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On Iran, senators defy White House, threaten new sanctions

The escalation in the fight over sanctions comes less than four weeks after diplomats from Iran and six world powers signed a historic accord in Geneva that temporarily freezes key parts of Tehran’s nuclear program in return for short-term relief from some economic sanctions. Negotiators set a six-month deadline for hammering out a permanent treaty that would set strict limits on Iran’s nuclear capabilities. The measure introduced Thursday, if approved, would impose harsh new sanctions on Iran’s petroleum industry while also threatening U.S. allies and partners with financial restrictions unless they sharply curtail trade with Iran. The sanctions would go into effect if Iran violates the terms of the temporary accord reached last month or if it fails to reach a permanent agreement with world powers in a timely manner. Sponsors of the bill said the measure would increase U.S. leverage as its diplomats continue to work toward a […]

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Iraqi Kurds pump oil to Turkey amid fears of new clash

Iraq’s semiautonomous Kurdish enclave has reportedly started pumping oil direct to neighboring Turkey via a new pipeline even though Baghdad has not approved the landmark deal between the Kurds and Ankara, raising concerns of a new clash with Baghdad. But the Financial Times said Baghdad is expected to endorse the pipeline deal in negotiations now under way with the Kurdistan Regional Government in Erbil and the Turkish government, a project that will have important geopolitical consequences for the region. The Iraq Oil Report, a website that monitors Iraq’s energy industry, reported the oil flow which began a week ago is primarily to test the pipeline. But it stressed this is "a significant step toward Kurdistan’s first independent pipeline exports." The Financial Times said Iraqi Prime Minister Nouri al-Maliki ‘s government will likely secure 83 percent of revenues generated by KRG exports with the […]

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Double bombing kills 6 in Iraq

Authorities in Iraq say a double bombing at a sheep market in a town north of the capital, Baghdad, has killed six people. Police officials say the Friday morning attack took place when two bombs exploded at the sheep market in Tuz Khormato, about 200 kilometers (130 miles) north of Baghdad. At least 10 people were also wounded in the attack. A hospital official confirmed the casualty figures. All officials spoke on condition of anonymity because they were not authorized to talk to the media. Violence has been on the rise in Iraq since a deadly security crackdown on a Sunni protest camp in a northern town in April. At least 352 people have died in attacks across the country so far this month, according to an Associated Press count. © 2013 The Associated Press . All rights reserved. This material may not be published, broadcast, […]

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Saudis to Expand Offshore Oil Field without Kuwait

Top oil exporter Saudi Arabia will go it alone in boosting the capacity of an offshore oil field in its shared neutral zone with Kuwait after the neighboring Persian Gulf state withdrew from the project due to political deadlock between parliament and the government, two people familiar with the matter said. Kuwait had initially told Khafji Joint Operations, the joint venture that oversees and develops the operations at the neutral zone, that it would participate in the Khafji offshore project, but later pulled out due to political troubles in the country, the people said. "Kuwait has several problems between its parliament and the government that are causing delays in several projects including Khafji, which is not a top priority for the government at the moment," said one person familiar with the matter. "No official wanted to make a decision on sharing the costs of the project and get questioned […]

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Nigeria Plans to Stick to Spending Targets as Oil Output Falls

Nigeria plans to spend 4.9 trillion naira ($30.96 billion) in 2014, little changed from this year, amid government expectations of reduced oil production. Budget proposals submitted by Finance Minister Ngozi Okonjo-Iweala to lawmakers today in Abuja on behalf of President Goodluck Jonathan are based on an oil output of 2.39 million barrels a day and a price of $77.5 a barrel. The economy will expand 6.75 percent next year, faster than this year’s 6.5 percent estimate, with the budget deficit increasing to 1.9 percent of GDP from 1.2 percent this year. Africa’s biggest oil producer will use an exchange rate of 160 naira a dollar to calculate its expenditure, according to the minister. Oil output estimates for next year are 6 percent lower than the figure of 2.53 million barrels a day used for this year’s spending plan. In his medium-term expenditure proposals sent to lawmakers in September, Jonathan […]

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S. Sudan: 34,000 seeking shelter from violence

