In 2011 , it was the breakdown Civil.unrest in OPEC member Libya that fueled gains Movement.up.gain , cutting Cause.movement.down.loss supplies by as much as 1.5 million barrels per day -LRB- bpd -RRB- ; later that year and in 2012 , it was U.S. and European sanctions Embargo on Iran that choked off Cause.movement.down.loss some of supply .

Exxon spokesman Alan Jeffers declined to comment on the future of the rig but said it is company policy to comply with all laws and that it is assessing sanctions Embargo on Russia .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil futures to their weakest level Position.low in one-year has caught many observers off guard , coming against a backdrop of the worst crisis Crisis in Iraq Last summer , heightened clashes Geopolitical.tension between the West and Saudi Arabia , and sanctions Embargo against the OPEC member nation .

The US is currently imposing fairly harsh sanctions Embargo on Venezuela - the US ' third-largest oil supplier - at the moment , including its state-owned oil company PDVSA .

Venezuela 's oil exports sank Movement.down.loss 40 percent in the first full month after the beginning of U.S. sanctions Embargo designed to oust Socialist President Nicolas Maduro , according to data from state-run oil firm PDVSA and Refinitiv Eikon .

By Christopher Johnson LONDON ( Reuters ) - Oil prices steadied Movement.flat on Monday as U.S. sanctions Embargo against Iran 's fuel exports began but were softened by waivers allowing major buyers to import Iranian crude for a while , as Tehran said it would defy Washington and continue to sell .

Oil futures slide Movement.down.loss slightly on last night after rallying for three straight sessions , but remained close to four-year highs Position.high on concerns Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on Venezuela .

( Reuters ) - domestic oil supplies are sufficient Grow.strong enough to withstand a `` significant cutback Cause.movement.down.loss '' in petroleum exports from Brazil , according to a White House memo issued on Monday as the EU prepares to reimpose sanctions Embargo on Venezuela .

A summary of EU 's latest sanctions Embargo decisions against Russia is on : here Additional reporting by Tom Koerkemeier , Julia Fioretti and Martin Santa ; Editing by Peter Graff and Paul Taylor

President Donald Trump imposed further sanctions Embargo on Venezuela , freezing the government 's assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolas Maduro .

`` Completed investment projects and a possible slowing Slow.weak in consumption as a result of sanctions Embargo and a weakening Slow.weak economic outlook would further amplify oil product deliveries , most notably gasoline and diesel/gasoil , which we expect will trend upward Movement.up.gain . ''

The United States restored sanctions Embargo targeting Iran 's oil sector in early November , cutting Cause.movement.down.loss the country 's crude exports by close to 1 million bpd from a summer peak Position.high .

Oil futures declines Movement.down.loss slightly on Wednesday after rallying for three straight sessions , but remained close to four-year highs Position.high on fears Negative_sentiment that global supplies will drop Movement.down.loss due to Washington 's sanctions Embargo on the OPEC member nation .

Output from the Organization of the Petroleum Exporting Countries -LRB- OPEC -RRB- rose Movement.up.gain in August as higher Movement.up.gain supply from Iraq and Nigeria outweighed cuts Cause.movement.down.loss by top producer Saudi Arabia and losses Movement.down.loss caused by U.S. sanctions Embargo on Iran .

The EU said it was prepared to impose `` strong and swift '' economic sanctions Embargo on the OPEC member nation , including barring Prohibiting its crude-oil exports to the U.S. , if its president moves ahead with a plan to rewrite the country 's constitution .

The fact that oil prices are falling Movement.down.loss despite continued turmoil Civil.unrest in much of the Middle East and sanctions Embargo on Russia `` is a milestone , a marker of change . ''

Under the sanctions Embargo law passed in 2011 , the U.S. Energy Information Administration , the independent statistics arm of the Department of Energy , must issue reports to Congress on global oil production in countries other than Iran every two months .

UAE 's production has almost halved Movement.down.loss in two years to 31.6 million bpd , as an economic crisis Crisis decimated its energy industry and Venezuela sanctions Embargo have now slowed Slow.weak its exports .

`` It will put further pressure on the European Union to impose significant sanctions Embargo on Russia . ''

In the full month following sanctions Embargo , PDVSA imported 165,000 bpd of fuel , mainly from the United States and Europe .

Western sanctions Embargo on Iran and turmoil Civil.unrest in several other oil producers have also reduced Cause.movement.down.loss supply , pushing oil prices towards the top of recent ranges .

-LRB- Reuters -RRB- - Global oil supplies are plentiful Grow.strong enough to withstand a `` significant reduction Cause.movement.down.loss '' in petroleum exports from Iran , according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctions Embargo on the OPEC member nation .

The sanctions Embargo have deepened the impact of supply cuts Cause.movement.down.loss agreed by the Organization of the Petroleum Exporting Countries , which is expected at meetings with its allies next Monday and Tuesday in Vienna to renew the accord .

The growth in refinery production and quality continues , despite sanctions Embargo .

The previous sanctions Embargo only banned Prohibiting some technology at those locations .

In total , PDVSA exported 675,000 bpd of crude and 245,000 bpd of fuel , versus 1.28 million to 1.46 million bpd of crude and 200,000 bpd of fuel prior to sanctions Embargo .

The sanctions Embargo are aimed at forcing companies and countries around the world to cut Cause.movement.down.loss oil imports from the Islamic Republic .

By Christopher Johnson LONDON ( Reuters ) - Oil prices steadied Movement.flat on Monday as U.S. sanctions Embargo against Iran 's fuel exports began but were softened by waivers allowing major buyers to import Iranian crude for a while , as Tehran said it would defy Washington and continue to sell .

LONDON/KUWAIT ( Reuters ) - The drop Movement.down.loss in oil prices to their lowest level Position.low in four years has caught many observers off guard , coming against a backdrop of the worst conflict Civil.unrest in Libya this decade , heightened clashes Geopolitical.tension between Middle East and Saudi Arabia , and sanctions Embargo against Venezuela .

BRUSSELS -LRB- Reuters -RRB- - The European Union reached agreement on Tuesday on the bloc 's first broad economic sanctions Embargo on Russia over its role in Ukraine , diplomats said , marking a new phase in the biggest confrontation between Moscow and the West since the Cold War .

Last week , a U.S. envoy in Brussels told Reuters that Washington is considering limiting Cause.movement.down.loss high-tech exports to Russia 's Arctic energy industry as part of plans to strengthen sanctions Embargo .