Energy crisis

Greece to be the first EU country to buy crude oil from Iran since trade sanctions lifted

Hellenic Petroleum, Greece’s largest refinery, has struck a deal to buy oil from the National Iranian Oil Company in the first sale of Iranian crude oil to a European country since trade sanctions were lifted. The long-term agreement announced on Friday said that deliveries are to begin immediately.

Thomson Reuters: Greece imported large amounts of crude as ‘Grexit’ fears surged

A recent sector report by Thomson Reuters reveals that vessel tracking data for July 2015 showed that Greece’s imports of crude oil rose by a whopping 84 percent, month-on-month, with fears over Grexit during the tumultuous month given as the primary reason.

IEA sees renewed pressure on oil prices as glut worsens

Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on March 13.

The West's energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices.

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