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World needs new offshore oil investments to avoid shortages

HOUSTON: Higher investments in offshore oil production are critical to avoiding a supply squeeze by 2020, as expanding shale output will not match projected demand increases in the next few years, U.S. oil producer Hess Corp said on Thursday. The past four years of low oil prices have major producers pulling back on needed offshore investment, and the gap between supply and demand should help prices rebound, Hess Chief Operating Officer Greg Hill said at an energy conference at Rice University’s Baker Institute. “The…

Retail US gasoline prices surge as refineries warn of shortages after Harvey

NEW YORK: Retail US gasoline prices rose 2.8 percent from Friday to Saturday as refineries warned customers about fuel-supply shortages caused by Hurricane Harvey. They were at $2.59 a gallon, according to motorists advocacy group AAA. It represents a 16.7 percent rise in the average price from a year ago. Prices have risen more than 17.5 cents since Aug. 23, before the storm began. Average prices in Texas, the epicenter of the storm, rose more than 3 percent from Friday to Saturday, and are up 12 percent from a…

Drug shortages and malnutrition in Mosul

MOSUL: Malnutrition, child deaths and drug shortages -- healthcare in west Mosul is getting worse by the day as Iraqi forces press an offensive to wrest it from the Islamic State group. "Our neighbours' son died four days ago," Abu Ahmad, a resident of Bab al-Jadid district, told AFP by phone from the militants' last remaining Iraqi stronghold. "The lack of food, combined with the boy's fragile health, killed him. He was just six years old." Abu Ahmad, who did not want to give his full name, said many residents had…