Global oil market well supplied: Algeria

Updated 08 April 2013
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Global oil market well supplied: Algeria

LONDON: The global crude oil maket is well supplied and balanced, OPEC member Algeria's Energy and Mines Minister Youcef Yousfi was quoted as saying, ahead of an OPEC meeting next month to set output policy.
"The global oil market is well supplied and suffers no imbalance between supply and demand," the APS news agency quoted him as saying.
The Organization of the Petroleum Exporting Countries is scheduled to meet on May 1 in Vienna to review its policy for the second half of the year.


EU could compensate firms hit by US sanctions over Iran — French minister

Updated 20 May 2018
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EU could compensate firms hit by US sanctions over Iran — French minister

  • In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions

PARIS: France is looking to see if the European Union could compensate European companies that might be facing sanctions by the United States for doing business with Iran, said French finance minister Bruno Le Maire on Sunday.
Le Maire referred to EU rules going back to 1996 which he said could allow the EU to intervene in this manner to protect European companies against any US sanctions, adding that France wanted the EU to toughen its stance in this area.
In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions.
European firms doing business in Iran face sanctions from the United States after President Donald Trump withdrew from a 2015 nuclear deal with Iran.
“Are we going to allow the United States to be the economic policeman of the world? The answer is no,” Le Maire told C News TV and Europe 1 radio on Sunday.
Le Maire added it was important Italy kept its EU budget commitments, in light of plans by Italy’s new coalition government to ramp up spending — which could put Rome at odds with the EU.