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A worker walks under a road of pipelines at the Petroleos Mexicanos Miguel Hidalgo oil refinery in Tula de Allende, Mexico, on Thursday, March. 6, 2013. Susana Gonzalez /Bloomberg

Refiners would lose big if oil export ban is loosened, EIA report says

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Congress is set to begin considering legislation to end the prohibition as soon as next week, though a split in the industry is complicating the effort to get it passed, particularly the Senate.
Oil wells in the Franja del Orinoco region of Venezuela (Houston Chronicle)

Crash could cost cities in U.S. and Canada cities $170 billion

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The losses, which represent about 2 percent of combined GDP for the 35 cities studied, surpassed estimates for the impact of natural disasters such as floods and earthquakes as well as terrorist attacks, the London-based insurance market said Thursday in a report.
Liquefied natural gas export terminals including Cheniere Energy's $18 billion Sabine Pass facility nearing completion  in Cameron Parish, Louisiana,  should boost demand for U.S. natural gas. (Cheniere Energy photo)(Cheniere Energy)

Gas exports from Iran, Egypt seen threatening U.S. ambitions

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Projects from North America to East Africa and Australia may be impacted as Iran progresses with its “supergiant” South Pars gas field and after Eni SA’s discovery of massive resources offshore Egypt.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC split on need for long-term oil-price forecasts

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The disagreement reflects internal divisions over whether OPEC policy should focus on prices or the stability of the oil market.
A boat of tourists moves on Dubai creek, with the city skyline in the background in Dubai, United Arab Emirates. (AP file photo/Kamran Jebreili)

Dubai property prices fall most in the world amid cheap oil

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The decline in Dubai was larger than real estate prices in Ukraine, which has been by a separatist insurgency.
OIL GAS RIG

Penn West will scrap dividend, fire one-third of its workers

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The company is cutting more than 400 employees, including full-time workers and contractors, it said in a statement Tuesday.
The Maersk Developer drills an exploratory well into Statoil's Martin prospect, about 3,000 feet below the surface in the Gulf of Mexico. Two years ago, Statoil paid $157 million for the right to drill into a single 9-square-mile block at the site and the Norwegian company is now spending about $1.1 million a day to rent the Developer, supply the drilling rig and pay for other contractors. (Jennifer A. Dlouhy / Houston Chronicle)

Maersk gets approval for $4.5 billion U.K. North Sea gas field

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The field, located in the central part of the British area of the North Sea, is expected to produce enough natural gas to meet 5 percent of the U.K.’s total demand in 2020 or 2021.
Phillips 66 operates the Gulf Coast Fractionators facility in Mont Belvieu, Texas. (Phillips 66)

Berkshire discloses $4.5 billion stake in Phillips 66

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Berkshire held almost 58 million shares after purchases this week, or more than 10 percent of the total outstanding, according to a regulatory filing issued Friday by Warren Buffett’s Omaha, Nebraska-based company.
(Spencer Platt/Getty Images)

Oil jumps up 6 percent

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The rebound follows the lowest close since February 2009 on Monday after a slump in Chinese stocks sent ripples through global financial markets. Crude is still down 15 percent this year on concern a supply glut will persist.