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state oil companies
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- 1Big Oil makes audacious request to Supreme Court▼Big Oil has an audacious request for the Supreme Court
Oil industry interests are asking the US Supreme Court to take up a case, a move being described as an audacious attempt to shield fossil fuel companies from climate-related lawsuits. The request comes as cities and states pursue litigation seeking damages for climate harms, and the industry is seeking a ruling that could curtail those claims. Climate advocates warn the outcome could shape the future of climate accountability cases.
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Indian stock markets fell to their lowest levels in nearly six months as a standoff between the United States and Iran pushed oil prices higher. Rising crude is a particular concern for India, a major oil importer, since costlier energy weighs on companies' costs and inflation. Traders are watching for any signals of de-escalation that could calm both oil markets and equities.
- 3Saudi oil scientists worked on key IPCC climate reports●Saudi oil scientists ended up working on most important climate reports
Reporting by The Guardian reveals that scientists linked to Saudi Arabia and its state oil company Aramco contributed to major IPCC climate reports, the scientific assessments that underpin global climate policy. The story raises questions about conflicts of interest and oil-producing countries' influence over climate science, and is drawing debate about how such participation was allowed.
- 4Socar to cut fuel prices at Italian stations after Eni●Azerbaijan’s Socar will cut fuel prices at its Italian service stations, following a similar move by Eni that eases pres
Azerbaijan's state oil company Socar will lower fuel prices at its service stations in Italy, following a similar decision by Eni. The price cuts ease pressure on Premier Giorgia Meloni's coalition, which has faced calls to impose a windfall tax on energy companies ahead of the next election. The move is being watched as a sign oil companies are responding to political and public pressure over high fuel costs.
- 5Second-hand supertankers now cost more than new ones●Meanwhile the price for second-hand supertankers has exceeded the price of new vessels; Middle East states are seeking t
Prices for second-hand supertankers have risen above the price of newly built vessels, a reversal driven by surging shipping costs. Middle East states are moving to secure their own tanker fleets, allowing state oil companies to reduce their reliance on third-party shipping firms and take direct control of how their oil is moved to market.
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Peruvian state oil company Petroperú has obtained US$475 million in bridge financing. The deal, reported by Latin Lawyer, gives the troubled refiner short-term liquidity as it works to shore up its finances. Attention is focused on how the loan fits into wider efforts to stabilise the company's debt position.