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The Latest Breaking News from Petroleum

Leading oil & gas company Marathon Petroleum (MPC) reported solid second-quarter financials. Moreover, analysts seem bullish about the company’s growth prospects, considering its strategic business advancements and sustained energy demand. And given MPC’s high profitability and high-yield dividend, this energy stock that hedge funds keep buying could be worth your…

StockNews.com

Despite turbulence in energy markets, India, U.S. determined to transition to clean energy: Hardeep Singh Puri

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said that there is a huge potential of India-U.S. collaboration in the energy sector

The Hindu

Check Out What Whales Are Doing With OXY

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 35 strange trades.

Benzinga

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Nigerian newborns weigh less if their mothers use biomass fuel - a major health risk

Babies should ideally weigh about 2,500g or more at birth. Birth weight is a vital indicator of foetal and neonatal health. If a newborn weighs less than 2,500g – because they are preterm or their growth in the womb was restricted for some reason – they are more at risk…

The Conversation

OPEC+ production cuts pile further pressure on global inflation

The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides…

France 24

White House takes closer look at controversial gasoline export ban option

WASHINGTON — White House officials have asked the U.S. Energy Department to analyze whether a ban on exports of gasoline, diesel and other refined petroleum products would lower fuel prices, an indication the controversial idea is gaining traction in some corners of the Biden administration.

Tribune News Service

OPEC+ Makes Largest Production Cut Since 2020, Oil Prices Drop

OPEC+ agreed Wednesday to cut production by 2 million barrels per day (bpd), the largest reduction since April 2020, as the cartel aims to keep oil prices high amid low global inventories. The Organization of the Petroleum Exporting Countries and its key allies including Russia, known as OPEC+, decided to…

Investors Business Daily

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Ghana’s petroleum sector management is a mess: what’s gone wrong?

After three decades of prospecting Ghana discovered commercially viable quantities of petroleum in 2007. Within 3.5 years, it exported its first barrels of crude oil. The progression from discovery to extraction and export was twice as rapid as the global average of six to seven years.

The Conversation

Gas keeps costing more. Would an emergency oil supply help cut prices?

WASHINGTON — California gasoline prices are soaring again — up more than a dollar over the last month — and the latest big congressional idea for relief involves creating an emergency oil supply that Washington would tap when prices soar.

McClatchy Washington Bureau

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases

Move by U.S. is first such action against Indian company, comes day after EAM Jaishankar U.S. visit

The Hindu

Washington Imposes New Sanctions on Iran’s Petroleum Sales

The United States on Thursday imposed sanctions on companies it accused of involvement in Iran's petrochemical and petroleum trade, pressuring Tehran as it seeks to revive the 2015 Iran nuclear deal. “So long as Iran refuses a mutual return to full implementation of the Joint Comprehensive Plan of Action (JCPOA),…

Asharq Al-Awsat

Saudi Economic Resilience to Increase 60% by 2030

A recent study by the King Abdullah Petroleum Studies and Research Center (KAPSARC) concluded that Saudi Arabia’s gross domestic product will become 60 percent more resilient to shocks, including fluctuations in oil prices, by 2030. According to the study, which used standard models, the economic reforms of Vision 2030 will…

Asharq Al-Awsat

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

The Release and Refill of The Strategic Petroleum Reserve

The Strategic Petroleum Reserve, built to alleviate domestic supply shortages, has been depleted by about 27% in less than a year. The Department of Energy has a plan to refill it, but will it be enough?

The Street

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The Hindu

APSRTC encouraging ‘competitive bidding’ in fuel purchase

A few dealers allege that there is more to it than meets the eye

The Hindu

Smuggling of petroleum products rampant in districts bordering Karnataka, alleges BJP

Party wants APSRTC to buy fuel directly from refining companies

Reason

Are We Past 'Peak Petrostate'?

It's the economics of energy production that make petrostates more trigger-happy, Emma Ashford argues in Oil, the State, and War.

The Conversation

Nigeria is producing less and less oil. Here's why

Nigeria’s oil output was at the lowest since 1990 as its crude oil production fell below 1 million barrels per day (bpd) in August 2022. And data from the Organisation of the Petroleum Exporting Countries in early September showed that Angola and Libya have overtaken Nigeria as Africa’s highest crude…

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The Conversation

Surging sales of large gasoline pickups and SUVs are undermining carbon reductions from electric cars

Replacing petroleum fuels with electricity is crucial for curbing climate change because it cuts carbon dioxide emissions from transportation – the largest source of U.S. global warming emissions and a growing source worldwide. Even including the impacts of generating electricity to run them, electric vehicles provide clear environmental benefits.

Benzinga

Marathon Petroleum Whale Trades Spotted

Someone with a lot of money to spend has taken a bearish stance on Marathon Petroleum (NYSE:MPC). 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.

Bangkok Post

Prima Marine earmarks B4.37bn to buy new vessels

SET-listed Prima Marine, an operator of marine transport and storage of crude oil and petroleum products, plans to allocate 4.37 billion baht to purchase new marine vessels this year to grow its business.

AFP

Hertz to buy some 175,000 GM EVs through 2027

New York (AFP) - US rental car giant Hertz will buy up to 175,000 electric vehicles from General Motors by the end of 2027, the companies announced Tuesday, as the auto industry grapples with concerns over climate change and petroleum dependency.

The Hindu

Petroleum dealers in Kerala call off September 23 protest plan

Thiruvananthapuram

Asharq Al-Awsat

Egypt to Link Oil Refining System into Unified Digitally Managed Network

Egypt’s oil refining system is being linked into a unified network through the Egyptian General Petroleum Corporation (EGPC) that will be managed online, Petroleum Minister Tarek el-Molla has announced. Molla explained that the development of the refining system and the petrochemical industry began in 2016 through the overall vision of…

Bangkok Post

OCA talks with Cambodia set to resume

Talks on the overlapping claim area (OCA) between Thailand and Cambodia to jointly benefit from the petroleum business there are expected to resume, part of efforts to decrease dependence on expensive liquefied natural gas (LNG) imports, said deputy Prime Minister Supattanapong Punmeechaow.

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