The latest oil and gas news from around the world.
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Chevron and Repsol already have extensive holdings in Venezuela.
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Oil recorded its first consecutive weekly decline of the year as supply concerns resurfaced.
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Reliance has historically been an important consumer of the country's heavy crude.
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The EIA now sees the WTI spot price averaging $53.42 per barrel this year.
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'This is evident in both the gradual push higher in flat price, adjustments in the forward curve and volatility skew', Standard Chartered Bank Energy Research Head Emily Ashford said.
