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The Latest Breaking News from Petroleum

Australia isn’t getting a fair share of tax on gas exports. Queensland has shown how to raise the bar

Prime Minister Anthony Albanese has promised no new taxes on Australia’s gas exports in next month’s federal budget, saying the government “will not undermine existing contracts”. Questioned further, he said future gas tax changes aren’t being contemplated either.

The Conversation

The UAE is leaving the OPEC oil cartel. What could that mean for oil prices?

The United Arab Emirates (UAE) has announced that on May 1, it will leave both the Organization of the Petroleum Exporting Countries (OPEC) and the larger OPEC+ group. By withdrawing, the UAE will now be able to independently decide how much oil it produces and sells.

The Conversation

UAE’s OPEC exit has been long in the works – and may mark the beginning of a Gulf realignment

The United Arab Emirates’ decision to withdraw from the Organization of Petroleum Exporting Countries will leave the oil cartel weakened at a crucial time. It also illustrates the ongoing tensions between the UAE and Saudi Arabia, OPEC’s largest producer and de facto leader.

The Conversation

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Decision by the UAE to leave OPEC shakes up alliance that influences oil prices worldwide

The decision by the United Arab Emirates to leave the OPEC oil cartel shook up the 65-year-old alliance that produces some 40% of the world’s crude oil and exerts major influence over the price of energy around the globe

The Independent UK

Ghana’s fuel payment strategy works for now: how to fix longer term problems

Ghana introduced a new payment arrangement for petroleum imports in 2023, using gold instead of scarce US dollars. The policy was designed to ease pressure on the cedi by reducing the need for upfront dollar purchases to settle fuel import bills.

The Conversation

Study finds toxic benzene emissions along the Texas Gulf Coast are among the highest in the nation

Researchers found that state policy and oil refineries’ failure to fix leaks contributed more to high benzene emissions than the size or capacity of the refineries.

The Texas Tribune

Texas’ Gulf Coast Has a Health Problem: Benzene Emissions Are Among the Highest in the Nation

At the worst-performing refineries, report finds operators are not tackling recurring and harmful leaks, leading to public health risk.

Capital & Main

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Foreign companies are making billions off Australia’s gas. It’s time that changed

Is Australia giving away its gas resources, virtually for free?

The Conversation

The everyday items facing price rises amid Iran war oil shock: From toys to pens and shaving cream

The tremors of the Middle East war are reaching the far corners of the economy

The Independent UK

Occidental Petroleum Stock Is Off Its Peak - Time to Buy OXY or Short OTM Puts?

Occidental Petroleum (OXY) stock is well off its recent peak prices. However, tensions in the Middle East are not over, and oil could spike again. It could be time to buy OXY or short out-of-the-money puts.

Barchart

Earnings Preview: What to Expect From Occidental Petroleum's Report

Occidental Petroleum is expected to announce its fiscal first-quarter earnings next month, and analysts project a double-digit profit drop.

Barchart

Why Oil Refiners Are the Real Winners of $100 Oil Prices

$100 oil is boosting refiners, not drillers. Discover why Valero, Marathon Petroleum, and Phillips 66 are benefiting from record crack spreads

MarketBeat

What to Expect From Marathon Petroleum's Next Quarterly Earnings Report

Marathon Petroleum will release its first-quarter earnings next month, and analysts anticipate a robust triple-digit bottom-line growth.

Barchart

Nigerian ex-oil minister denies taking bribes for government contracts, during a trial in London

A former Nigerian oil minister has denied taking bribes in exchange for government contracts

The Independent UK

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The Independent UK

Lessons learned in '70s have made US, world economies less vulnerable to oil shocks

The world economy is experiencing a disorienting flashback to the 1970s

Capital & Main

Oil Companies Accused of Massive Accounting Fraud in New Mexico

Suit claims ExxonMobil and others underreported debts by $194 million, calling it “a playbook” for how companies dump old wells and expenses on states.

Newslaundry

God on their side, the bill on ours: Counting the real cost of the war in West Asia for India

With guns in their hands and God on their side – Bob Dylan John Mearsheimer writes in The Tragedy of Great Power Politics: “States rarely go to war unless they think that rapid success is likely.”It has been more than a month since Benjamin Netanyahu and Donald Trump started the…

MyLifeXP

Book Gas Cylinder on WhatsApp? It’s Easier Than You Think

You call the gas agency and the line is busy. You try again and again. Minutes turn into frustration, and a simple task starts feeling exhausting. But what if booking your LPG cylinder didn’t need calls, waiting, or stress at all? What if it could happen in seconds right from…

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Barchart

Occidental Petroleum Stock May Be at a Peak - Time to Sell OXY Covered Calls?

Occidental Petroleum stock closed up 1.5% on Friday and has risen 23% since the end of February. Even if it's not a peak, it might make sense to sell OXY covered calls, given its high out-of-the-money call premiums.

Fortune

Iran's Hormuz toll booth points toward an L-shaped price plateau, not the V-shaped recovery traders want

True market clarity will emerge only when we shift our focus from fleeting financial reactions to the physical engineering realities that power the globe.

Whats Hot

India Increases Commercial LPG Allocation Amid Middle East Energy Crisis

As the ongoing conflict in the Middle East continues to disrupt global energy supplies, the Indian government has stepped up efforts to ensure industrial fuel availability. The Ministry of Petroleum and Natural Gas has directed states to increase commercial LPG allocation from 50% to 70% of pre-crisis levels.

The Conversation

Could this energy crisis be worse for the global economy than COVID?

Despite reports of negotiations between the US and the Iranian regime, the Strait of Hormuz remains effectively closed to most oil tankers, with only a small number of vessels being allowed to pass. The result is a loss of roughly 11 million barrels per day (mbd) of oil and petroleum…

Times Life

Switch to PNG in 3 Months or Lose LPG Supply: Govt Rule Explained

A kitchen rule that once felt unthinkable is now suddenly real. The government has said that if a household does not shift to piped natural gas, or PNG, even after the connection is available, LPG supply to that address can stop after three months. The move is not just about…

Barchart

As the Oil Shock Sends Energy Stocks Soaring, Buy These 3 Now

Oil prices spike on ongoing war concerns, sending energy stocks into rally mode. However, a long-term outlook is vital.

The Conversation

This is how the 1970s oil shock played out. There are lessons for the economy today

On October 6 1973, the Yom Kippur War – mainly involving Egypt, Syria and Israel –triggered one of the biggest energy crises of the 20th century. Eleven days later, several Arab members of the Organization of the Petroleum Exporting Countries (OPEC) announced they would stop selling oil to countries supporting…

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