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...There is also mounting scepticism that western sanctions, including the G7 effort to cap the price at which Russia can sell its oil and petroleum products, are working as planned....
...The Strategic Petroleum Reserve has been drawn down in recent years to offset shortfalls sparked by Russia’s full-scale invasion of Ukraine....
...Yet the latter is beginning to eat the former’s lunch in a manner that could have far-reaching economic and political repercussions for the tiny central African country....
...The UK has played a central role in the development of ICE, the $78bn group which bought the London-based International Petroleum Exchange in its early days, and later added Liffe, the derivatives exchange...
...Under dos Santos, who ruled Angola for almost four decades before losing power in 2017, Trafigura dominated the supply of petroleum products in Angola, generating bumper profits that supported the company...
...Will it be central to the energy sector, where it can be used to produce synthetic fuels, or to help store the energy generated by intermittent renewables, such as wind and solar?...
...Need to know: Global economy Warren Buffett-backed Occidental Petroleum has agreed to acquire CrownRock, one of the most sought-after private oil producers in the US shale patch, for $12bn....
...That made fuel price increases a central driver of the broader return to rising inflation....
...Those deals opened the gates for more transactions in the sector, including Occidental Petroleum taking over CrownRock for $12bn and Chesapeake Energy agreeing to buy Southwestern Energy in a $7.4bn all-share...
...The refinery has the potential to transform Africa’s biggest oil producer from importing refined petroleum products to becoming a net exporter....
...Legislation for a new national petroleum company was recently tabled. Investors and executives with knowledge of PetroSA and the sector have cast doubt on these plans....
...Alison-Madueke was oil minister when Nigeria’s then central bank chief Sanusi Lamido Sanusi claimed in 2014 that tens of billions of oil proceeds had gone missing from the state-owned Nigerian National Petroleum...
...The package also includes an extension of subsidies to offset rising petroleum and electricity prices as well as support for businesses to raise wages and strengthen supply chains....
...Another jailbreak took place in Riobamba, in the central Andes, with 32 inmates escaping, including Fabricio Colón, one of the leaders of the Los Lobos gang, the town’s mayor told local website Primicias...
...This year, for the first time, canal authorities in the central American nation cut the number of ships that can cross each day, reducing it to 31 a day, down from the average of about 36....
...Earlier this month, the sovereign fund Central Huijin invested more than Rmb477mn in four state banks and pledged to buy more stock in the coming six months — the first such purchasing programme in eight...
...A minister for petroleum was not announced but two deputies were named. Heineken Lokpobiri and Ekperikpe Ekpo will serve as junior ministers for petroleum and gas resources, respectively....
...Abortion rights emerged as a central issue in several races....
...Because Nigeria imports most of its refined petroleum products, the subsidy had become a licence for middlemen and crooks to profit from arbitrage....
...Its top holdings include Saudi Aramco, the state-owned petroleum and natural gas company, and Al Rajhi Banking & Investment, the country’s largest bank....
...Along with paying down its debt pile, JSW Infra intends to use the IPO proceeds to expand its existing ports, including a liquefied petroleum gas terminal at its Maharashtra port, and it wants to diversify...
...How the ‘dumbest deal in history’ actually paid off When Occidental Petroleum boss Vicki Hollub orchestrated a $10bn financing deal with Warren Buffett to buy Anadarko Petroleum in April 2019, it flabbergasted...
...“The jury’s still out about what the central bankers will do in terms of additional interest rates . . ....
...“We are facing a world where the Rhine depth at Kaub, Panama Canal transit numbers and reservoir stockpiles will be monitored as closely as the [US Energy Information Administration’s] petroleum reports...
...Unhedged 🎧: Do markets respond to the economy, or to the amount of money central banks provide? The latest FT Unhedged looks at the view down the liquidity hole....
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