Petroleum industry

STAR oil refinery in the Aegean province of İzmir has received the first batch of crude oil for processing from Azerbaijan, SOCAR Turkey said in a statement on Aug. 3.

U.S. President Donald Trump again accused the Organization of Petroleum Exporting Countries of driving gas prices higher on Twitter on July 4 and urged the oil cartel's members to do more.

BERKELEY HEIGHTS - President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close US allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

State-owned energy giant Qatar Petroleum on June 3 signed an agreement to buy a 30-percent stake in Exxon Mobil hydrocarbon affiliates in Argentina.

The price of oil fell during the Asian session after the reported surprise growth in US stocks. Impacts also came from expecting Organization of the Petroleum Exporting Countries and other manufacturers to decide if they will increase their production at the June meeting, Reuters reported.

Friends of the Earth plans to file a lawsuit against Royal Dutch Shell, accusing the oil company of failing to act on climate change, the environmental activist group said on May 29.

Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said.

Saudi Arabia said on May 18 it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

Oil prices continue to rise in international markets, BNR reported. Northsea Brent exceeded $ 80 a barrel for the first time since the end of 2014.

If the trend persists, the appreciation of the black gold will also lead to higher prices of gas, steam and hot water in Bulgaria since July, warned the state regulator a few days ago, added the National Radio.

Oil prices hit a 3.5-year high yesterday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.