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IEA's Birol: Surprised if Iranian Oil Exports Rebounded Soon

International Energy Agency chief economist Fatih Birol said Monday that he would be surprised if Iranian oil exports returned to pre-crisis levels soon, following the political accord Sunday on Iran’s nuclear program. “We may see currently some downwards pressure on the prices, but we’re still not there to comment on a structural impact on the markets, because the agreement is not yet clear about the future of Iranian oil production,” Mr. Birol told The Wall Street Journal on the sidelines of an Oslo oil conference hosted by Statoil ASA (STO). Crude-oil futures were lower Monday on expectations that more oil supply could soon be available to the global oil market. Mr. Birol said he would be surprised to see Iranian oil exports reach pre-crisis levels anytime soon. “It was about 2.2 million barrels per day, and I would be surprised to see that it would […]

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IEA’s Birol: Surprised if Iranian Oil Exports Rebounded Soon

International Energy Agency chief economist Fatih Birol said Monday that he would be surprised if Iranian oil exports returned to pre-crisis levels soon, following the political accord Sunday on Iran’s nuclear program. “We may see currently some downwards pressure on the prices, but we’re still not there to comment on a structural impact on the markets, because the agreement is not yet clear about the future of Iranian oil production,” Mr. Birol told The Wall Street Journal on the sidelines of an Oslo oil conference hosted by Statoil ASA (STO). Crude-oil futures were lower Monday on expectations that more oil supply could soon be available to the global oil market. Mr. Birol said he would be surprised to see Iranian oil exports reach pre-crisis levels anytime soon. “It was about 2.2 million barrels per day, and I would be surprised to see that it would […]

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Longer-Term Deal With Iran Faces Major Challenges

LONDON — The Obama administration’s successful push for an accord that would temporarily freeze much of Iran’s nuclear program has cast a spotlight on the more formidable challenge it now confronts in trying to roll the program back. For all of the drama of late-night make-or-break talks in Geneva, the deal that Secretary of State John Kerry and his negotiating partners announced early on Sunday was largely a holding action, meant to keep the Iranian nuclear program in check for six months while negotiators pursue a far tougher and more lasting agreement. By itself, the interim pact does not foreclose either side’s main options or require many irreversible actions — which was why the two sides were able to come to terms on it. That was also a reason for the sharp negative reaction the deal elicited on Sunday from Israel, an American ally that is deeply suspicious of […]

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Praise in Iran All the Way to the Top, Where Efforts Reportedly Preceded a President

TEHRAN — The smiling started early in Tehran on Sunday, when President Hassan Rouhani kissed a young schoolgirl in an Islamic head scarf before dozens of cameras, signaling that Iran’s future had taken a new turn. After years of seemingly endless bad tidings of more international sanctions, more inflation and more saber rattling, many in this capital received the news of the first nuclear agreement between Iran and world powers in more than a decade like an awakening from a bad dream, and they shared their emotions on social media. “When I checked my Instagram when I woke up, someone had posted a picture of an Iranian and American flag,” said Asal Khalilpour, 29. “After I read the comments saying a deal was made, tears started rolling down my cheeks of happiness. I couldn’t believe it.” People from across the Iranian political spectrum, including many hard-line commanders and clerics […]

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Easing of Iran sanctions to have no impact on crude tankers: sources

The partial and temporary easing of sanctions against Iran in return for a freeze of its nuclear programme is expected to have no impact on the crude oil tanker market as the deal agreed Sunday does not allow buyers to boost their import volumes from Tehran, market sources said Monday. “If no extra crude is being allowed for export, then what impact could it have on the tanker market,” an Iranian shipping source said, adding that most of the current exports are anyway being moved on National Iranian Tanker Company ships. A VLCC shipowner said there could be more cargoes for the VLCC sector, but only if the Iranians are allowed to export crude at “normal volumes.” India, China and South Korea have all been importing their crude on NITC tankers after the EU in July last year banned the provision of EU-linked […]

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Iraqi floods provide Internet fodder for frustrated residents

