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The Latest Breaking News from Oil

Explainer: Untangling the crisis in Libya

Libya's worst fighting for two years suddenly hit the capital, Tripoli, on Saturday. This explains what led to the violence, why it matters, and how things may play out.

Reuters

Labor is sending mixed messages on energy – and some of it sounds like climate denial

The release of vast new areas along the Australian coast for oil and gas exploration is undermining proclamations about creating a cleaner economy

The Guardian - AU

Low fuel inventories cause special concern in US Northeast

Low fuel supplies in the U.S. Northeast are raising concerns that an extreme weather event could cause supply disruptions

The Independent UK

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'Deep rooted anger': Oil drilling protesters cause a stir at Shell petrol station

"If you're in a hole you first stop digging"

Manchester Evening News

Europe has little option but to rescue consumers from the energy crisis

With no end to Ukraine war in sight and transition away from Russian gas ongoing, scale of support will have to be massive

The Guardian - UK

IMF: Saudi Arabia Reaping Benefits of Transparent Economic, Financial Policies

Saudi Arabia is reaping the fruits of success after implementing transparent economic and financial policies, good management of the coronavirus crisis and carrying out economic reforms that have led to increased job opportunities and continued improvement in living standards, revealed IMF Mission Chief for Saudi Arabia Amine Mati. The Kingdom’s…

Asharq Al-Awsat

Aldi shoppers praise 'magic' £4 Specialbuy that's 'better than high end brands'

One Aldi shopper said: "I've been using this oil on my face and body and the results are amazing!"

Liverpool Echo

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British blue chips are on the rise, but recession could torpedo prospects

The FTSE 100 reveals winners and losers this week – with banks, oil giants and BAE starring. But the good news can’t last

The Guardian - UK

U.S. to name ambassador-at-large for the Arctic

The United States plans to name an ambassador at large for the Arctic, reflecting the region's growing strategic and commercial importance as its shrinking opens up new sea lanes and vast oil and mineral resources.

Reuters

Egg sandwiches, Hong Kong-style

Salon

Tesco, Asda, Morrisons and Lidl issue urgent product recalls of foods that may cause harm

Among others, beer is being recalled as it could potentially burst

Bristol Post

OPEC+ Member States Support Saudi Arabia’s Stance on Balancing Oil Markets

A statement by Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on balancing oil markets has been met by a flurry of support by OPEC+ member states. The United Arab Emirates is aligned with Saudi Arabia’s thinking on crude oil markets, a source with knowledge of the matter told Reuters…

Asharq Al-Awsat

Hezbollah Threatens Israel, Intensifies Attack on US

Hezbollah intensified its attack on the United States, accusing it of “working to weaken and blackmail Lebanon to subject it to Israeli conditions.” The party has also threatened Israel over the border dispute and the oil and gas exploration in the Mediterranean. With the arrival in June of the Energean…

Asharq Al-Awsat

Will Joe Biden’s gamble on big oil pay off in leveling gas prices?

After begging the industry to increase supply, the White House used its reserve to strategically set fuel prices

The Guardian - US

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The Guardian - UK

TV tonight: treat yourself to Cynthia Erivo’s incredible voice at the Proms

The Grammy-winning singer covers hits by Nina Simone and Billie Holiday. Plus: grave consequences in BBC Four’s Norwegian oil boom drama. Here’s everything to watch this evening

Liverpool Echo

Lidl, Tesco and Morrisons issue 'do not eat' warning for fish, fruit and more

In some cases, the products are a health risk due to the presence of salmonella

Reuters

Cuba asks for U.S. technical assistance in oil fire clean-up

Cuba said on Friday it sought U.S. technical assistance in cleaning up after a massive fire at an oil storage facility that killed 16 fire fighters.

Los Angeles Times

Pipeline operators agree to plead guilty in Orange County oil spill and pay nearly $13 million

LOS ANGELES — Three Texas companies agreed Friday to plead guilty to federal environmental charges and pay nearly $13 million in connection with the crude oil spill that fouled Southern California’s coastline last fall.

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The Independent UK

Pipeline operator agrees to guilty plea in California spill

A pipeline operator and two subsidiaries have agreed to plead guilty to negligently discharging oil off the Southern California coast in connection with a pipeline break that covered beaches with blobs of crude

Wales Online

Former BP chief calls for energy price cap to be suspended and oil firms to be taxed more

Nick Butler has called for taxes to be increased on companies that are "milking the system". Mr Butler worked at BP for more than 30 years.

Reuters

Brazil's Bolsonaro says Petrobras privatization possible next year

President Jair Bolsonaro said on Friday he has authorized Minister of Mines and Energy Adolfo Sachsida to consider the privatization of oil company Petrobras next year, if the president is re-elected in October.

StockNews.com

Forget Southwestern Energy, These 2 Sub-$10 Energy Stocks Are Better Buys

Southwestern Energy (SWN) has gained significant momentum this year amid the skyrocketing oil and gas prices. However, considering its bleak fundamentals, we think investors could instead consider investing in quality under-$10 energy stocks Birchcliff (BIREF) and Amplify (AMPY). Keep reading….

The Texas Tribune

Texas will plug 800 abandoned oil and gas wells, funded by $25 million federal infrastructure grant

The initial grant will allow Texas to plug a fraction of the state’s approximately 7,400 documented abandoned oil and gas wells.

StockNews.com

3 Momentum Stocks That Are Still Cheap to Buy

Amid the current uncertain market environment, we think investing in momentum stocks trading at relatively affordable prices could be wise. Cheap stocks PBF Energy (PBF), Global Partners (GLP), and GeoPark (GPRK) are well-positioned to maintain their momentum irrespective of the market conditions. So, these stocks could be solid investments now.…

Asharq Al-Awsat

Food, Fuel Shortages Hit Tunisian Shops

Some Tunisian shops are rationing goods including cooking oil, sugar and butter, while big queues have hit petrol stations amid a fuel shortage as the government navigates a looming crisis in public finances. Some grocery shops have restricted customers to single packs of items in short supply, while queues outside…

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