Tag Archives | Oil Embargo

Turkey looks to Libya for oil

The Turkish government announced it landed an oil supply deal with Libya after opting to cut back on crude oil deliveries from Iran. Turkey was among the seven countries named by the U.S. State Department as getting relief from sanctions targeting Iran's energy sector after "significantly" reducing the amount of oil it gets from Iran. […]

Turkey, Libya ink deal after Iran oil woes

Turkey has struck a 1 million ton oil supply deal with Libya after reducing imports of Iranian crude under pressure from the United States and the international community, the Turkish energy minister said yesterday. Turkey’s oil refiner Tüpraş agreed to the deal with Libya and has also started negotiations with Saudi Arabia for a long-term […]

Brent slips as Libya to export more, US crude up

Brent crude prices edged lower in tug-of-war trading on Monday as an increase in Libyan oil exports and rising production by Saudi Arabia countered continuing market support from tensions over Iran's nuclear program. After strengthening, the dollar index weakened, supporting dollar-denominated oil to help push U.S. crude higher as the April contract approaches its Tuesday […]

Saras Q4 hit by weak demand and Iran tension

Saras, one of Italy's leading refiners, said on Tuesday its core earnings in the fourth quarter fell 31 percent on weak demand due to the euro zone debt crisis and high oil prices fuelled by the growing tension over Iran. Saras, which currently uses about 10 percent of Iranian crude oils in its refinery mix, reiterated […]

Greece eyes Libyan oil after Iran embargo

Greece said Thursday that Libya could plug the gap in the country's oil supply created by an EU-imposed embargo on Iranian oil, which accounted for about a third of Athens' imports. "Given that oil production in Libya is climbing back to pre-war levels, Libya is an alternative supply source," foreign ministry spokesman Grigoris Delavekouras told […]