So far we have not seen major disruptions with oil supply…if ISIL has control over [refineries] that would be a source of concern…one of our goals should be to make sure…if there do end up being disruptions in Iraq, that some [other producers] are able to pick up the slack.
Exxon Mobil will continue to be robust and will maintain record levels of investment, valued at $27 billion in 2011, in the next couple of years despite the downturn in global oil demand and fluctuations in prices, Rex Tillerson, CEO of Exxon Mobil, told CNBC on Tuesday.
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U.S. officials have described as “inaccurate” a report that the White House plans to ask the United Kingdom to join it in a bilateral release of the two nations’ strategic oil reserves, according to multiple news outlets.
Retail gasoline prices in the US have skyrocketed over 13 percent — more than 40 cents — so far this year, as the price of crude oil has surged to the highest level since last May.
Benchmark crude oil prices will likely continue moving above $100 a barrel as an embargo on Iranian oil exports widens and fears mount that oil shipments may be disrupted from the Persian Gulf as a ‘war of words’ escalates between Tehran and the U.S., CNBC’s weekly survey showed.
Pending sanctions against Iran are designed to cause swifter economic pain than past penalties, and Iran is ramping up rhetoric in response.
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