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OPEC moves towards raising oil supply as Iran softens stance

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VIENNA: OPEC moved closer on Friday toward boosting oil output as its leader Saudi Arabia appeared to have persuaded arch-rival Iran to cooperate, after major consumers warned of a supply shortage. Saudi Arabia and non-OPEC Russia have said a production increase of about 1 million barrels per day (bpd) or around 1 percent of global supply had become a near-consensus ... Read More »

Iran may accept OPEC oil production increase with conditions

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ANKARA: Iran might conditionally accept an oil production rise, which Saudi Arabia and Russia are pushing for from July to meet growing global demand, Iran’s Seda weekly said on Twitter, quoting an Iranian official. “The condition means no other country has the right to compensate for another country’s oil production decrease. For example, Saudi Arabia should not compensate for Venezuela’s ... Read More »

Israel charges ex-minister Gonen Segev with spying for Iran

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Israel has charged a former cabinet minister with spying for Iran, the Shin Bet internal security service says. Gonen Segev, a medical doctor who served as energy minister in the 1990s, was allegedly recruited by Iranian intelligence while living in Nigeria. He was detained during a visit to Equatorial Guinea in May and extradited following a request by Israeli police. ... Read More »

Iran makes hard turn East as fate of nuclear deal dims

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As the fate of the 2015 nuclear deal hangs in a balance, and with Europe wavering in doing business with Iran due to the return of US sanctions, Tehran is making a hard turn East to boost its economy, and counter mounting pressure from Western powers. On Friday, Iranian President Hassan Rouhani heads to China for an economic and security ... Read More »

German container line Hapag-Lloyd scaling back Iran business

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FRANKFURT: German shipping line Hapag-Lloyd has stopped one of two feeder services to Iran and will decide on the remaining one before a Nov. 4 deadline imposed by the United States, which has reimposed sanctions on Tehran. Hamburg-based Hapag-Lloyd, the world’s fifth largest container company, said it had initiated a process to stop handling products included in the list of ... Read More »

Price of lunch with Warren Buffett climbs over $3 million

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Iran: The price of a private lunch with billionaire investor Warren Buffett could set a record this year because bids have already surpassed $3 million. Buffett’s annual online auction is underway to benefit the Glide Foundation’s work helping the homeless in San Francisco. The auction closes Friday evening. The record set in 2012 and 2016 is $3,456,789.Buffett has raised more ... Read More »

Pakistan, Iran agree to strengthen economic ties through enhanced trade, connectivity

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QINGDAO : pakistan and Iran Saturday agreed to further strengthen the bilateral economic ties by enhancing people-to-people contacts, trade and connectivity between Gwadar and Chahbahar ports. This was agreed in a bilateral meeting between President Mamnoon Hussain and his Iranian counterpart Dr Hassan Rouhani here. The meeting took place at Grand Regency Hotel on the sidelines of the 18th Meeting ... Read More »

Iran, Iraq Start Oil Swap

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Iran’s ministry of petroleum announced that road tankers carrying oil from Iraq’s Northern city of Kirkuk had crossed the Iranian border and were already delivering oil to reserves in the Western Province of Ilam. “By setting up relevant facilities and a pumping house, Iraqi’s Kirkuk crude oil will be pumped from Darresh Shahr to Tang Fanni and then to Kermanshah, ... Read More »

Iran lists demands for staying in nuclear deal

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Iran has said it will decide in the next few weeks whether to pull out of the nuclear deal signed in 2015 and start enriching uranium capable of making a nuclear bomb. The announcement was made by Tehran as its officials met counterparts from France, Britain, Germany Russian and China in Vienna on Friday to assess how the deal can ... Read More »

Iran devalues rial to 42k against US dollar

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In a sign that it will allow some flexibility in exchange rates under threatened US sanctions, Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month. In early April, with the rial sinking to record lows before US President Donald Trump’s decision ... Read More »

Oil prices edge down amid worries Saudi Arabia, Russia to boost output

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Saudi Arabia : Oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices. Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential ... Read More »

Iran decreasing trade balance gap with Russia

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TEHRAN: The latest official trade statistics of Iran indicates that the Islamic Republic is decreasing the trade balance gap with Russia, as the country has increased its exports to Russia. The trade balance between the two countries has decreased from $1,350 million in the fiscal year to March 2017 to $457.5 million in the last fiscal year (ended March 2018), ... Read More »

Angela Merkel, chinese premier defend Iran deal, free trade

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Beijing:German Chancellor Angela Merkel and Chinese Premier Li Keqiang defended the Iran nuclear deal on Thursday, with Li hinting that terminating the pact would complicate negotiations with North Korea. Merkel and Li showed a united front on Iran and free trade — two issues that have seen high-profile interventions by US President Donald Trump — during their meeting at the ... Read More »

Iran Government Says No Evidence Against Detained Environmentalists

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Tehran, :Iran’s environment chief said Tuesday that a government committee had concluded there was no evidence against wildlife activists rounded up on spying charges in recent months. Isa Kalantari, head of the government’s department of environment, told state news agency IRNA that the conclusion had been reached by a special four-man committee, including the ministers of justice, interior and intelligence, ... Read More »

Iraq’s al-Sadr, promising reform, is constrained by Iran

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BAGHDAD: Iraq’s Muqtada al-Sadr, the maverick Shiite cleric whose political coalition beat out Iran’s favored candidates to come in first in national elections, says he wants to form a government that puts Iraqis first. The electoral commission announced early Saturday that the militant-turned-populist preacher, who has long spoken out against both Iranian and US influence in Iraq, had defeated his ... Read More »

China’s CNPC ready to take over Iran project if Total leaves

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China’s state-owned energy major CNPC is ready to take over Total’s stake in the giant Iranian South Pars gas project if the French company leaves amid newly announced U.S. sanctions, industry sources said, Reuters reports. The United States this week said it would impose new sanctions against major oil and gas producer Iran after abandoning an agreement reached in late ... Read More »

Oil tops $80 for first time since 2014 amid Iran export fears

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Iran : Crude oil has surged to its highest value in three-and-a-half years with investors concerned about supplies from Iran, which is facing the re-imposition of sanctions from the United States. “The geopolitical noise and escalation fears are here to stay,” said Norbert Rücker, head of macro and commodity research at Swiss bank Julius Baer, as quoted by Reuters. “Supply ... Read More »

Iran signs provisional pact to enter Russia-led free-trade zone

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The five-nation Eurasian Economic Union (EEU) has signed a 3-year provisional agreement with Iran to welcome the Islamic Republic into the bloc’s free-trade zone. “The temporary agreement stipulates an effective dispute settlement mechanism, including arbitration… It also creates a joint committee of high-ranking officials and establishes a business dialogue,” the chair of EEU economic commission board, Tigran Sargsyan, said at ... Read More »

Oil markets firm amid OPEC cuts, Iran sanctions

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SINGAPORE: Oil prices were stable on Tuesday as ongoing production cuts by OPEC and looming US sanctions against Iran threatened to tighten the market amid signs of ongoing strong demand. Brent crude futures, the international benchmark for oil prices, were at $78.21 per barrel at 0639 GMT, virtually unchanged from their last close and not far off a three-and-a-half year ... Read More »

US move on Iran threatens €143m Irish export trade

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Iran: More than €143 million worth of Irish exports to Iran are under threat from US president Donald Trump’s decision to pull out of the international nuclear deal and to reimpose sanctions on the Islamic state. Several Irish firms began trading with Iran, the Middle East’s second-largest economy, in the wake of the 2015 deal to control Tehran’s nuclear ambitions, ... Read More »