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 · May 14

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 · May 13

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 · May 13

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 · May 12

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 · May 12

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 · May 12

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 · May 12

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 · May 12

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 · May 12

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 · May 11