Indian refiners are ready to start transferring cash owed for Iranian oil as early as next week following a landmark deal to curb Tehran’s nuclear program that allows importers to shift billions of dollars back to Iran.
Middle East oil exporters are locked in an increasingly fierce battle for the world’s fastest-growing markets in Asia, as producers worldwide ship more crude east to compensate for shrinking demand from the United States and Europe.
The fight for the trillion-dollar Asian oil market has ended decades of comfortable dominance for Middle East producers, who faced so little competition that refiners in Asia complained of being charged a premium of a dollar or so per barrel above what buyers in Europe or the Americas paid.
World oil production stagnated between 2005 and 2007, which given rapid growth in demand from emerging economies sent oil prices shooting up. Some observers suggested that production might never rise much above the levels seen in 2005. Among those who raised this possibility, two of the more thoughtful have changed their mind.
TEHRAN, Iran — An Iranian newspaper says at least 500 Porsche cars have been imported by way of a Persian Gulf island that is also claimed by the United Arab Emirates.
Thursday’s report by the Javan daily quotes lawmaker Amir Khojasteh as saying it’s unclear who the importer was or why the island of Abu Musa was used as the route to bring the vehicles into Iran.
Khojasteh is demanding that Industry Minister Mahdi Ghazanfari elaborate on the case.
DUBAI, United Arab Emirates — A U.S. Coast Guard vessel fired in self-defence on an Iranian boat in the Persian Gulf, the Navy said Wednesday, an encounter that could exacerbate tensions between the two countries as they work to hammer out a lasting deal over Iran’s nuclear program.