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The Latest Breaking News from Petroleum

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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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.

Tribune News Service

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.

Roll Call

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,…

Asharq Al-Awsat

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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…

Asharq Al-Awsat

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.

Benzinga

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.

Bangkok Post

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

The Independent UK

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.

Tribune News Service

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Asharq Al-Awsat

OPEC: Move to Cut Oil Output Was Unanimous to Prevent Crisis

The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Haitham al-Ghais said on Tuesday that OPEC+ alliance took an unanimous decision to cut oil output as a pre-emptive measure to prevent a crisis. Speaking at the African Energy Week in South Africa, al-Ghais said the heads of delegations unanimously decided…

Tribune News Service

Biden open to new Strategic Petroleum Reserve sales as last planned tranche released

WASHINGTON — The Biden administration plans to release 15 million barrels from U.S. emergency reserves, and may consider significantly more this winter, in an effort to ease high gasoline prices that have become a liability for Democrats in next month’s midterm elections.

USAFacts

Did releasing oil from the Strategic Petroleum Reserve impact gas prices?

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

Evening Standard

Slugging — what is it and does it actually work?

Lathering your face with petroleum jelly before bed is the beauty tip that has taken over TikTok, says Amy Francombe

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Asharq Al-Awsat

Egypt Ready to Pump Natural Gas to Lebanon

Egypt confirmed its commitment and readiness to pump natural gas "immediately" to Lebanon as soon as the procedures related to the start of exporting and receiving Egyptian gas to Lebanese territory are completed. During a meeting with Lebanese caretaker Minister of Energy and Water Walid Fayyad in Cairo, Egyptian Minister…

Asharq Al-Awsat

Aramco Establishes 2 Offshore Fabrication Yards in Collaboration with Int’l Partners

Saudi Aramco, in collaboration with international partners, is establishing two offshore fabrication yards that aim to deliver a more than 200 percent increase in Saudi Arabia’s offshore fabrication capacity, announced the company on Monday. The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction…

Benzinga

Occidental Petroleum Whale Trades Spotted

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.

The New Daily

Dip in petrol prices, but expect more pain at the pump

The nation's average petrol price dropped 3.9 cents to 178.6 cents a litre last week, according to Australian Institute of Petroleum data.

Asharq Al-Awsat

OAPEC Says OPEC+ Decision is Correct and Came at Right Time

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali bin Sabt, said the OPEC+ decision to cut oil production is correct and was taken at the right time. In a press statement issued by OAPEC on Saturday, bin Sabt confirmed that the "decision took into account the…

Los Angeles Times

Saudis angrily say US oil accusations are political, unfounded

BEIRUT — The spat between the United States and Saudi Arabia and its fellow OPEC members over the management of petroleum supplies intensified Thursday when Riyadh accused Washington of “politicizing oil” and declared it would not submit to “dictates” from supposedly friendly countries.

StockNews.com

5 Energy Stocks You Should Continue to Buy Right Now

OPEC+ members recently announced their plan to cut output to support oil prices. With analysts expecting oil prices to hit the $100 mark once again, we think investors should load up on quality energy stocks TotalEnergies (TTE), Marathon Petroleum (MPC), Valero Energy (VLO), Energy Transfer (ET), and APA Corporation (APA).…

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