Articles by Zainab Calcuttawala

Venezuela is offering five million dollars’ worth of Hurricane Harvey relief to the United States just days after the White House approved a new round of sanctions against Caracas, according to emerging reports. Citgo, the PDVSA-owned company barred from repatriating any profits back to Venezuela, will be providing the relief funds, according to an article by the Houston Chronicle. The company owns the 157,000 barrel-per-day refinery in Corpus Christi and promises to use revenues from the facility to aid victims of the hurricane, which ravaged…

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A medium-sized oil tanker that was smuggling crude oil in the Mediterranean Sea was apprehended by the Libyan coastguard on Thursday, according to a new report by The New Arab.  The ship, called “Rex,” had ten crew members, all of whom have been captured by the coast guard. Colonal Abu Ajila Abdelbarri told reporters that the crew and boat had been under tight surveillance prior to their arrest in Libyan waters. The tanker flew the Tanzanian flag and carried 1.16 million liters of diesel. The crew contained five Turks, three Georgians…

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Federal officials should release fuel from the Strategic Petroleum Reserve to prevent gas prices from rising in the wake of Hurricane Harvey, Democratic Senator Edward Markey from Massachusetts told President Donald Trump in a letter on Wednesday. “An immediate release of gasoline or crude oil, if also warranted, from the SPR would help protect consumers from price spikes at the pump and tame any market speculation that could be unduly affecting markets and harming consumers,” Markey wrote, according to The Hill. The SPR was previously…

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Gasoline futures spiked on Wednesday as refiners and other members of the field-to-pump supply chain began to report damages caused by Hurricane Harvey, according to a report by Reuters. Crude oil futures fell by 2.5 percent the same day, as demand for the raw resources fell due to infrastructural failures. Gasoline spot prices had spiked 6.19 percent on Wednesday by 4:00pm EST, trading at $1.8936. Extensive flooding caused the administration of the Motiva Port Arthur refinery, the country’s largest, to consider temporarily shutting down…

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Gasoline futures spiked on Wednesday as refiners and other members of the field-to-pump supply chain began to report damages caused by Hurricane Harvey, according to a report by Reuters. Crude oil futures fell by 2.5 percent the same day, as demand for the raw resources fell due to infrastructural failures. Gasoline spot prices had spiked 6.19 percent on Wednesday by 4:00pm EST, trading at $1.8936. Extensive flooding caused the administration of the Motiva Port Arthur refinery, the country’s largest, to consider temporarily shutting down…

The post U.S. Gasoline Futures Hit 25-Month High appeared first on aroundworld24.com.

A day after North Korea fired a ballistic missile over Japan, Tokyo is pushing the United States to encourage the United Nations to levy new sanctions against Pyongyang, including choking off North Korea’s oil supplies, a new Reuters report said. New measures could be designed to target North Koreans who work abroad or oil supplies. The U.S. is usually the nation author of all drafts of the U.N.’s sanctions on North Korea. American diplomats then negotiate any potential sanctions with China, Pyongyang’s main ally in international…

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The Syrian Arab Army staged an offensive this week to recapture oil-rich areas of the Al-Raqqa governorate that had previously been under the shadow of the Islamic State (ISIS), according to local reports. The area is home to the Jararih oilfield near Salaam ‘Alaykum village, a military report said. An attack by Syrian President Bashar al-Assad’s military eliminated ISIS elements from the field early this week. Syria’s oil resources have exchanged hands several times since 2014, when ISIS declared its caliphate in parts of both…

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A few days ago, the White House authorized new sanctions against Venezuela – a country struggling under the burden of running a socialist government while the value of its main asset, oil, continues to hover around $50 a barrel. “This order demonstrates more clearly than ever that the United States will not allow an illegitimate dictatorship to take hold in the Western Hemisphere at the expense of its people,” National Security Adviser H.R. McMaster said Friday as President Donald Trump rolled out the fourth round of sanctions against Caracas…

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Oil prices are poised to climb over the coming weeks as supply and demand approach parity, according to analysts who spoke to CNBC as the remnants of Hurricane Harvey continues to ravage Houston, the energy capital of the United States. A rise in oil demand for 2017 made large strides in closing the gap between available crude and the number of willing buyers, sources said. “[Oil prices] should be going up because inventories have been drawing at a phenomenal pace over the past few weeks and months,” Amrita Sen of Energy Aspects said. Both West…

The post Oil Prices Set To Rise as Supply-Demand Gap Closes Up appeared first on aroundworld24.com.

It has been two months since Prince Mohammed Bin Salman’s ascendance to the role of heir to the Saudi Arabian throne, and the preliminary effects of his aggressive economic diversification and anti-Iran platforms are beginning to show. The influence of Bin Salman (widely known as MBS) on foreign policy can most readily be seen in Iraq, where Iranian support for the war against the Islamic State has carved out a special niche for Tehran. While Riyadh had been preoccupied with battling Shiite Houthi rebels in Yemen, Ayatollah Ali Khamenei and…

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