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The Latest Breaking News from Petroleum

Saudi Arabia Vows to Take Legal Action Against Unlicensed Energy Use

As Saudi Arabia continues to push for energy efficiency, rationalization of consumption, and adherence to sustainability standards, the Saudi Ministry of Energy vowed to hold accountable those who waste oil products, or transfer them to various facilities for the purpose of generating electric power without obtaining the necessary licenses. In…

Asharq Al-Awsat

IOGP Looks Forward to Working with OPEC to Ensure Global Energy Security

For three years now, energy security has been the most prevalent issue for the global economy. The world blames the high prices of oil and gas and accuses the sector of causing record-high inflation rates. Curbing high inflation requires increasing interest rates, which drags the global economy toward recession. Governments…

Asharq Al-Awsat

A rough patch: the Astros’ new sponsorship deal with Oxy is doubly ugly

Houston are the latest MLB team to secure a uniform advertising deal as their players become walking billboards for Occidental Petroleum

The Guardian - US

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PTTEP, Malaysian partners establish JV

PTT Exploration and Production Plc (PTTEP) continues to increase its oil and gas production through the exploration of a new source of petroleum in Malaysia in cooperation with two Malaysian firms.

Bangkok Post

3 Energy Stocks to Energize Your Portfolio

Resurgent global energy demand amid constrained supplies has created tailwinds for U.S. energy producers. Hence, it could be wise to invest in fundamentally strong energy stocks, Valero Energy (VLO), Marathon Petroleum (MPC), and Unit Corporation (UNTC), to make hay while the sun shines. Read on….

StockNews.com

PTTEP expands footprint in Malaysia

PTT Exploration and Production Plc (PTTEP) continues to expand its reach as it seeks new sources of petroleum in Malaysia in cooperation with two Malaysian firms.

Bangkok Post

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The Times of India

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California Oil Industry Uses High Gasoline Prices to Roll Back Climate Agenda, Critics Allege

After industry lobbyists halted the oil and gas well safe-distance law, their well-funded referendum could sway voters with misinformation.

Capital & Main

Petroleum products can be included in GST framework once states agree, says finance minister

NEW DELHI: Finance minister Nirmala Sitharaman on Wednesday said that petroleum products can be included in the Goods and Services Tax (GST) framework once an agreement in this regard is reached among states.

The Times of India

OPEC Raises 2023 Oil Demand Growth View

OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China's relaxation of COVID-19 restrictions. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, the Organization of the Petroleum Exporting Countries said on Tuesday…

Asharq Al-Awsat

Federal Government won't match NSW Coalition pledge to ban offshore gas

A returned Coalition government would ban offshore coal, gas, mineral and petroleum production in NSW waters in a move that would prevent projects such as the controversial PEP-11 offshore gas exploration project off the Hunter coast.

Newcastle Herald

Egypt Ships 80% of its Gas to Europe

Egypt shipped 80% of its liquefied natural gas (LNG) exports to Europe last year, the country’s petroleum minister, Tarek Al-Molla, said on Monday. Al-Molla’s comments came as the European Union (EU) expects Egypt to increase the volumes of its LNG deliveries to Europe. On Monday, EU commissioner for energy, Kadri…

Asharq Al-Awsat

UAE Energy Minister: Oil Market Is Balanced

There is no need for the OPEC+ group of oil-producing nations to meet earlier than scheduled, the United Arab Emirates energy minister said on Monday, following Russia's announcement last week that it would unilaterally cut output. "I do not see a requirement for a meeting. The market is balanced," Suhail…

Asharq Al-Awsat

China's CNPC Set to Seal Mega Qatari LNG Deal

China National Petroleum Corp (CNPC) is close to finalizing a deal to buy liquefied natural gas (LNG) from QatarEnergy over nearly 30 years from the Middle Eastern exporter's massive North Field expansion project, three people with knowledge of the matter told Reuters. If sealed, this would be the second such…

Asharq Al-Awsat

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Tribune News Service

US to sell 26 million more barrels from strategic oil reserve

The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, fulfilling budget directives mandated years ago that it had sought to stop as oil prices have stabilized.

Asharq Al-Awsat

OPEC Expects Demand to Reach Pre-pandemic Levels

OPEC Secretary General Haitham Al Ghais said on Sunday that the group expects oil demand to exceed pre-pandemic levels this year, reaching almost 102 million barrels a day. Demand is projected to further rise to 110 million barrels per day by 2025, he said. “OPEC remains committed to supporting oil…

Asharq Al-Awsat

Egypt Says Plans 3 Tenders for Oil and Gas Exploration, Production in 2023

Egypt plans to offer three international tenders for oil and gas exploration and production in 2023, Petroleum Minister Tarek El Molla said on Sunday. "Egypt plans to hold three international tenders in 2023 for oil and gas exploration and production," he said at the opening ceremony for the Egypt Petroleum…

StockNews.com

The 2 Best Energy Stocks to Invest in Right Now

The energy sector is poised to witness solid growth in the near term amid improved demand from the Chinese economy. In addition, owing to the onset of the EU embargo on Russian oil imports, prices could increase. Against this backdrop, it might be wise to invest in quality energy stocks…

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Asharq Al-Awsat

US Sanctions Nine Entities of ‘Critical Role’ in Iranian Petrochemicals, Petroleum Trade

The United States on Thursday imposed sanctions on nine Iranian entities it accused of playing a critical role in the production of petrochemicals and petroleum. Secretary of State Antony Blinken said in a statement that the latest sanctions were part of “continued efforts to enforce US sanctions on Iran’s petroleum…

The Times of India

Reliance, BPCL among buyers using UAE currency for Russian oil

Reliance Industries, Bharat Petroleum Corp and Nayara Energy are among Indian refiners using United Arab Emirates dirham to pay for some shipments of Russian crude as they navigate Western sanctions.

Newslaundry

Maharashtra journalist ‘killed’ after article on ‘criminal backing petroleum refinery’

Hours after a journalist was hit by a car allegedly driven by a land dealer he wrote against, several media organisations have demanded a probe into the incident in Maharashtra’s Ratnagiri district.

Businessweek

Shell’s Grand Plan to Fight Climate Change (and Continue to Cause It)

The company is investing billions of dollars in zero- and low-carbon energy solutions, but selling oil and gas at record profits is a hard habit to break.

Newcastle Herald

PEP-11 process to restart after Federal Court 'vacates' previous orders

A Federal Court judge has 'vacated' Hunter PEP-11 orders as authorities prepare to reassess a time extension of the offshore lease.

Bangkok Post

PTTEP sees 2023 sales at new high

PTT Exploration and Production Plc (PTTEP) expects its sales of oil and gas this year to reach a new high of 470 kilo barrels of oil equivalent per day (KBOED), driven by gas supply from the Erawan field in the Gulf of Thailand.

StockNews.com

3 Stocks That Are Ready to Explode Higher in 2023

Cooling inflation and a tight labor market have raised optimism that the economy might avoid a recession. As the global economic outlook turns optimistic, it could be wise to add quality stocks with solid fundamentals, Marathon Petroleum (MPC), HF Sinclair (DINO), and Overseas Shipholding (OSG), which look well-positioned to soar…

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