. Here's why

Nigeria’s oil output was at the lowest since 1990 as its crude oil production fell below 1 million barrels per day (bpd) in August 2022. And data from the Organisation of the Petroleum Exporting Countries in early September showed that Angola and Libya have overtaken Nigeria as Africa’s highest crude…

The Conversation

Surging sales of large gasoline pickups and SUVs are undermining carbon reductions from electric cars

Replacing petroleum fuels with electricity is crucial for curbing climate change because it cuts carbon dioxide emissions from transportation – the largest source of U.S. global warming emissions and a growing source worldwide. Even including the impacts of generating electricity to run them, electric vehicles provide clear environmental benefits.

The Conversation

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Benzinga

Marathon Petroleum Whale Trades Spotted

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.

The Times of India

Air India, AirAsia India and Vistara sign MoU with CSIR-IIP for sustainable aviation fuel development

MUMBAI: Tata group-owned airlines Air India, AirAsia India and Vistara (Tata SIA Airlines) have signed a Memorandum of Understanding with the Council of Scientific and Industrial Research – Indian Institute of Petroleum to collaborate and work together on the research, development and deployment of sustainable aviation fuels (SAFs).

Bangkok Post

Prima Marine earmarks B4.37bn to buy new vessels

SET-listed Prima Marine, an operator of marine transport and storage of crude oil and petroleum products, plans to allocate 4.37 billion baht to purchase new marine vessels this year to grow its business.

The Hindu

Petroleum dealers in Kerala call off September 23 protest plan

Thiruvananthapuram

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Asharq Al-Awsat

Egypt to Link Oil Refining System into Unified Digitally Managed Network

Egypt’s oil refining system is being linked into a unified network through the Egyptian General Petroleum Corporation (EGPC) that will be managed online, Petroleum Minister Tarek el-Molla has announced. Molla explained that the development of the refining system and the petrochemical industry began in 2016 through the overall vision of…

Bangkok Post

OCA talks with Cambodia set to resume

Talks on the overlapping claim area (OCA) between Thailand and Cambodia to jointly benefit from the petroleum business there are expected to resume, part of efforts to decrease dependence on expensive liquefied natural gas (LNG) imports, said deputy Prime Minister Supattanapong Punmeechaow.

StockNews.com

There's a Better Pick Over Exxon Mobil in the Energy Sector

While higher price realizations and significant market demand should bode well for energy companies, including Exxon Mobil (XOM) and Marathon Petroleum (MPC), we think MPC is better positioned to capitalize on the industry tailwinds given its solid fundamentals and growth attributes. Read on to learn more….

Benzinga

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 16 strange trades.

Asharq Al-Awsat

Egypt Underlines Growth in Activities, Economic Returns of Public Sector Oil Companies

Egypt's Minister of Petroleum and Mineral Resources Tarek el-Molla chaired on Sunday the meetings of the general assemblies of public sector oil companies, via video conference, to discuss and approve the results of FY 2021/22. He affirmed that the public sector oil companies have developed remarkably in recent years, citing…

Asharq Al-Awsat

Kuwait Oil Company Says to Increase Natural Gas Production

The state-owned Kuwait oil company aims to increase natural gas production to meet local demand, the company's acting chief executive officer Khaled Nayef Al Otaibi said on Sunday. "With the world recovering from the disruptions caused by COVID-19 pandemic, demand for oil and gas returned to its pre-pandemic levels in…

The Hindu

Data | Will Iran make a comeback as India’s major crude oil import partner?

With international crude oil prices soaring, local consumption of petroleum products back to pre-pandemic levels and the U.S. calling for sanctions against Russia, Iran may make a comeback as a major oil partner for India

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