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West Texas Intermediate crude held steady to close near $67 a barrel after the EU agreed to a lower price cap for Moscow’s crude as part of a package of sanctions on Moscow. The measures include curbs on fuels made from Russian petroleum, additional banking limitations and a ban on a large oil refinery in India.
The Turner case asserted claims for property damage resulting from a release of oil from tanks located at Murphy’s Meraux, Louisiana refinery after Hurricane Katrina. Approximately 25,000 barrels of oil were released, and washed by floodwaters into the residential neighborhoods surrounding the refinery. Murphy Oil U.S.A.,
The case relates to a 2006 oil spill which occurred at CITGO’s Lake Charles, Louisiana, refinery. This opinion from the Fifth Circuit is likely to have wide-ranging effects on CWA penalty cases. The CITGO case may continue to provide insight as it progresses on remand and any subsequent appeals. CITGO Petroleum Corp.,
Charles refinery. As a result, Judge Haik imposed a civil penalty of $1,500 per barrel spilled – for a total of $81 million – and significantly increased the penalty of $111 per barrel in his original judgment. The EPA sought a penalty of $4,300 per barrel. In the original judgment , U.S. CITGO Petroleum Corp.,
billion barrels of proven oil reserves as well as 5.675 trillion cubic metres of natural gas, which explains why the supermajors are not too tired of their problems in Nigeria. According to estimates from human rights groups, millions of barrels have leaked or spilt in the Niger Delta over the years.
The last few weeks have been relentless in terms of geopolitical developments and their impact on the oil market - albeit a somewhat oversupplied one with plenty of barrels to more than meet global demand. Now, if its a case of simple mathematics, Iran's 1.7
West Texas Intermediate crude futures advanced more than 7% to settle near $73 a barrel, the biggest one-day jump since March 2022. The attack marks the most dramatic escalation yet in a conflict that has loomed in the background of the oil market for about 20 months, but had yet to result in a significant loss of barrels.
million barrels daily, which would solidify the countrys status as top global producerand a major reason for the weakness in oil prices. In the latest update from the cartel, Kazakhstan was the main overproducer, with an average daily rate of 1.767 million barrels in February versus a quota of 1.468 million barrels daily.
President Donald Trumps trade war has driven Brent crude below $70 a barrel, the price assumption that underpins bp’s plans to boost cash flow and reduce debt by selling assets. Keeping operations online, which was not always the case in 2024, will be key to helping deliver a turnaround.
The WSJ wrote that this would reduce the risk of the Venezuelan state seizing the assets while giving Chevron the opportunity to go back to normal operations in case bilateral relations between Caracas and Washington ever improve. Besides the ban on exports, Chevron also cannot operate the assets or expand them, Reuters noted in its report.
In mountains, oil and products move in barrels and containers on mules, often drone-monitored. In mountainous areas, oil and products are shipped in barrels and containers on mules, sometimes monitored by drones. controlled international payment system, which is no longer the case. Disrupted shipping will boost land shipments.
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