Three UAE based companies are buying and shipping oil from Venezuela, a Latin American country facing harsh US sanctions since June last year.
Oil producers agree to modest oil output increase by 500,000 barrels per day but fail to find a compromise on a broader policy for the rest of next year.
The US government in August seized 1.1 million barrels of fuel from four Iranian tankers that were en route to Venezuela. The fuel has since been sold, and officials say the proceeds will go to a special fund for victims of state-sponsored terrorism.
The Kremlin has been building influence in the Iraqi energy sector and propping up anti-US forces in the country as part of its objectives to counterbalance US hegemony in the region.
Khalifa Haftar said his militias would let oil production resume after an eight-month blockade and a senior politician in Tripoli said a committee would be formed to ensure fair distribution of revenues.
The ship had sailed from the port of Sharjah in the United Arab Emirates and was heading to Benghazi in Libya, the EU military mission said, adding that its cargo of fuel was "likely to be used for military purposes".
Sri Lanka's navy said rescuers were still spraying foam on the vessel while the Indian Coast Guard said there was no oil slick.
A recent spat between the two Muslim countries shines a spotlight on a deal Riyadh used to bailout cash-strapped Islamabad.
The company reports 50 percent drop in profits for the first half of the year. Five other leading oil firms, BP, Chevron, ExxonMobil, Royal Dutch Shell and Total, recently reported combined losses of $53 billion for the second quarter.
Oil pollution in Syria has been a growing concern since the 2011 onset of war that has taken a toll on oil infrastructure and seen rival powers compete over control of key hydrocarbon fields.
The fire was first reported in a lower cargo area where seafaring tanks and landing craft are parked; the exact cause remains unknown.
The international lender expects an overall economic contraction of 7.3 percent in Mideast oil exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil.
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