The U.N. says 34,000 people in South Sudan are seeking refuge at U.N. bases in three locations across the country. The U.N.’s humanitarian arm said Friday that 20,000 people are seeking shelter in the capital, Juba, while 14,000 are seeking shelter in Bor, the capital of Jonglei state, the scene of heavy violence this week. Several hundred people are seeking shelter in Bentiu, the capital of Unity State, where South Sudan’s oil fields are concentrated. The U.S. Embassy was flying out a fifth emergency evacuation flight on Friday. A German plane was also scheduled to fly out. Violence broke out among South Sudan’s presidential guard late Sunday night. Fighting spread across the country over the next several days, leading to fears of a civil war between ethnic groups. © 2013 The Associated Press . All rights reserved. This material may not be […]

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Fatal Assault and Fears of War as Turmoil Builds in South Sudan

The United Nations said on Friday it had sent helicopters to rescue personnel from a base in South Sudan that came under lethal attack as a political crisis worsened significantly and President Obama warned that the world’s youngest country “stands at the precipice.” The number of civilians seeking refuge in the United Nations’ other facilities there exceeded 30,000 and diplomats expressed fears about the potential for a civil war. Britain, which began evacuating its nationals on Thursday, said Friday that it would send a second airplane to Juba, the capital. “We strongly advise all British nationals in South Sudan to leave the country if they can do so safely,” the Foreign Office said, adding that it might become more difficult to escape if the situation worsened further. The United States suspended operations at its embassy in Juba this week and offered similar advice to Americans. On its […]

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Fukushima's last two reactors to be decommissioned

Tokyo Electric Power Company, operator of Japan’s stricken Fukushima nuclear power plant, will decommission the facility’s two remaining reactors, Units 5 and 6. Reactors 1 to 4 were declared defunct in April, 2012, 13 months after the devastating 2011 earthquake and tsunami. That leaves Japan with just 48 operable nuclear reactors, all of which remain offline, pending safety checks after the Fukushima nuclear power plant disaster. "With the decision to decommission the two units, the whole power station will now be decommissioned," Tepco said in a statement Wednesday. "We feel an overwhelming sense of shame and regret at the fact that by this accident, we have failed to repay the trust placed in us by the local residents," the utility said. The entire 6-unit facility had a total output 4,696 megawatts. Last month, Tepco started the delicate operation of removing more than 1,000 nuclear […]

Posted On : Published By : Tom Whipple
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Fukushima’s last two reactors to be decommissioned

Tokyo Electric Power Company, operator of Japan’s stricken Fukushima nuclear power plant, will decommission the facility’s two remaining reactors, Units 5 and 6. Reactors 1 to 4 were declared defunct in April, 2012, 13 months after the devastating 2011 earthquake and tsunami. That leaves Japan with just 48 operable nuclear reactors, all of which remain offline, pending safety checks after the Fukushima nuclear power plant disaster. "With the decision to decommission the two units, the whole power station will now be decommissioned," Tepco said in a statement Wednesday. "We feel an overwhelming sense of shame and regret at the fact that by this accident, we have failed to repay the trust placed in us by the local residents," the utility said. The entire 6-unit facility had a total output 4,696 megawatts. Last month, Tepco started the delicate operation of removing more than 1,000 nuclear […]

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U.S. Fuel Consumption Advanced in November, API Says

U.S. fuel consumption increased in November to the highest level for the month in six years as the economy grew, the American Petroleum Institute said. Total deliveries of petroleum products, a measure of demand, rose 4.9 percent from a year earlier to 19.4 million barrels a day, the industry-funded group said today. It was the highest level for November since 2007. Year-to-date use has averaged 18.7 million barrels a day, up 1.7 percent from 2012. “Last month’s increase in demand reflected gathering strength in the broader economy,” said John Felmy, chief economist at the API in Washington . Demand for gasoline climbed 5.4 percent to 8.94 million barrels a day last month, the report showed. Consumption of jet fuel surged 7 percent from a year earlier to 1.48 million barrels a day in November. Consumption of distillate fuel, the category that includes diesel and heating oil, gained. Diesel demand […]

Posted On : Published By : Tom Whipple