Samuel Ciszuk News
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Iran faces a fresh obstacle to turning its most lucrative export into cash as the U.S. tightens sanctions this week to keep importers from paying for the oil with dollars and euros.
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Whether crude costs $60 a barrel or twice that amount, the U.S. is almost free of depending on imported energy and positioned to supplant Saudi Arabia as the world’s No. 1 producer of oil.
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Qatar appointed Mohammed Saleh Al Sada as energy minister, replacing Abdullah Al-Attiyah , an architect of the Persian Gulf nation’s transformation into the world’s biggest exporter of liquefied natural gas.
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Libya may be able to export as much as 1.2 million barrels of oil a day, equal to between one and two tanker cargoes, within the next 12 months, according to IHS Energy.
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Iraq will ask to rejoin OPEC’s quota system for crude output in 2014 as the holder of the world’s fifth-largest oil reserves boosts production from an average of 2.9 million barrels a day.
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Libyan leader Muammar Qaddafi is facing a fourth month without the diesel cargoes needed to power tanks as he endures an 11-week air campaign led by NATO.
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A glut of the biggest oil tankers in the Persian Gulf expanded, a Bloomberg survey showed, adding to pressure on owners facing returns near the lowest level in at least four years.
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Sekavin SA, a Greek fuel supplier, said it’s investigating the origin of a cargo aboard an Iranian tanker off the Mediterranean island of Syros amid a European Union ban on purchases from the Middle East nation.
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Occidental Petroleum Corp. won a contract to join Abu Dhabi’s state oil company in developing the $10 billion Shah natural-gas project, beating out Exxon Mobil Corp. and Royal Dutch Shell Plc .
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Middle East oil producers and international companies will meet this week to discuss how to tap heavy crude, a thicker form of the commodity that’s harder to refine, to boost output capacity even as prices fall.
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