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Economically struggling Venezuela hikes gas prices, devalues

An old oil well pump jack in Venezuela. (Image: Beatrice Murch via Flickr)

CARACAS, Venezuela (AP) — President Nicolas Maduro announced a currency devaluation and gasoline price hike Wednesday in an attempt to shield Venezuela’s oil-dependent economy from collapse and fend off mounting calls for his ouster. Gas prices will jump more than sixtyfold — the first increase of any kind in about 20 years. Yet drivers will still be able to fill ...

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Global stocks gain as oil price extends recover

SEOUL, South Korea (AP) — Global stocks mostly posted strong gains on Thursday as a rebound in the price of oil and solid U.S. manufacturing data boosted investor sentiment. KEEPING SCORE: In Europe, Germany’s DAX was up 1.6 percent to 9,522.40 and France’s CAC 40 traded 0.8 percent higher at 4,266.89. But Britain’s FTSE 100 edged down 0.3 percent to ...

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United Arab Emirates backs oil producers’ output freeze plan

United Arab Emirates backs oil producers' output freeze plan

DUBAI, United Arab Emirates (AP) — The United Arab Emirates threw its support on Thursday behind a plan by major oil producers to freeze output levels in an attempt to halt a slide in crude prices that has pushed them to their lowest point in more than a decade. Russia, Saudi Arabia, Qatar and Venezuela announced their willingness to cap ...

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Kuwait says fire at northern oil well has been contained

KUWAIT CITY (AP) — A fire that erupted at an oil well in northern Kuwait has been extinguished, the Gulf nation’s state news agency reported Wednesday. Government-run Kuwait Oil Co. announced the fire earlier in the day, with an official saying that firefighters were working to put it out. Company spokesman Saad al-Azmi was quoted by the official Kuwait News ...

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Iran snubs Doha proposal, won’t freeze oil output

qatar pumpjack

TEHRAN, Iran — Iran appeared Wednesday to back a plan laid out by four influential oil producers to cap their crude output if others do the same, though it offered no indication that it has any plans to follow suit itself. The agreement reached in Doha the day before by Qatar, Saudi Arabia, Russia and Venezuela is aimed at stabilizing ...

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UAE energy minister refuses to discuss tentative oil cap

UAE energy minister refuses to discuss tentative oil cap

DUBAI, United Arab Emirates (AP) — Dodging reporters’ questions, the United Arab Emirates’ energy minister refused Wednesday to discuss a proposed cap to crude oil production agreed to by four oil-producing countries the day before, raising new questions about the proposal aimed at stabilizing global prices. Minister Suhail Mohamed al-Mazrouei’s stance suggests regional rivalries also may be in play, as ...

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Norway’s economy shrinks in Q4, hit by low oil prices

HELSINKI (AP) — The Norwegian statistics bureau says the economy shrank 1.2 percent in the last quarter of 2015, dragged down by poor performance in oil-based industries, while full-year growth at 1 percent was the lowest since 2009. Statistics Norway says the economy grew 0.1 percent in the fourth quarter, up from a flat performance in the previous quarter. The ...

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Asian stocks rise again on stimulus hope, crude oil jump

Asian stocks rise again on stimulus hope, crude oil jump

HONG KONG — Asian stocks rose for a second day Tuesday as rising hopes for more central bank stimulus and a jump in crude oil prices gave investors relief from the mauling that markets have suffered so far this year. KEEPING SCORE: Japan’s benchmark Nikkei 225 index climbed 0.9 percent to 16,166.84 after soaring 7.2 percent the day before, which ...

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Israeli leader defends gas extraction deal in Supreme Court

Israeli Prime Minister Benjamin Netanyahu, center, and unidentified defense lawyers wait for the Supreme Court to convene, in Jerusalem, Sunday, Feb. 14, 2016. Netanyahu made an unprecedented appearance at the Supreme Court to defend a deal signed in December with U.S. and Israeli developers drilling offshore gas deposits. Israel's Channel 10 TV reported Netanyahu as telling the court that if Israel were to alter its deal investors could turn away and buy gas from Israel's enemies instead. (Jim Hollander/Pool Photo via AP)

JERUSALEM (AP) — Israeli Prime Minister Benjamin Netanyahu made an unprecedented appearance at the Supreme Court Sunday to defend a deal signed in December with U.S. and Israeli developers drilling offshore gas deposits. Israel’s Channel 10 TV reported Netanyahu as telling the court that if Israel were to alter its deal investors could turn away and buy gas from Israel’s ...

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Iran exports first oil shipment to Europe since nuclear deal

TEHRAN, Iran — Iran says it has exported its first crude oil shipment to Europe since it reached a landmark nuclear deal with world powers, the official IRNA news agency reported Sunday. IRNA quoted Deputy Oil Minister Rokneddin Javadi as saying the shipment was the first in five years and marked “a new chapter” in Iran’s oil industry. He did ...

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