Oil

Blockade on Libyan oil to continue

Khalifa Haftar's Libyan National Army (LNA) said on Saturday it would maintain a blockade on oil production and exports that the National Oil Corp (NOC) says has cost the country…

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IEA raises 2020 oil demand forecast but warns COVID-19 clouds outlook

The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA…

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Libya’s NOC lifts force majeure, says output will be low for now

Libya's National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a first tanker loaded at Es Sider after a half-year blockade by eastern forces, but…

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Oil tanker heads to Libya’s Es Sider as another leaves empty

An oil tanker is on its way to Libya's recently re-opened Es Sider, just as another that had been waiting near the port since July 5 left empty, shipping and…

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Oil dips, heading for weekly loss as virus cases rise

Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases…

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Oil eases as coronavirus fears offset gasoline recovery signs

Oil prices drifted lower on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand. U.S. West Texas Intermediate (WTI)…

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Oil prices mixed as coronavirus spike casts shadow over U.S. demand

Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike…

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Azerbaijan’s energy minister sees global oil market recovery in two years

The energy minister of Azerbaijan, Parviz Shakhbazov, said he expected it to take two years for the global oil market to recover. He added the Southern Gas Corridor was expected…

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U.S. seeks to seize gasoline in 4 Iran tankers bound for Venezuela

U.S. prosecutors filed a lawsuit to seize the gasoline aboard four tankers that Iran is trying to ship to Venezuela, the latest attempt by the Trump administration to increase economic…

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Oil falls as growing coronavirus cases stoke fuel demand worries

Oil prices eased on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, stoked worries that a fuel…

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Goldman Sachs sees oil demand returning to pre-coronavirus levels by 2022

Goldman Sachs said on Thursday a pick-up in commuting, a shift to private transportation and government efforts to improve economies with higher infrastructure spending should help global oil demand return…

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Libya’s NOC says force majeure continues pending lifting of blockade

Libya's National Oil Corporation (NOC) said that force majeure continued on oil exports pending any reopening of the ports by the Petroleum Facilities Guard after a six-month blockade by eastern…

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Oil prices slip on demand fears as U.S. virus cases surge

Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases…

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Oil rises after sharp drop in U.S. crude inventories

Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus…

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Libya’s NOC confirms international talks on resuming oil output

Libya's National Oil Corporation (NOC) hopes oil production will resume after international talks to end a blockade by eastern-based forces in the civil war, which has stopped almost all energy…

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Oil prices drop as exports from Libya expected to resume

Oil prices slipped on Tuesday as traders took profits after sharp gains in the previous session and Libya's state oil company flagged progress on talks to resume exports, potentially boosting supply. The more-active…

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BP to sell petrochemicals unit to Ineos for $5 billion

UK oil major BP said on Monday it would sell its global petrochemicals business to billionaire Jim Ratcliffe's Ineos for $5 billion. "With today's announcement, we have met our $15…

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UPDATED: Russian mercenaries reported to have entered Libyan oilfield, blocked restart of output

Libya's National Oil Corporation (NOC) said on Friday Russian and other foreign mercenaries had entered the Sharara oilfield on Thursday, adding that it completely rejects "attempts by foreign countries to…

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Oil prices creep up on demand recovery, tempered by virus outbreaks

Oil prices rose on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and indications…

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Oil prices fall further on virus fears, U.S. crude stock build

Oil prices slipped on Thursday, extending losses of more than 5% in the previous session, weighed down by record high U.S. crude inventories and worries that a rapid resurgence in…

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Oil tankers carrying two months of Venezuelan output stuck at sea

Tankers carrying nearly two months worth of Venezuelan oil output are stuck at sea as global refiners shun the nation's crude to avoid falling foul of U.S. sanctions, according to…

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Oil edges lower as U.S. stockpiles grow more than expected

Oil futures dropped on Wednesday, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply. Brent crude was down 29 cents,…

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Oil prices fall on demand concerns as coronavirus cases rise

Oil prices fell around 2% on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home, stalling a recovery…

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Oil falls on rise in U.S. crude stocks, virus resurgence fears

Oil prices fell on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic…

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BP to write off up to $17.5 billion after reduced oil price forecast

BP will incur an up to $17.5 billion writedown in the value of its assets after lowering its long-term oil and gas price outlook in expectation of an accelerated transition…

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Oil drops as new coronavirus outbreaks raise fuel demand concerns

Oil fell more than 2% on Monday, extending losses from last week, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks of the…

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Iran prepared to retaliate if U.S. stopped Venezuela-bound tankers

An Iranian news agency close to the elite Revolutionary Guards said on Saturday Iran's naval forces were preparing to target U.S. commercial vessels in the Gulf last month in case…

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Oil prices extend slump as U.S. coronavirus cases climb

