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The Latest Breaking News from Petroleum

Quote of the day by Simone Weil: 'Petroleum is a more likely cause of international conflict than...' – French philosopher and mystic's warning on global conflict, power, energy politics and how oil drives war and the economy

Quote of the day by Simone Weil: Simone Weil's observation that petroleum is a more likely cause of international conflict than wheat highlights its critical role in modern economies and geopolitical power. The current Iran conflict demonstrates this, with disruptions in the Strait of Hormuz impacting global oil supply, driving…

The Economic Times

India, UAE set to ink energy pacts on LPG and strategic oil reserves on Friday

Prime Minister Narendra Modi embarks on a significant visit to the UAE and four European nations. Key agreements on energy security with the UAE are expected. The tour includes discussions on trade, investment, and strategic partnerships with the Netherlands, Sweden, Norway, and Italy. This trip aims to deepen India's global…

The Economic Times

India, UAE likely to sign pacts on LPG, Strategic Petroleum Reserves during PM Modi's UAE visit: Sources

Prime Minister Narendra Modi's upcoming visit to the United Arab Emirates will highlight energy security. Two significant agreements on Liquefied Petroleum Gas and Strategic Petroleum Reserves are anticipated. This cooperation is vital as the UAE exits OPEC+. The visit aims to strengthen bilateral ties and promote trade and investment. The…

The Economic Times

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HPCL Q4 Results: Net profit jumps 46% YoY to Rs 4,902 crore; Rs 19.25/sh dividend declared

Hindustan Petroleum Corporation Limited (HPCL) reported a significant 46% surge in standalone net profit to Rs 4,902 crore for the fourth quarter of FY26. The oil marketing giant also announced a final dividend of Rs 19.25 per share. Standalone total income saw a 4.5% year-on-year increase to Rs 1.24 lakh…

The Economic Times

Why Experts Fear India’s Toughest Economic Phase Yet

A single statement from banker Uday Kotak has suddenly sparked fear across India’s business and financial circles. “The shock is coming,” he warned while speaking about the growing Iran conflict and India’s dangerous dependence on imported oil. At first, it sounded like just another economic caution. But when India’s top…

MyLifeXP

Japanese snack giant resorts to black-and-white bags of potato chips as Iran War literally sucks color out of the world

Japan gets 70% of its total imports of naphtha, a petroleum-based material used in printing inks, from the Middle East.

Fortune

Japan’s biggest crisp-maker swaps colourful packaging for black-and-white as Iran war triggers shortages

Shortages of petroleum-based printing materials push multiple products into grayscale packaging

The Independent UK

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Are Wall Street Analysts Predicting Occidental Petroleum Stock Will Climb or Sink?

Occidental Petroleum has lagged the broader market over the past year, and Wall Street analysts continue to maintain a cautious outlook on the stock’s near-term prospects.

Barchart

LANXESS inks pact with HPCL to sell aviation, industrial lubricants in India, SAARC region

Speciality chemicals firm LANXESS has signed an agreement with Hindustan Petroleum Corporation Limited HPCL to market aviation and industrial lubricants in India and the SAARC region. The partnership aims to provide advanced lubricant solutions.

The Economic Times

Small beer: revenue from gas export tax set to plummet

The petroleum resource rent tax is projected to raise $1.85 billion less in revenue than the beer excise by 2029/30, heaping pressure on Labor to tweak the tax.

AAP

Petroleum coke shortage may hit aluminium production outside Gulf too: JP Morgan

Global aluminium production faces potential disruptions beyond the Gulf due to worsening petroleum coke shortages, a key raw material. JPMorgan Chase & Co. reports that a prolonged Strait of Hormuz closure could impact producers worldwide, potentially leading to operational challenges and production cuts. The market is already experiencing supply issues,…

The Economic Times

Marathon Petroleum Q1 Earnings Call Highlights

Marathon Petroleum (NYSE:MPC) reported stronger first-quarter 2026 results, with management pointing to improved refinery reliability, elevated refining margins and a favorable supply-demand backdrop shaped in part by geopolitical disruptions in the Middle East. On the company’s earnings call, CEO

