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India likely to defy US warning against oil trade with Venezuela

It appears India is attempting to defy warnings issued by the United States to countries not to buy Venezuela’s oil amid the country's current political mayhem. India's Ministry of External Affairs (MEA) issued a strong statement signaling its dismay over the US pressure tactic, according to Sputnik News. The U.S. National Security

Gambia’s PURA suspends operational licence of eleven petrol stations

Gambia’s Public Utilities Regulatory Authority, PURA recently suspended eleven petrol stations, following their failure to regularize their license status. This development was made known by PURA’s Director General, Ansumana Sanneh. The affected companies were mentioned as follows; Demba Doo, Halal Oil, Marigo Oil, Kamanka Oil, Sandale Oil,

Oil price edges up as tightening global supply looms

Oil prices rose on Tuesday due to U.S. sanctions on Venezuela and OPEC production cut expected to tighten global supplies. According to Reuters, U.S. West Texas Intermediate (WTI) crude futures were at $54.73 per barrel at 0020 GMT, up 16 cents from their last settlement. They closed 1.3 percent on Monday, after earlier touching their highest

Iran blasts Europe for not buying its oil despite U.S. waivers

Italy and Greece have refused to buy Iran’s crude despite having obtained U.S. waivers to continue importing the country’s oil. Iran’s Oil Minister, Bijan Zangeneh, disclosed on Tuesday that only Turkey among the European nations purchases its oil. The minister expressed displeasure at Italy’s and Greece’s refusal to buy its oil saying that

Saudis say OPEC+ oil cuts aiding U.S. shale

The action taken by the Organization of Petroleum Exporting Countries and its allies to cut output is directly aiding the U.S. Shale Industry. This is coming from Saudi’s Arabia Energy Minister, Khalid Al-Falih, as he has no issues with the booming shale industry. Khalid Al-Falih said, “The action we have taken, quickly in December and that

Zimbabweans stage massive protest over fuel price hike

Some angry countrymen reacting to the increase in fuel prices in Zimbabwe’s two main cities have barricaded roads and blocked buses from carrying passengers; stranding commuters. According to AFP, Zimbabwe’s president Emmerson Mnangagwa had announced on Saturday a more than 100 percent increase in the price of petrol and diesel to improve

No need for extraordinary OPEC meeting – Khalid

There is no need for an extraordinary meeting of the Organization of Petroleum Exporting Countries before April, Saudi Energy Minister Khalid al-Falih has said. The minister said on Sunday that the oil market is on the right track and price will bounce back. OPEC+ would hold an emergency meeting if it needed to make extra cuts apart from the

Glencore loses oil sale rights to Libyan crude grades

Switzerland-based mining firm, Glencore, has lost its exclusive marketing rights for two of Libya’s main crude oil export grades. The trading giant had held the grades since 2015 but things came crumbling last days of 2018. According to Reuters, Glencore had secured the rights to the Sarir and Messla grades when it was one of the few foreign

Canadian oil price reaches two-year high

Canadian crude oil price has reached the highest price level in almost two years. This is attributed to a growth in oil-by-rail shipments according to Bloomberg reports based on data about price movements for the commodity it had compiled. According to OilPrice, the increase in oil-by-rail shipments, Canada’s benchmark Western

Iran finds new oil buyers despite U.S. sanctions

Tehran is currently facing a hard time as some of the countries granted waivers from America to import Iranian oil, are not willing to buy even one barrel more from Iran. Deputy oil minister Amir Hossein Zamaninia, was quoted to have said this by the Oil Ministry`s news agency SHANA on Saturday. The countries are complying with U.S.
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