Oil and Gas
Oil giant Aramco reports record first quarter as oil prices soar
Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. Maxim Shemetov | Reuters Oil giant Aramco reported a more-than 80% jump in net profit Sunday, topping analyst expectations and setting a new quarterly earnings record since its IPO. The Saudi Arabian behemoth said net income rose 82% to […]
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Gasoline, diesel prices rise to another record amid rampant inflation
A gas station is seen as the average price of gasoline reach all-time high at $4.37 per gallon (about 3.8 liters) in Virginia, USA on May 10, 2022. It’s claimed that gasoline prices vary by region. Yasin Ozturk | Anadolu Agency | Getty Images Retail diesel and gasoline prices climbed to another record high Thursday, […]
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Big Oil braces for shareholder revolt over climate plans in proxy voting season
Members of the environmental group Just Stop Oil blockade a BP petrol station in London on April 28, 2022. The activist group is calling for the U.K. government to commit to halting new fossil fuel licensing and production. Kristian Buus | In Pictures | Getty Images LONDON — Some of the world’s largest corporate emitters […]
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UAE, Saudi energy ministers hit back at ‘NOPEC’ bill, say it could send oil prices surging
UAE Energy Minister Suhail Al Mazrouei says moves by U.S. authorities to introduced NOPEC legislation would bring chaos to energy markets. AFP | Getty Images Top OPEC ministers have hit back at new U.S. legislation intended to regulate its output, saying such efforts would bring greater chaos to energy markets. UAE Energy Minister Suhail Al […]
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National average for gasoline hits record $4.37 a gallon
The prices for gas and diesel fuel, over $6.00 a gallon, are displayed at a petrol station in Los Angeles, March 2, 2022. Frederic J. Brown | AFP | Getty Images Gasoline prices surged to the highest level on record Tuesday as oil holds steady above $100 a barrel, contributing to inflationary pressures across the […]
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Hungary’s Orban — a longtime Putin ally — stalls Europe’s Russian oil embargo
Hungary Prime Minister Viktor Orban — a longtime ally of Russian President Vladimir Putin — has said that ending Russian oil purchases would be an “atomic bomb” on Hungary’s economy. Attila Kisbenedek | Afp | Getty Images The European Union is struggling to approve a sixth round of sanctions against Russia with a few nations […]
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Saudi king admitted to hospital in Jeddah for tests: Saudi press agency
Saudi Arabia’s King Salman bin Abdulaziz Al Saud. Bandar Algaloud | Courtesy of Saudi Royal Court | Reuters Saudi Arabia’s King Salman bin Abdulaziz was admitted to hospital on Saturday in the Red Sea city of Jeddah to undergo medical tests, the state-run Saudi Press Agency reported on Sunday, citing a statement from the royal […]
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Diesel fuel is in short supply as prices surge — Here’s what that means for inflation
The prices for gas and diesel fuel, over $6.00 a gallon, are displayed at a petrol station in Los Angeles, March 2, 2022. Frederic J. Brown | AFP | Getty Images Diesel prices are surging, contributing to inflationary headwinds due to the fuel’s vital role in the American and global economy. Tankers, trains, trucks and […]
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OPEC+ agrees to another modest production increase after EU outlines Russian oil ban
Led by OPEC kingpin Saudi Arabia, the OPEC+ energy alliance swiftly agreed in late March to raise its output targets for May. SOPA Images | LightRocket | Getty Images Oil producer group OPEC+ on Thursday agreed to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand and shortly after the […]
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Oil giant Shell reports highest quarterly profit since 2008 on soaring commodity prices
Shell posted adjusted earnings of $9.1 billion for the first quarter of 2022. Ben Stansall | Afp | Getty Images LONDON — Oil giant Shell on Thursday reported its highest quarterly profit since 2008 on soaring commodity prices, fueling calls for a one-off windfall tax on oil and gas companies to help U.K. households with […]
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