Oil (Petroleum) and Gasoline

Petrobras of Brazil to Pay $2.95 Billion Over Corruption Scandal

“The agreement is in the company’s best interest and that of its shareholders, given the risks of a verdict advised by a jury, particularities of U.S. procedure and securities laws, as well its assessment of the status of the class action and the nature of such litigation in the United …

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South Korea Seizes Ship Suspected of Sending Oil to North Korea

A similar ship-to-ship transfer involving another North Korean ship, Rye Song Gang 1, was captured in satellite photos released by the United States Treasury Department on Nov. 21, although the department did not release the name of the other ship involved in the high-seas transaction. The South Korean authorities boarded …

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Venezuela Arrests 2 Former Oil Officials, Claiming Corruption

In a video posted on Mr. Del Pino’s Twitter account and apparently recorded before his arrest, he said he had been the victim of an unjustified attack. Corruption at Venezuela’s state oil company has never been a secret, analysts say. What has changed, many argue, are the fortunes of President …

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Oil Producers, Led by Saudi Arabia and OPEC, Extend Cuts

Oil prices reacted with relief on Thursday, with Brent crude rising about 1.2 percent at one point. The cuts agreed to a year ago, along with strong demand and worries about supply disruptions, have helped raise prices about 20 percent in recent months, to around $64 a barrel. What’s the …

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The Talk of Turkey? A Politically Charged Trial in New York

Mr. Erdogan himself could face political consequences should Mr. Zarrab testify, if there are any convictions or if the United States takes action against Turkish banks found to have been involved in the scheme. The president faces a re-election campaign in 2019 or earlier. Mr. Erdogan has cast the trial …

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Politics Shadow Arrests of Citgo Executives in Venezuela Graft Inquiry

Corruption has been a chronic and well-known problem for years at Pdvsa and has helped to undercut its operations and profits. But speculation abounded on Wednesday — among political analysts, oil industry executives and members of Venezuela’s political opposition — as to whether the latest round of arrests, along with …

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E.U. Ministers Approve Venezuela Arms Embargo

The new European pressure on Venezuela comes as the country reels from an economic crisis that has caused near-quadruple-digit inflation, driven up poverty rates, ruined public services and depleted stocks in grocery stores and pharmacies, causing widespread hardship and compelling the emigration of hundreds of thousands of Venezuelans. Though Mr. …

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