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UK oil industry sounds alarm on North Sea amid market drop

UK oil industry sounds alarm on North Sea amid market drop

LONDON — The number of new investment projects in the North Sea has collapsed amid a fall in oil prices, underscoring fears for the future of the basin and the jobs it creates. Oil & Gas UK, an industry association, said in its annual survey Tuesday that some 1 billion pounds ($1.4 billion) was expected for new projects, compared to ...

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Nepalese cheer as fuel rationing ends after 5 months

Nepalese cheer as fuel rationing ends after 5 months

KATHMANDU, Nepal — Nepal ended five months of fuel rationing on Tuesday after persuading protesters to end a border blockade that cut supplies of oil and other goods to the Himalayan nation. Happy residents of Kathmandu lined up at gas stations to fill up their cars, and traffic resumed its usual snarl through the capital. Bus passengers waited calmly as ...

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Echoes of 1991 Gulf War linger on in Mideast

Echoes of 1991 Gulf War linger on in Mideast

The 1991 Gulf War saw only 100 hours of ground fighting as U.S. forces entered Kuwait to end the Iraqi occupation but echoes of that conflict have lingered on for decades in the Mideast. The war pushed America into opening military bases in the Persian Gulf and Saudi Arabia, drawing the anger of an upstart militant named Osama bin Laden ...

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Economically struggling Venezuela hikes gas prices, devalues

An old oil well pump jack in Venezuela. (Image: Beatrice Murch via Flickr)

CARACAS, Venezuela (AP) — President Nicolas Maduro announced a currency devaluation and gasoline price hike Wednesday in an attempt to shield Venezuela’s oil-dependent economy from collapse and fend off mounting calls for his ouster. Gas prices will jump more than sixtyfold — the first increase of any kind in about 20 years. Yet drivers will still be able to fill ...

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Oil price drop pushes Total SA profit down 26 percent

In this Feb.5, 2013 file photo, the logo of the French oil giant Total SA is seen at the entrance of the company headquarters in the La Defense business district, west of Paris. The French company said Thursday Feb.11, 2016 that profit adjusted for changes in the value of inventories and one-time items dropped to $2.1 billion from $2.8 billion in the same period a year earlier.(AP Photo/Jacques Brinon, File)

PARIS (AP) — Total SA says its fourth quarter earnings skidded 26 percent as the collapse in oil prices hit another global energy giant. The French company said Thursday that profit adjusted for changes in the value of inventories and one-time items dropped to $2.1 billion from $2.8 billion in the same period a year earlier. Oil prices have been ...

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United Arab Emirates backs oil producers’ output freeze plan

United Arab Emirates backs oil producers' output freeze plan

DUBAI, United Arab Emirates (AP) — The United Arab Emirates threw its support on Thursday behind a plan by major oil producers to freeze output levels in an attempt to halt a slide in crude prices that has pushed them to their lowest point in more than a decade. Russia, Saudi Arabia, Qatar and Venezuela announced their willingness to cap ...

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Saudi Arabia halts $4B in Lebanese deals over Iran dispute

BEIRUT (AP) — Saudi Arabia announced on Friday it is halting deals worth $4 billion aimed at equipping and supporting Lebanese security forces in retaliation for the tiny country’s siding with Iran amid the Sunni kingdom’s spat with the Shiite power. The surprise announcement, carried by the state-run Saudi Press Agency, comes as deeply divided Lebanon struggles to handle the ...

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Kuwait says fire at northern oil well has been contained

KUWAIT CITY (AP) — A fire that erupted at an oil well in northern Kuwait has been extinguished, the Gulf nation’s state news agency reported Wednesday. Government-run Kuwait Oil Co. announced the fire earlier in the day, with an official saying that firefighters were working to put it out. Company spokesman Saad al-Azmi was quoted by the official Kuwait News ...

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Global stocks gain as oil price extends recover

SEOUL, South Korea (AP) — Global stocks mostly posted strong gains on Thursday as a rebound in the price of oil and solid U.S. manufacturing data boosted investor sentiment. KEEPING SCORE: In Europe, Germany’s DAX was up 1.6 percent to 9,522.40 and France’s CAC 40 traded 0.8 percent higher at 4,266.89. But Britain’s FTSE 100 edged down 0.3 percent to ...

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Norway’s economy shrinks in Q4, hit by low oil prices

HELSINKI (AP) — The Norwegian statistics bureau says the economy shrank 1.2 percent in the last quarter of 2015, dragged down by poor performance in oil-based industries, while full-year growth at 1 percent was the lowest since 2009. Statistics Norway says the economy grew 0.1 percent in the fourth quarter, up from a flat performance in the previous quarter. The ...

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