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World powers and Iran make “good start” towards nuclear accord

Six world powers and Iran made a "good start" during talks in Vienna towards reaching a final settlement on Tehran’s contested nuclear program, the European Union’s foreign policy chief Catherine Ashton on Thursday. Speaking to reporters after three days of negotiations, Ashton said the two sides had identified the ingredients of an accord that could put an end to years of hostility between the West and the oil producing nation. But she cautioned that future negotiations, which western governments want to wrap up by late July, would not be easy. "We have had three very productive days during which we have identified all of the issues we need to address in reaching a comprehensive and final agreement," she told reporters. "There is a lot to do. It won’t be easy but we have made a good start." Senior diplomats from the six powers – the United […]

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Iran, powers seek to agree basis for final nuclear deal

Six world powers and Iran appeared to make some progress at a second day of talks in Vienna on Wednesday to hammer out an agenda for reaching an ambitious final settlement to the decade-old standoff over Tehran’s nuclear program. The United States, Russia, China, Britain, France and Germany want a long-term agreement on the permissible scope of Iran’s nuclear activities to lay to rest concerns that they could be put to developing atomic bombs. Tehran’s priority is a complete removal of damaging economic sanctions against it. The negotiations will probably extend at least over several months, and could help defuse many years of hostility between energy-exporting Iran and the West, ease the danger of a new war in the Middle East, transform the regional power balance and open up major business opportunities for Western firms. Both sides were relatively upbeat about the first meeting. "The talks […]

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Framework Is Set for Iran Nuclear Talks

Iran and world powers have agreed to a framework and timetable for negotiations aimed at permanently ending the military threat posed by Tehran’s nuclear program, according to Iranian and Western officials. Iran and the international diplomatic bloc—comprised of the five permanent members of the United Nations Security Council plus Germany, or P5+1—will meet again in Vienna on March 17 to 20, according to a Western diplomat, and are preparing to have monthly meetings to try and forge a final, comprehensive deal, said these officials. Neither Iranian nor Western officials would map out exactly the terms of the negotiating agreement. They said more details would be announced Friday morning in Vienna during a joint press conference between Iranian Foreign Minister Javad Zarif and the coordinator for the P5+1, European Union foreign policy chief Catherine Ashton. U.S. and Iranian officials had set a low bar for this week’s first round of […]

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Kurds Say Have Not Agreed to Export Oil Via Iraq's SOMO

Kurdistan has not agreed to export crude via Iraq’s State Oil Marketing Organisation (SOMO), a spokesman for the autonomous region’s government said on Thursday, contradicting earlier comments by a top energy official in Baghdad. Iraq’s Deputy Prime Minister for Energy Hussain al-Shahristani said in a televised interview late on Wednesday that the Kurds had agreed to export through SOMO, which would have removed a major sticking point between them over oil exports. Kurdistan’s prime minister and top energy official travelled to Baghdad earlier this week, intensifying efforts to settle the long-running dispute over exports of oil from the region via a new independent pipeline to Turkey. But Kurdistan Regional Government spokesman Safeen Dizayee said on Thursday that was not the case. "Absolutely we have not reached any agreement to export oil via SOMO. The dialogue and discussions are still underway". Dizayee described […]

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Kurds Say Have Not Agreed to Export Oil Via Iraq’s SOMO

Kurdistan has not agreed to export crude via Iraq’s State Oil Marketing Organisation (SOMO), a spokesman for the autonomous region’s government said on Thursday, contradicting earlier comments by a top energy official in Baghdad. Iraq’s Deputy Prime Minister for Energy Hussain al-Shahristani said in a televised interview late on Wednesday that the Kurds had agreed to export through SOMO, which would have removed a major sticking point between them over oil exports. Kurdistan’s prime minister and top energy official travelled to Baghdad earlier this week, intensifying efforts to settle the long-running dispute over exports of oil from the region via a new independent pipeline to Turkey. But Kurdistan Regional Government spokesman Safeen Dizayee said on Thursday that was not the case. "Absolutely we have not reached any agreement to export oil via SOMO. The dialogue and discussions are still underway". Dizayee described […]