Flooding across Iraq that has left at least 13 people dead and caused widespread structural damage has also provided rich fodder for sarcastic Iraqis bemoaning their decrepit public services. The floodwaters, which have cut off entire areas of Baghdad and several other cities to most vehicles, were caused by several days of heavy rainfall that overwhelmed the crumbling drainage system. Video footage posted on Facebook depicted residents of the Iraqi capital negotiating water-logged streets in life rafts or on planks of wood, armed with makeshift oars. Edited pictures proliferated on social networks, jokingly placing crocodiles in the Baghdad floodwaters. Another superimposed Leonardo DiCaprio and Kate Winslet’s characters from 1998 blockbuster film Titanic on a bus making its way through the capital’s flooded streets. Another depicted a bikini-clad Western woman in the waters with the accompanying comment: “We have turned our neighbourhood into a tourist resort.” Others still […]

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Sunnis close Iraqi capital mosques in protest

Iraqi Sunni religious leaders said Saturday they closed the sect’s mosques in Baghdad indefinitely to protest attacks targeting clerics and worshippers, highlighting the country’s deepening sectarian rift. The closures came as violence across the country killed 12 people Saturday. Sheik Mustafa al-Bayati, a member of a council of senior Sunni scholars that issue religious edicts, said the decision taken Thursday came into effect Saturday. He said mosques would reopen Sunday. Many mosques appeared to comply. In Baghdad’s Sunni northern district of Azamiya, a banner at the closed gate of the hallowed Abu Hanifa mosque read: “The mosque is closed until further notice because of the targeting of imams, preachers and worshippers.” The mosque closures were “prompted by the systematic targeting of and injustice against Sunni clerics, mosques and worshippers,” al-Bayati told The Associated Press. “Today, it is not forbidden […]

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Egypt's interim president issues law restricting protests

Egypt’s interim president on Sunday banned public gatherings of more than 10 people without prior government approval, imposing hefty fines and prison terms for violators in a bid to stifle the near-constant protests roiling the country. The new law is more restrictive than regulations used under the rule of former dictator Hosni Mubarak, overthrown in Egypt’s 2011 uprising that marked the start of unrest in the country. Rights groups and activists immediately denounced the ban, saying it aims to stifle opposition, allows repressive police practices and keeps security officials largely unaccountable for possible abuses. “The law is giving a cover to justify repression by all means,” said Bahy Eddin Hassan, head of the Cairo Institute for Human Rights Studies, one of the local groups that had campaigned against the law. The military-backed government first floated the law in October. Interim President Adly Mansour approved a slightly amended version Sunday, […]

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Egypt’s interim president issues law restricting protests

Egypt’s interim president on Sunday banned public gatherings of more than 10 people without prior government approval, imposing hefty fines and prison terms for violators in a bid to stifle the near-constant protests roiling the country. The new law is more restrictive than regulations used under the rule of former dictator Hosni Mubarak, overthrown in Egypt’s 2011 uprising that marked the start of unrest in the country. Rights groups and activists immediately denounced the ban, saying it aims to stifle opposition, allows repressive police practices and keeps security officials largely unaccountable for possible abuses. “The law is giving a cover to justify repression by all means,” said Bahy Eddin Hassan, head of the Cairo Institute for Human Rights Studies, one of the local groups that had campaigned against the law. The military-backed government first floated the law in October. Interim President Adly Mansour approved a slightly amended version Sunday, […]

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Bomb attacks in Iraq kill 5 troops near Baghdad

Iraqi officials say a suicide car bomb and another bombing near Baghdad have killed five members of the country’s security forces. Police officials say the suicide bomber rammed his explosive-laden car against a police checkpoint in southern Baghdad on Monday, killing three policemen and wounding four others. Earlier in the day, a roadside bomb struck the car with two anti-al-Qaida Sunni militiamen in Baghdad’s northeastern suburb of Husseiniyah, killing them both. The militia, known as Sahwa, joined forces with U.S. troops at the height of the Iraq war to fight al-Qaida. Iraqi troops and Sahwa fighters have been a favorite target for Sunni insurgents, who consider them to be traitors. Medical officials confirmed the causalities. All officials spoke on condition of anonymity because they’re not authorized to talk to media. © 2013 The Associated Press . All rights reserved. This material may not be […]

Posted On : Published By : Tom Whipple