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2014-03-19 20:00:00

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SHANA. Iran's Petroleum Minister Bijan Namdar Zanganeh said on Tuesday that the United States will not impose embargo on Russia's oil because of its repercussions on the market.

"The world oil market cannot deal with the [repercussions of the] elimination of [Russia's] oil if Russia is slapped with sanctions, and banning this country's oil is impossible," Zanganeh told Shana.

"Such a thing is impossible to happen because the market cannot tolerate the elimination of Russia's oil," he said.

"It would be very unlikely that the US would be able to eliminate a significant share of Russia's production from the market," said Zanganeh.

The Iranian minister warned of price hikes that in case the US imposes sanctions on Russia's oil.

"If Russia's events become serious, the oil price will pick up sharply," Zanganeh said.

"If no unpredictable event occurs, major fluctuations are likely in the oil market," he said.

Tags: IRAN, RUSSIA, OIL

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2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

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2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

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2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

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2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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