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The Latest Breaking News from crude oil

Iraq Oil Revenues Top $115 Billion in 2022

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer…

Asharq Al-Awsat

Iraqi Security Dismantles Largest Crude Oil Smuggling Network in Basra

The Iraqi National Security Agency has announced that the committee investigating the oil theft in Basra uncovered the largest crude oil smuggling network. The new announcement may be linked to the arrest of nine senior officers in early November, including top officials of the protection police involved in oil and…

Asharq Al-Awsat

Rupee's Outlook Depends Largely On Global Monetary Policy Moves

Monetary policy tightening by various central banks to contain inflation, the war in Ukraine leading to price rise for crude oil and subsequent realignment in the global energy supply chain, and strengthening of the US dollar index kept the Indian currency under pressure in 2022. Read on for details:

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The 3 Top Energy Stocks to Buy for 2023

The energy sector is anticipated to perform well in the foreseeable future as the Chinese economy recovers from COVID-19 and demand rebounds. Given this backdrop, quality energy stocks Marathon Petroleum (MPC), Berry Corporation (BRY), and Adams Resources & Energy (AE) might be solid buys for 2023. Read on….

StockNews.com

Pipeline section in Kansas with oil spill is back in service

A pipeline operator has put a damaged section in Kansas back into service, a little more than three weeks after a spill dumped 14,000 barrels of crude oil into a creek

The Independent UK

Russia bans oil sales to nations, firms complying with price cap

Moscow’s response to the Western price cap is to stop supplying crude oil and oil products from February 1.

Al Jazeera

The 2 Best Energy Picks for Big Gains in 2023

Despite the recent decline in oil and gas prices from their peaks, analysts remain bullish on the sector’s performance for the following year. Given this backdrop, it could be wise to buy fundamentally sound energy stocks Marathon Petroleum (MPC) and Adams Resources & Energy (AE), which look poised to soar.…

StockNews.com

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Putin Bans Russian Oil Exports to Countries That Imposed Price Cap

President Vladimir Putin on Tuesday delivered Russia's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that impose the cap. The Group of Seven major powers, the European Union and Australia…

Asharq Al-Awsat

Company: Regulators OK reopening of Kansas pipeline segment

The operator of a pipeline that spilled about 14,000 barrels of heavy crude oil into a northeastern Kansas creek says it has permission from U.S. government regulators to reopen the repaired segment where the rupture occurred

The Independent UK

Saudi Oil Exports Reach $25.5 Bln in Oct.

The value of Saudi oil exports during October 2022 reached 95.8 billion riyals ($25.5 billion), compared to 82.1 billion riyals ($21.9 billion) during October 2021, with an increase of (14 billion riyals), a percentage of 17. According to the General Authority for Statistics (GASTAT), oil exports represented 77.5 percent of…

Asharq Al-Awsat

Crude oil prices continue to fluctuate due to the protracted Russia-Ukraine war and Russian oil price cap

Global political and economic directions shifted as soon as Russian President Vladimir Putin ordered the invasion of Ukraine under a “special operations” mission on 24 February 2022.

Bangkok Post

Saudi Oil Exports Hit 30-Month High in October

Saudi Arabia’s crude oil exports rose for a fifth straight month in October to the highest in 30 months, the International Energy Forum (IEF) said on Monday, citing data from the Joint Organizations Data Initiative (JODI). Crude exports rose about 0.7% to 7.773 million barrels per day (bpd) in October,…

Asharq Al-Awsat

Oil Stocks Mixed, Prices Up As U.S. Shifts From Sell To Buy In Oil Markets

Oil stocks were a mixed bag Monday as the DOE shifted its SPR strategy.

Investors Business Daily

Oil Exports Up 13% in Oman by late October 2022

Oman’s production of crude oil and condensate oil increased by 10.4 percent to reach 323.73 million barrels by late October 2022 compared to October 2021, according to the data published by the country’s National Center for Statistics and Information. Crude oil production alone increased by 14.1 percent, while oil condensate…

Asharq Al-Awsat

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The Independent UK

Company reopens most of pipeline following Kansas oil spill

The operator of a pipeline with a large onshore crude oil spill has reopened all of it except for the stretch in Kansas and northern Oklahoma that includes the site of the rupture

Tribune News Service

Keystone Pipeline ran at heightened pressure before Kansas oil spill, cause still unknown

A special exemption from 2017 allowed the Keystone Pipeline to operate at pressures above the standard for crude oil transport, a report from the federal government shows. The exemption is receiving new scrutiny following last week’s oil spill in northern Kansas, the largest in the pipeline’s history.

Bangkok Post

Prima to expand fleet of vessels

SET-listed Prima Marine, a provider of marine transport and crude oil and petroleum product storage, is expanding its fleet of vessels to serve growing demand for transport services in Southeast Asia.

The Independent UK

Company starting to recover oil from Kansas pipeline spill

The company operating a pipeline that leaked about 14,000 bathtubs’ worth of crude oil into a northeastern Kansas creek is recovering at least a small part of it

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StockNews.com

2 Oil and Gas Stocks to Add to Your Portfolio Now

The energy industry seems to be at crossroads, given the prospects of demand-supply dynamics. Analysts expect the prices to surge and see continued outperformance in the upcoming months. Hence, quality oil and gas stocks PBF Energy Inc. (PBF) and Adams Resources & Energy, Inc. (AE) might be solid additions to…

Tribune News Service

Keystone has leaked more oil than any other pipeline in US since 2010

Last week’s oil spill in Kansas means that TC Energy Corp.’s Keystone pipeline has now leaked more crude oil than any other conduit on U.S. land in the past 12 years.

Bangkok Post

Why does Biden want to buy Venezuelan oil again?

The fix is in. During the Thanksgiving holiday, the Biden administration announced it was quietly reversing policy and allowing limited petroleum imports from Venezuela. The Treasury Department lifted restrictions permitting a six-month deal to ease sanctions so that Chevron petroleum may buy and then ship Venezuelan crude oil to American…

Asharq Al-Awsat

Aramco, Shandong Energy Collaborate on Downstream Projects in China

Saudi Aramco and Shandong Energy Group are exploring collaboration on integrated refining and petrochemical opportunities in China, the Saudi Arabian Oil Company said in a statement on Friday. The companies have signed a Memorandum of Understanding (MoU) which includes a potential crude oil supply agreement and chemicals products offtake agreement,…

Asharq Al-Awsat

Saudi Arabia, China Affirm Importance of Stable Global Oil Markets

Saudi Arabia and China reaffirmed the significance of stability in global oil markets and the Saudi role in that, a joint statement said on Friday, following Chinese President Xi Jinping's visit to the Kingdom. "The People's Republic of China welcomed the Kingdom’s role as a supporter of the balance and…

Tribune News Service

14,000-barrel oil spill in Kansas temporarily shuts down Keystone Pipeline

An estimated 14,000 barrels of crude oil spilled from the Keystone Pipeline into Mill Creek near the city of Washington, Kansas, on Wednesday night.

StockNews.com

3 Stocks That Stand to Benefit from the Ongoing Energy Crisis

Despite the recent retreat in oil and gas prices from their peaks, a surge in demand due to the onset of a chilly winter in the U.S. and Europe and the reopening of China’s economy could boost oil and gas prices significantly. Therefore, we think it could be wise to…

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