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Europe · MoscowThe Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.
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G7 price cap on Russian oil kicks in, Russia will only sell at market price
36% Center coverage: 34 sources
Business · SacramentoGov. Gavin Newsom on Monday proposed a measure to crack down on price gouging by oil companies, and impose penalties on excessive profits that would be refunded to Californians.See the Story
Newsom unveils plans to penalize oil companies for high gas prices in California
42% Center coverage: 19 sources
EnergyThe world will build 2,400 gigawatts (GW) of new generating capacity in the next five years. That is equal to China's entire current generating capacity, the IEA said in a new forecast. The Ukraine war has made the security and price stability of domestically produced renewable energy so attractive.See the Story
Solar power expected to surpass coal in 5 years, IEA says
55% Center coverage: 11 sources
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BusinessU.S. distillate stocks posted a build 6.2 million barrels, according to the Energy Information Administration. Gasoline inventories climbed 5.3 million barrels against expectations for an increase of 2.7 million barrels. At least 20 oil tankers queuing off Turkey face more delays to cross from Russia's Black Sea ports to the Mediterranean.See the Story
Oil drops, hits lowest since January as U.S. data fans fuel demand fears
100% Right coverage: 1 sources
Oil and Gas SectorG7 and EU price cap on Russian oil exports has left at least 20 tankers stranded in Turkish waters. Vessels carrying Russian oil can only receive Western insurance coverage if the cargo is being marketed at or below the cap price of $60 per barrel. The UK and the U.S. are trying to convince Turkey to drop its demand for insurance cover proof.See the Story
Tensions rise over oil tanker traffic jam in Turkish waters
Oil and Gas SectorThe $60-per-barrel price limit on seaborne crude imposed by G7 democracies and Australia on Monday bears that out, lining up with current market prices. Russia earned about $15 billion in June and July 2021, before Russian troop buildups near Ukraine. Russia said on Monday the cap would not hurt the financing of its special military operation in Ukraine.See the Story
G7 Russian oil price cap evolves from revenue squeeze to market anchor
Oil and Gas SectorTamarack plans to invest capital of $425 to $475 million, funded entirely through adjusted funds flow. The capital investment portfolio is optimized to focus on free funds flow(1) generation, managing our corporate decline through continued investment in our enhanced recovery projects and lower long-term costs through strategic infrastructure investment. Tamarack will remain flexible and adjust capital accordingly to address volatility in commodity prices.See the Story
Tamarack Valley Energy announces 2023 corporate budget
Oil and Gas SectorAt 413.9 million barrels, U.S. crude oil inventories are about 9% below the five year average for this time of year. Refineries operated at 95.5% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Propane/propylene inventories decreased 1.0 million barrels.See the Story
U.S. crude oil inventories decrease by 5.2 million barrels
Oil and Gas Sector · Oklahoma CityDoug Lawler was CEO at Chesapeake Energy before joining Continental in February. He takes over from William Berry, who was CEO of the oil and gas company. Lawler replaces William Berry as president and chief executive officer of the company, according to a person familiar with the matter.See the Story
Exclusive: Shale oil producer Continental Resources names Lawler as CEO
100% Center coverage: 1 sources
Stock MarketsInvestorPlace – Stock Market News, Stock Advice & Trading Tips Finding the best oil stocks… InvestorPlace – Stock Market News, Stock Advice & Trading Tips Finding the best oil stocks… … The post The 7 Best Oil Stocks to Buy Now appeared first on Oil & Gas 360.See the Story
