An announcement by a United Arab Emirates diplomat on Wednesday raised hopes that Gulf oil producers may assist the globe as oil prices climb to an eight-year high due to the war between Russia and …
Shell to stop buying Russian crude oil, gas over Ukraine invasion
Shell apologized for purchasing Russian crude oil last week and said it would withdraw completely from involvement with Russian hydrocarbons. Shell bought a cargo of Russian crude oil from Swiss …
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Kazakhstan’s government resigns as fuel protests rage
On Wednesday, Kazakh President Kassym-Jomart Tokayev resigned amid fuel protests that have wreaked havoc across the country. In the latest protests, nearly 100 police were injured. The high fuel …
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Firefighters battle massive fire at Iranian oil refinery
On Wednesday, a massive fire erupted at an Iranian oil refinery located south of the capital city, Tehran. There have been no reported casualties or injuries as emergency services and firefighters …
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Iran-Backed Houthi Rebels Say They Targeted Saudi Oil Port
On Sunday, Iran's Houthi rebels announced that they had attacked a major Saudi Arabian oil port located on the Perian Gulf. The Iranian forces reportedly used drones and missiles to conduct the …
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Nord Stream 2: Germany says construction can continue
The construction of the Nord Stream 2 pipeline was allowed to restart immediately according to the German Federal Maritime and Hydrographic Agency on Friday. The agency gave approval for a vessel to …
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Oil prices are collapsing after Saudi Arabia sends ominous signal
On Tuesday, US oil prices dropped 7%, representing crude oil's worst day and lowest closing price in almost a quarter. At one point during the day, prices were down as much as 9% with an average of …
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Second Fuel Tanker From Iran Arrives in Venezuela
On Monday, Venezuelan authorities welcomed a second Iranian fuel tanker. As the ship entered international waters, it was met with naval frigates and helicopters dispatched by Venezuela. This is a …
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Russia’s Aging Infrastructure Threatens Oil Output Pact
Experts warn that Russia's compliance with an oil production deal with Saudi Arabia and the US could be threatened by the country's outdated infrastructure and other complications, such as winding …
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OPEC, oil nations agree to nearly 10M barrel cut amid virus
Russia, OPEC, and other oil-producing nations have announced on Sunday that they have finalized an unprecedented production cut. The cut consists of nearly 10 million barrels, which represents a tenth …
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