Oil

Oil prices drop as U.S.-China trade war fuels growth concerns

Oil prices fell on Monday amid concerns about weaker crude demand after U.S. President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade…

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NOC reinstates force majeure on Libya’s largest oilfield “Sharara”

The Libya Observer reports that the National Oil Corporation (NOC) announced the reinstatement of force majeure on crude oil loadings at Al-Zawiya port starting on Tuesday, July 30. The NOC…

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Oil gains as Gulf tanker seizure raises tensions

Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. Brent crude…

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Oil prices rise after the U.S. Navy destroyed an Iranian drone

Oil prices rose more than 1% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising…

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Five exploratory drills over the next two years around Cyprus

Five exploratory and five confirmatory drillings in the licensed plots of the Cypriot EEZ will take place over the next two years, according to the Minister of Energy of the…

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Libyan oil revenue drops to 11.2%

Libya’s oil revenue dropped 11.2% to 14.3 billion dinars ($10,2 billion) in the first six months of 2019, compared with the same period last year, the Libyan central bank announced…

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ExxonMobil and other oil firms targeted in rocket attack in Iraq

A rocket landed at a residential and operations headquarters of several global major oil companies, including U.S. giant ExxonMobil, near Iraq's southern city of Basra early on Wednesday, wounding…

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Supply vessel collides with Statfjord A Platform in North Sea

Norwegian oil and gas firm Equinor announced that it has evacuated oil workers from its Statfjord A platform in the North Sea after it was struck by a supply vessel.…

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No increase in Saudi Arabian oil output for now

The Financial Times is reporting that Saudi Arabia will not rapidly ramp up its oil output after the US ended the sanctions waivers for buyers of Iranian crude. This was…

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Saudi Arabia considering ditching dollar for oil trades

In an exclusive report, Reuters said that Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to…

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Force majeure lifted at the El Sharara oilfield

Libyan state oil company (NOC) announced the lifting of force majeure at the El Sharara oilfield . The decision was taken after the operating company Akakus had received written assurance…

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Oil price goes above $70 a barrel for first time in over three years

US crude oil prices have pushed above $70 a barrel for the first time in over three years as concerns have grown over supplies from Iran and Venezuela. West Texas…

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Oil prices are artificially Very High! – Trump

"Looks like OPEC is at it again," he wrote. "With record amounts of oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very…

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