World of Oil ///

The US House of Representatives rejected legislation that would have required energy companies to develop oil and natural gas supplies on federal leases that they have held for years or be denied future drilling access on government land. The Responsible Federal Oil & Gas Lease Act-also known as the “Use It or Lose It” bill-did not receive enough votes needed to move the bill forward. Russia established official limits on the sale of shares in strategic and raw materials companies to foreigners. Under the new rules, companies engaged in geological exploration are subject to the tightest cap and will be allowed to sell only 5% of their shares to foreigners. Iran has reached its highest production levels since 1979 and plans to increase production further. “

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