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Increased oil tankers presence off California

The US Coast Guard informed about an increased presence of oil tanker vessels near the ports of Los Angeles and Long Beach. Namely, there were 27 tanker vessels off the coast of Southern California on April 22.

COVID-19 pushes oil prices below $0 in a world’s first

For the first time in history, US crude oil prices collapsed below $0, as a result of COVID-19 disruptions that brought a supply gut. Monday ended at a stunning minus $37.63 a barrel, as desperate traders paid to get rid of oil.

US blacklists Chinese, South African companies for Iran oil trade

According to Reuters, the US Department of State identified seven companies that has blacklisted, due to their involvement in Iranian petrochemincals’ transport, marketing and sale. In fact, three of the seven companies are Chinese-based, while another three are in Hong Kong and one in South Africa.

Oil industry marks its worst week since 2008

Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.

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