MarketBeat

US releases another wave of emergency oil as gas prices bite

The US has awarded 53.3 million barrels from its Strategic Petroleum Reserve to firms including Trafigura, Marathon Petroleum and Exxon Mobil as part of efforts to cool oil and fuel prices amid the Iran war. Trafigura received the largest share of nearly 13 million barrels. The oil will be released…

The Economic Times

Observe and shock absorb: To ride out this oil crisis, focus should be on well-targeted support, not broad price suppression

India is navigating a critical oil import challenge. The government's approach of keeping fuel prices steady faces fiscal and equity questions. Experts suggest a move towards targeted aid for the needy instead of broad price cuts. Building strategic reserves and accelerating renewable energy adoption are crucial long-term steps to reduce…

The Economic Times

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MarketBeat

Anadarko Petroleum Q1 Earnings Call Highlights

ARKO Petroleum Corp. reported stronger first-quarter 2026 results, with management pointing to fuel-margin discipline, wholesale growth and the company’s post-IPO balance sheet as key factors supporting its outlook. Chairman, President and Chief Executive Officer Arie Kotler said adjusted EBITDA ro

The Economic Times

India has 60 days of crude oil, 60 days of Natural Gas & 45 days of LPG rolling stock: Centre

India is launching a national mission to conserve fuel amid global energy market turmoil. The government assures citizens of robust energy security and ample reserves. This collective effort aims to ease the nation's financial burden from high international crude prices. Prime Minister Modi urges public participation to reduce consumption and…

The Economic Times

Petroleum Ministry says fuel, LPG stocks adequate amid global supply disruptions; urges citizens to conserve energy

India's Petroleum Ministry confirms stable fuel supplies despite global energy challenges. Crude oil inventories are secure, refineries operate at peak capacity, and no fuel shortages are reported nationwide. The government urges citizens to conserve fuel by using public transport, carpooling, and opting for electric vehicles. These measures aim to ease…

The Conversation

Over the past 15 years, NZ moved its fuel safety net offshore – now it’s being exposed

Amid a worsening global energy crisis, New Zealand and Singapore’s freshly struck deal to keep fuel and other essential goods flowing is being touted as a boost to supply chain resilience.

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The Economic Times

3 Indians injured after fire breaks out in UAE's Fujairah due to drone attack

A drone strike originating from Iran has caused a fire at the Fujairah Petroleum Industries Zone in the UAE. Three Indian nationals sustained moderate injuries in the incident. Fujairah authorities confirmed the drone attack and the subsequent fire. Civil Defence teams are working to control the blaze. The UAE's Ministry…

Fortune

Occidental Petroleum’s CEO transition puts a spotlight on the foreign post advantage

As Vicki Hollub exits, Occidental’s next CEO brings a résumé shaped by global operations, not just HQ leadership.

The Independent UK

Cuba's electric and petroleum workers celebrate their colleagues during massive rally

Tens of thousands of Cubans have crowded along Havana’s famed seawall to celebrate workers on their day, but few are more applauded than those who keep the socialist country powered

The Conversation

Australia isn’t getting a fair share of tax on gas exports. Queensland has shown how to raise the bar

Prime Minister Anthony Albanese has promised no new taxes on Australia’s gas exports in next month’s federal budget, saying the government “will not undermine existing contracts”. Questioned further, he said future gas tax changes aren’t being contemplated either.

The Conversation

The UAE is leaving the OPEC oil cartel. What could that mean for oil prices?

The United Arab Emirates (UAE) has announced that on May 1, it will leave both the Organization of the Petroleum Exporting Countries (OPEC) and the larger OPEC+ group. By withdrawing, the UAE will now be able to independently decide how much oil it produces and sells.

The Conversation

UAE’s OPEC exit has been long in the works – and may mark the beginning of a Gulf realignment

The United Arab Emirates’ decision to withdraw from the Organization of Petroleum Exporting Countries will leave the oil cartel weakened at a crucial time. It also illustrates the ongoing tensions between the UAE and Saudi Arabia, OPEC’s largest producer and de facto leader.

The Independent UK

Decision by the UAE to leave OPEC shakes up alliance that influences oil prices worldwide

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe

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