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Iraq's oil exports dip by 4.8 percent in January

Iraq’s Oil Ministry says crude exports have averaged 2.229 million barrels a day in January, a decrease of nearly 4.8 percent from the previous month. In a statement posted on its website Wednesday afternoon, the ministry also said last month’s revenues stood at $7.074 billion, based on an average price of $102.373 per barrel. December’s oil exports averaged 2.341 million barrels a day, bringing that month’s revenues to $7.470 billion, based on an average price of $102.893 per barrel. The statement quoted the oil minister as blaming bad weather and sabotage attacks by militants for the dip in exports. Iraq holds the world’s fourth largest oil reserves, some 143.1 billion barrels. Oil revenues make up nearly 95 percent of Iraq’s budget. © 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and […]

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Iraq’s oil exports dip by 4.8 percent in January

Iraq’s Oil Ministry says crude exports have averaged 2.229 million barrels a day in January, a decrease of nearly 4.8 percent from the previous month. In a statement posted on its website Wednesday afternoon, the ministry also said last month’s revenues stood at $7.074 billion, based on an average price of $102.373 per barrel. December’s oil exports averaged 2.341 million barrels a day, bringing that month’s revenues to $7.470 billion, based on an average price of $102.893 per barrel. The statement quoted the oil minister as blaming bad weather and sabotage attacks by militants for the dip in exports. Iraq holds the world’s fourth largest oil reserves, some 143.1 billion barrels. Oil revenues make up nearly 95 percent of Iraq’s budget. © 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and […]

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Energy Firms in Talks to Sell Israeli Gas to Egypt

Israel’s recently discovered offshore natural gas is generating momentum for politically important supply deals that could alleviate energy shortages in Jordan and Egypt. The drilling consortium led by Israel’s Delek Group Ltd. and Texas-based Noble Energy said Wednesday it signed a deal to supply gas to chemical companies in Jordan, marking Israel’s first energy export deal and bolstering ties between the neighboring countries. The same offshore drilling group is holding initial talks on a much larger supply deal with Egypt, people familiar with the matter said. Drillers announced two Mediterranean finds in recent years with some 650 billion cubic meters of gas. Flush with energy reserves that could last for decades, Israel has been considering exports to several countries in the eastern Mediterranean including Cyprus and Turkey. Despite the modest size of the deal with Jordan, it has important geopolitical implications. It was the focus of talks between King […]

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Disillusionment in Libya Over Vote on Charter Assembly

For the second time since the overthrow of Col. Muammar el-Qaddafi two and a half years ago, Libyans are being asked to go to the polls to elect lawmakers responsible for preparing a new constitution. On Thursday, increasingly frustrated voters will directly elect a 60-member assembly to draft the charter after Parliament failed to appoint the body as originally planned. “People are saying: ‘What happened?’ ” said Claudia Gazzini, a senior analyst for the International Crisis Group who is based in Libya. Disillusioned with the lack of progress, Libyans are disinclined to come out and vote, she said. “They are saying: ‘I’m not going to dip my hand in the ink this time.’ ” Precious little has been achieved in Libya since the war that killed Colonel Qaddafi and ended his 42 years of autocratic rule. The country held its first free elections amid much euphoria […]

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Saudi Arabia Seen Needing to Boost Oil Exports as Spending Rises

Saudi Arabia, the world’s biggest crude exporter, probably needs to boost shipments this year to keep pace with record government spending , according to a former adviser to the nation’s finance ministry. The country needs to at least match the 7.54 million barrels a day it shipped last year and will probably need to sell more, John Sfakianakis, chief investment strategist at Riyadh-based MASIC, an investment company , said by phone today. He previously worked as chief economist for two Saudi Arabian banks and worked in the ministry of finance as a full-time adviser between 2011 and 2013. Extra shipments could be negative for oil prices because of expanding supplies elsewhere. Iran, Iraq and Libya , among countries with the world’s biggest reserves, will pump more crude this year, according to the most accurate forecasters surveyed by Bloomberg in December. Saudi Arabia is known as a swing producer as […]

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