The Latest Breaking News from Petroleum

The Best Oil and Gas Stock to Buy Into the End of 2022

Oil & Gas company Marathon Petroleum’s (MPC) impressive third-quarter results added to its stellar track record. With the EU embargo expected to impact crude supplies from Russia, the fundamentally strong company seems well-positioned to capitalize on opportunities to fulfill the supply gap and deliver impressive returns on investment. Read on….

StockNews.com · Nov 18, 2022

US Imposes New Sanctions over Iran Sanctions Evasion, Targets Chinese Firms

The United States on Thursday imposed sanctions on over a dozen companies based in China, Hong Kong and the United Arab Emirates that Washington accused of facilitating the sale of Iranian petrochemicals and petroleum products to buyers in East Asia. The latest US move against Iranian oil smuggling comes as…

Asharq Al-Awsat · Nov 17, 2022

Algeria Jails Ex-Sonatrach Head for 15 Years for Graft

An Algerian court on Tuesday handed a 15-year prison sentence to the former head of state energy giant Sonatrach in a corruption case. Abdelmoumen Ould Kaddour had been on trial over the 2018 purchase of the Sicilian Augusta oil refinery. According to Algerian media, the state oil and gas firm…

Asharq Al-Awsat · Nov 16, 2022

APICORP, Hartree Sign $75M Islamic Facility for Voluntary Carbon Offsets

The Arab Petroleum Investments Corporation (APICORP) has signed a $75 million Murabaha agreement in favor of Hartree Partners Power & Gas Company (UK) Limited, an affiliate of Hartree Partners LP. The first-of-its-kind facility in the MENA region will fund high-quality voluntary carbon offsets, which will be used to develop environmentally…

Asharq Al-Awsat · Nov 8, 2022

Kuwait Launches Commercial Operations at Al-Zour Refinery

The Kuwait Integrated Petroleum Industries Co (KIPIC) launched the first phase of al-Zour refinery commercial operations on Sunday after the project started last month to produce and sell primary quantities of fuel oil and supply it to local power stations. In a statement to (KUNA), Acting CEO of (KIPIC) Waleed…

Asharq Al-Awsat · Nov 7, 2022

Haiti police end gang blockade at fuel terminal, government says

Haitian police have taken control of the Varreux fuel terminal and ended a gang blockade that had halted distribution of petroleum products, the Haitian government said on Thursday, adding that fuel distribution will resume on Monday.

Reuters · Nov 4, 2022

Biden shrinks Strategic Petroleum Reserve to lowest level since 1980s

Biden's decision to tap into the reserve may have helped lower gasoline prices from their $5 highs in June.

Axios · Nov 2, 2022

Majority of Australians back taxing fossil fuel companies’ super profits, survey shows

Research comes as treasurer acknowledges ‘an appetite in the community’ to strengthen petroleum resource rent tax

The Guardian - AU · Nov 2, 2022

OPEC Sec Gen Calls for Swift Action to Invest in Oil to Prevent Future Emergencies

The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Tuesday. "If we don't get it right this time we are…

Asharq Al-Awsat · Nov 2, 2022

Using the Strategic Petroleum Reserve strategically

Putting oil into the stockpile is just as good as taking it out.

Axios · Nov 2, 2022