A senior U.S. official urged South Korea on Tuesday to reduce its crude oil imports from Iran, ratcheting up pressure on Washington's close ally to help confront Tehran over its nuclear program.South Korea ...
SEOUL, South Korea (AP) -- A senior U.S. official urged South Korea on Tuesday to reduce its crude oil imports from Iran, ratcheting up pressure on Washington's close ally to help confront Tehran over its nuclear program....
DUBAI —Iran is preparing for a trade and investment boom that could reshape the region after agreeing with world powers to curb its nuclear program, paving the way for sanctions that have stifled its economy to be lifted.
Oil prices rose about 1 per cent on Tuesday, reversing early losses, after it became apparent that a nuclear deal between Tehran and six global powers will not immediately remove sanctions placed on Iranian crude exports.
A Reuters survey expected Tehran to raise exports by 60 per cent within a year.
By Debjit Chakraborty and Dhwani Pandya Iran will cut some benefits to Indian state-run refiners on crude purchases after the South Asian country decided to reduce the amount of oil it buys from the Persian Gulf nation, people with knowledge of the matter said. National Iranian Oil Co. will cut the credit period on crude oil sales to 60 days from 90 days for refiners such as Mangalore Refinery & Petrochemicals Ltd. and Indian Oil Corp., the people said, asking not be identified as the matter isn't public yet.
"The Saudis are preparing for Iran’s return," said Mohamed Sadegh Memarian, who recently retired as the head of petroleum market analysis at Iran’s oil ministry, as they sharply cut the prices they charge for crude oil in Europe (to the biggest discount since Feb 2009). The move that will likely undercut Iran happens as sectarian tensions escalate between the rival Middle Eastern nations.
NEW DELHI: Spurred by the prospect of an end to western sanctions, Iran has agreed to consider Indian demands for steep oil price discounts and other buying incentives, sources said, as it works to rebuild market share in a world awash with crude. Tehran's return to the market will deepen a global supply glut that has cut benchmark Brent crude prices by two-thirds since 2014, below the lows hit during the 2008 financial crisis and to levels last seen in 2004, leaving producers to battle for market share. The National Iranian Oil Company's international affairs director, S.M.
WASHINGTON: President Barack Obama, seeking to sell the Iran nuclear deal to skeptical US lawmakers and the American public, insisted on Wednesday that the landmark agreement was the best way to avoid a nuclear arms race and more war in the Middle East. Obama made his case in a nationally televised news conference a day after Iran and six world powers sealed an accord in Vienna to restrict Tehran's nuclear program in exchange for sanctions relief. "Without a deal," Obama said, "there would be no limits to Iran's nuclear program and Iran could move close to a nuclear bomb ...
A global deal to lift sanctions against Iran could unleash a flood of oil on to world markets by next year just as crude output recovers in Libya and Iraq, triggering a slide in prices and a major shake-up of the energy landscape.
The prospect of cheaper oil is a welcome relief for the West, but poses a major threat to Russia and a string of countries that depend on oil revenues to finance their budgets.