Oil prices slid early on Friday, extending heavy overnight losses on a surge in U.S. coronavirus cases this week that has raised the prospect of a second wave of the…

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Oil prices drop on concerns about patchy demand recovery

Oil prices fell more than 2% on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve…

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Libya’s NOC says output shut down at El Feel oilfield

Production at Libya's El Feel oilfield has been shut down, National Oil Corporation (NOC) and two oil engineers based there said on Wednesday, only a few days after it…

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Oil major BP to cut 15% of workforce

BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney's plan to shift the oil and gas major…

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Oil drops after U.S. inventory build renews oversupply concerns

Oil prices fell on Wednesday as an industry report showed a rise in crude and fuel inventories in the United States, renewing concerns about oversupply and slumping fuel demand in the…

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Oil prices attempt sluggish recovery with easing of lockdowns

Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing. Brent crude futures rose…

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Oil prices inch higher, 1-month supply cut extension falls short of market hopes

Oil crept higher on Monday, but gave up big early gains as optimism over major crude producers' deal to extend record output cuts gave way to disappointment that the accord didn't…

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Libya’s NOC confirms production resumed at southern oilfield

Libya's National Oil Corporation (NOC) on Sunday confirmed that some production has resumed at the giant Sharara oilfield in the south of the country, it said in a statement. Two…

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Pipeline to Libya’s Sharara reopened, but field remains closed

The Hamada pipeline running from Libya's Sharara oilfield has been reopened, the Petroleum Facilities Guards said in a short statement on Friday, after it was closed during a blockade on…

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OPEC+ to meet Saturday on extending cuts

OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to approve a new approach that aims to force laggards such…

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Oil edges higher as traders eye producer talks on extending supply cuts

Oil prices nudged higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production…

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Oil prices fall on concerns supply to rise

Oil prices fell on Thursday, reversing gains in the previous session, on concerns that supply will rise if major producers are unable to agree to extend the depth of output cuts…

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Brent oil rises to $40 amid hopes for output cuts, recovery

Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and a recovery from the coronavirus pandemic…

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Oil prices edge up slightly but remain below $40

Oil prices edged up slightly this morning, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected…

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Crude prices fall on concerns of U.S. riots, even as OPEC meeting advanced

Oil prices fell due to concerns about riots in major U.S. cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at…

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Oil prices fall as U.S. fuel demand remains weak

Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world's largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 36…

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Libya’s losses from oil blockade almost $5 billion

Libya's cumulative losses from the current oil blockade imposed by forces allied to eastern commander Khalifa Haftar since Jan. 19 have neared $5 billion, National Oil Corporation (NOC) said in…

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Oil drops on worse than feared rise in U.S. fuel stocks

Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery…

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Oil slips on demand worries, Hong Kong tensions

Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while U.S.-China tensions added to negative…

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Oil price steadies, but still 45% down this year

Oil prices edged up on Monday in sluggish trading with holidays in Singapore, London and New York, as rising concerns over demand recovery offset supply cuts. Brent rose to $35.81…

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Oil drops after China abandons target for 2020 GDP amid coronavirus outbreak

Oil prices slumped on Friday after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel…

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World fuel demand falls

Countries around the world have reported steep falls in fuel demand as lockdowns to contain the spread of the novel coronavirus limit the movement of more than 4 billion people.…

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European gas prices hit new lows as demand weakens, supply rises

European gas prices are hitting new lows due to high temperatures, strong renewables generation and rising supplies from pipelines and liquefied natural gas. With gas storage at record highs and…

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Venezuela says Iranian tankers will get military escort

Venezuela on Wednesday said its navy and air force would escort Iranian tankers arriving with much needed fuel, after Tehran warned of "consequences" if the US stopped the ships from…

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Petrogas drops out of deal to buy Total’s North Sea oilfields

French oil major Total said on Wednesday that it had revised a previously agreed deal to sell its British North Sea oilfields, which would result in Oman's Petrogas pulling out…

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Exxon revives sale of stake in giant Azeri oilfield

Exxon Mobil has relaunched the sale of its stake in Azerbaijan's largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from…

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Poland expects Russia to continue delivering gas to Europe

Poland expects Russia to continue sending the same or similar amounts of gas it did before their transit deal expired earlier this week according to auction results and potential delays in the…

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Oil prices jump more than $1 ahead of WTI June contract expiry

Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel…

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Turkish Petroleum seeking Libya exploration permit

Turkish Petroleum (TPAO) has applied to Libya for an exploration permit in the eastern Mediterranean, Turkey's Anadolu Agency reported. Exploration will begin as soon as the process is completed. Turkish Energy Minister…

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Oil prices inch higher but outlook remains bleak

Oil prices were lifted on Thursday by an unexpected drop in U.S. crude stocks, but gains were capped by both a bleak outlook for the world's no. 1 economy as…

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