Oil

Chevron Corp. is lobbying the U.S. for sanctions relief so it can continue doing business in oil-rich Venezuela.

Preliminary data released by Japan’s Ministry of Finance showed that the country’s crude oil imports from Iran dropped 42 percent.

The first bullet fired in the Persian Gulf will push oil prices above $100.

The state of emergency was declared as a precaution because of floods that hit the region over winter and spring.

Emboldened by strong prompt demand amid tighter oil supply due to the U.S. sanctions on Venezuela and Iran.

Major flooding in the Midwest has interfered with crude oil flows from the country’s main storage hub.

Amid the ongoing fears of an escalating trade war between China and the United States. the Energy Information Administration countered the price decline potential of the China factor.

Chevron sold off much of its assets in the North Sea. no longer viewing the region as a high priority.

Last year. ahead of the return of U.S. sanctions against Iran. there was speculation that Washington could use crude oil from the U.S. Strategic Petroleum Reserve to cushion the blow.

OPEC’s oil production dropped to a 2015 low of 30.17 million bpd in May.