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Hess has retained Goldman Sachs as financial advisor in relation with the potential sale.īargain-seeking Americans driving to Mexico to buy cheap gas LOS ANGELES - As gas prices skyrocket, American drivers are looking south of the border for an alternative to ease the pain at the pump.īut there's growing concern that bargain-seekers could be putting their lives at risk, with the US State Department issuing travel alerts because of the dangers of encountering drug cartel violence in Mexico.
Lucia crude oil and refined products storage and transshipment terminal in the Caribbean. Lucia Terminal In Caribbean () - Hess Corp. The refinery has been operating at reduced rates because of inadequate margins resulting in financial losses. Valero Energy To Suspend Refining Operations at Aruba SAN ANTONIO - Valero Energy Corporation (NYSE: VLO - News) today announced that due to unfavorable refinery economics and the outlook for continued unfavorable refinery economics, refining operations will be suspended by the end of the month at its subsidiary`s 235,000 barrel-per-day refinery in Aruba. “Licensed exchange houses are given permission to buy and sell foreign currencies and answer customers’ needs based on the mechanism of the market’s supply and demand,” the Iranian central bank said in a statement posted on its website. Iran Central Bank Says Rial Can Be Traded at Market Rates Iran’s central bank allowed trading in its currency at market levels after fixing the exchange rate in January as the threat of sanctions over the country’s nuclear program and economic risks spurred Iranians to buy up dollars. Treasuries at a more than 50 percent faster rate than all other foreign investors, an unintended benefit of oil prices above $100 a barrel. OPEC Recycles Dollars Into Debt 50% Faster Than Foreigner OPEC nations are plowing cash into U.S. Tapping Petroleum Reserve has gotten trickier WASHINGTON - The Strategic Petroleum Reserve is not quite as strategic as it used to be.Īs President Barack Obama moves closer to an unprecedented second release of the emergency oil stockpile in a bid to bring down near-record fuel prices, experts say dramatic logistical upheavals in the oil market over the past year may now make such a move slower and more complicated.
raised 2012 price forecasts after the economic recovery beat expectations. Saudi Arabia, the largest producer in OPEC, pumped 9.87 million barrels a day in January, according to data submitted to the Joint Organization Data Initiative. crude advanced.įutures fell as much as 0.8 percent. Oil Falls From One-Week High BofA Boosts 2012 Forecsts (Bloomberg) -Brent oil declined in London after data showed Saudi Arabian crude output at close to the largest level in three decades. Saudi Arabia, Iran Boost January Oil Exports, JODI Says Saudi Arabia (OPCRSAUD) and Iran increased oil exports in January from a month earlier amid higher demand for crude from OPEC member nations, official data posted on the Joint Organization Data Initiative’s website showed.