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The Latest Breaking News from Petroleum

Parliamentary proceedings | Profit of oil companies increased manifold: Centre tells Rajya Sabha

LPG price increased only by 41.5% while Saudi Contract Price had increased by 207% from 2020 to 2022: Minister

The Hindu

CPCL asked to cut down production as odour persists in north Chennai

The Chennai Petroleum Corporation Ltd. has been asked by the Tamil Nadu Pollution Control Board to cut its output to 75% of its capacity

The Hindu

IOC, HPCL, BPCL post Rs 18,480 crore loss in Q1 on holding petrol, diesel prices

NEW DELHI: State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost.

The Times of India

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PTTEP to bid for new licences in the Gulf

PTT Exploration and Production Plc (PTTEP) is preparing to join a new auction for petroleum exploration and production licences in the Gulf of Thailand, part of the government's efforts to increase the domestic gas supply.

Bangkok Post

Are These Two Stocks Worth Buying After Oil Prices

Oil prices dropped on the news of growing U.S. stockpiles and OPEC raising supply. However, a ban on Russian oil amid robust demand might cause oil prices to hit significant highs soon. So, should you invest in energy stocks Occidental Petroleum (OXY) and Devon Energy (DVN) now? Read on to…

StockNews.com

Egypt Seeks to Strengthen Position as Sustainable Energy Hub

Egypt is seeking to become a regional hub for renewable energy, as part of its 2030 sustainable development strategy, especially in the field of green hydrogen. In April, Prime Minister Mostafa Madbouly said Cairo is accelerating steps to adopt proposals aimed at attracting more foreign investments in the field of…

Asharq Al-Awsat

Ranjit Rath takes over as CMD of Oil India Limited

Rath took charge as CMD of the Navratna PSU under the Ministry of Petroleum & Natural Gas, Government of India, on 2nd August. Full story on Dynamite News:

Dynamite News

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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

Govt cuts windfall tax on fuel export, raises levy on domestic crude oil

NEW DELHI: The government on Tuesday evening cut the windfall tax on diesel and ATF in line with softening international petroleum product prices but raised the duty on domestically produced crude oil.

The Times of India

What Are Whales Doing With Marathon Petroleum

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 18 strange trades.

Benzinga

Scientists Create Aircraft Fuel from Soil Bacteria

Aircrafts transport people, ship goods, and perform military operations, but the petroleum-based fuels that power them are in short supply. In research published on June 30 in the journal Joule, researchers at the Lawrence Berkeley Lab have found a way to generate an alternative jet fuel by harvesting an unusual…

Asharq Al-Awsat

U.S. targets Chinese, UAE firms in new Iran oil sanctions

The United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars' in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme.

Reuters

Check Out What Whales Are Doing With MPC

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 10 strange trades.

Benzinga

Issuing fresh sanctions on Iran, US targets Chinese, UAE firms

The firms were being used by Iran to facilitate the sale of Iranian oil and petrochemical products, the US said.

Al Jazeera

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The Independent UK

US sanctions UAE, Hong Kong firms that ship Iranian oil

The U.S. has sanctioned a United Arab Emirates-based firm and several Asian companies for facilitating the illicit sale of millions of dollars’ worth of Iranian oil for shipment to East Asia

Asharq Al-Awsat

US Targets Chinese Firms in New Iran Oil Sanctions

StockNews.com

3 Stocks Trading Near 52-Week Highs Right Now

Amid a seesawing economy and a highly volatile market backdrop, fundamentally sound stocks Occidental Petroleum Corp. (OXY), Molina Healthcare (MOH), and Greif (GEF) are currently trading near their 52-week highs. Given the solid fundamentals and momentum, these stocks could be ideal additions to one’s watchlist. Let’s discuss….

Asharq Al-Awsat

Kuwait’s Al-Ghais Takes Role as OPEC Secretary General

Kuwait’s Haitham Al-Ghais assumed on Monday his new role as Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), following the late outgoing chief, Mohammad Barkindo. Al-Ghais affirmed his determination to work for the advancement of the international organization, especially considering the concerns surrounding the global energy market. In an…

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Asharq Al-Awsat

Exxon, Chevron Post Record Revenues

The two largest US oil companies, Exxon Mobil Corp and Chevron Corp, posted record revenue in Q2 2022 on Friday. With crude surging above $100 a barrel shortly after the Russian invasion on Ukraine, and refining margins climbing due to tight plant capacity, ExxonMobil reported $17.9 billion in profits and…

Benzinga

This Is What Whales Are Betting On Occidental Petroleum

Asharq Al-Awsat

Egypt Seeks to Reduce, Capture and Store Carbon

Egyptian Petroleum Minister Tarek El Molla and Environment Minister Yasmine Fouad met on Tuesday to discuss preparations for the COP27 Climate Summit, which will be held in the Red Sea resort of Sharm El-Sheikh in November. They discussed organizing a number of events related to environmental sustainability, carbon reduction, capture…

Benzinga

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 31 strange trades.

Reuters

Crisis-hit Sri Lanka woos foreign oil firms amid fuel shortages

Crisis-hit Sri Lanka invited on Tuesday expressions of interest from oil companies in petroleum-producing nations seeking to import and sell petroleum products as the Indian Ocean island opens its market amid acute fuel shortages.

Al Jazeera

Mixed reactions as Nigeria’s state oil firm goes private

For years, the oil firm has been plagued with financial transparency issues. Analysts say going commercial could fix it.

Bangkok Post

PTTEP allocates $300m for CCS facility

PTT Exploration and Production Plc (PTTEP) is allocating US$300 million to develop Thailand's first carbon capture and storage (CCS) facility at a petroleum production field in a bid to support the country's commitment to reducing carbon dioxide emissions.

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