Oil Prices Drop despite Lingering Concerns over Supply Disruptions.
International oil prices are on the retreat after the Brent benchmark hit a new five-month high over the weekend. Pessimistic projections of slowing global economic growth are seen as weighing on fuel prices worldwide as experts forecast modest demand over the next few months, but supply constraints could offset the…
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AprOil prices rise 1.5% as strong US economic data eases demand concerns.
Oil prices gained 1.5 percent as strong U.S. employment data tempered fears about weakening global crude oil demand, and on expectations that an escalating conflict in Libya could tighten oil supplies. Optimism that Washington and Beijing are approaching a trade deal also boosted crude prices. Brent crude futures settled at…
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AprUS targets PDVSA ships, companies with sanctions action
THE US Treasury’s Office of Foreign Assets Control has renewed its sanctions efforts against Venezuela, identifying and adding two companies and 35 ships to its financial sanctions list in an effort to stop illicit sales of the country’s oil. Officials said the US was continuing to take strong action against…
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AprThree countries granted Iran oil waivers have cut imports to zero.
WITH US sanction waivers set to expire early next month, three of the eight countries to which Washington granted exemptions to import Iranian oil have now cut their shipments from the country to zero, according to the US special representative for Iran. “In November, we granted eight oil waivers to…
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AprNOC announces promising results from AGOCO’s Y3-51 well in Sirte basin following appraisal testing.
The National Oil Corporation (NOC) and its subsidiary Arabian Gulf Oil Company (AGOCO) announced promising test results from appraisal well Y3-51 in the Sirte Basin, with a potential production capacity of nearly 8,500 oil barrels per day (bpd) and 1.82 million cubic feet of gas. The well, located approximately 30…
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