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Iraq Government Plays Up Obama Support for Fight Against Sunni Rebels

President Obama lays out a 4-step plan for U.S. action in Iraq, says American forces will not be returning to combat in Iraq but will help train and support the Iraqi forces. Photo: Getty BAGHDAD—Iraq’s pro-government satellite television station on Friday played up Barack Obama ‘s support for Baghdad’s fight against Sunni Muslim militants but overlooked what the U.S. president suggested was the sectarian and authoritarian governing style of Prime Minister Nouri al-Maliki. In a speech in Washington on Thursday, Mr. Obama said only an "inclusive agenda" will end the crisis facing Iraq —a reference to Mr. Maliki’s Shiite Muslim-dominated government that is embroiled in fighting with Sunni-led insurgents led by the Islamic State of Iraq and al-Sham. On Friday, however, Iraqiyya television cast the turmoil in Iraq as a religious conflict and focused its reports on the need to rise to the militant Sunni challenge to the Baghdad […]

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Kurds Reel as War Batters Weak Economy

In this ancient Kurdish city’s sprawling bazaar, Sarbaz Gawhar is in a quandary over the impact of his government’s recent territorial advances. While the rapid incursions of Sunni jihadists have helped Kurdish forces cement control of oil-rich Kirkuk province, the conflict in Iraq has added to pressures on the Kurdistan Regional Government’s oil-rich but poorly developed economy. Mr. Gawhar is facing a precipitous collapse in his textile business. Amid severed supply lines, chronic fuel shortages, rising prices and plunging consumer demand, sales are down 90%, with few signs of a recovery. "Yes we’ve taken control of our lands, but the war is hurting our economy," Mr. Gawhar said, surrounded by candy-colored fabric rolls he sells wholesale to stores in dozens of Iraqi cities. "People are starting to panic and hoard, and if things continue this way, it could be a disaster." Since Saddam Hussein’s demise […]

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Iraq crisis: Shia militia show of force raises tensions

Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print Shia cleric Moqtada al-Sadr has rallied followers to join a military parade across Iraq, as Jonathan Beale reports from Baghdad Continue reading the main story Thousands of Shia militia loyal to the powerful cleric Moqtada al-Sadr have paraded through the streets of Baghdad, raising sectarian tensions amid continued fighting in areas of Iraq. The cleric, whose Mehdi Army fought the US in Iraq for years, had called for a military parade across the country. Correspondents say the show of force will be seen as a very disturbing development by the Baghdad government. Sunni extremists have seized control of large swathes of territory across Iraq. On Saturday, the militants – led by jihadist group Isis – were reported to have seized a strategically important border crossing to Syria, near the town of Qaim, killing 30 troops after a day-long […]

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Price impacts of Iraq turmoil may weigh on US crude export policy shift

Ongoing turmoil in Iraq is not expected to expedite a shift in US crude oil export policy, but a linked increase in gasoline prices could make policymakers more hesitant to liberalize export restrictions. "Even if it may not be true, there may always be a concern for some people that a change in oil export policy will be accused of having led to a run up in pump prices," said Jason Bordoff, a former White House energy adviser for the Obama administration. "It’s hard to overstate the political sensitivity around gasoline prices. Potential impacts on gasoline prices are always something that politicians are aware of," said Bordoff. Article continues below… Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary […]

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Nigeria: Shell Could Face Fresh Compensation Claims After Landmark Environmental Ruling

A landmark UK court ruling paves the way for Shell to finally be held accountable for devastating oil pollution in the Niger Delta, Amnesty International said today. "Today’s ruling is a shot across the bows for Shell" said Audrey Gaughran, Amnesty International’s Director of Global Issues. "The court’s message is clear – if you don’t take adequate measures to protect your pipelines from tampering, you could be liable for the damages caused." In a judgment delivered by Mr Justice Akenhead, the London Technological and Construction Court found that short of providing policing or military defence of its pipelines, Shell was responsible for taking reasonable steps to protect them. This would include measures such as installing leak detection systems, surveillance equipment and anti-tamper equipment. The ruling has opened the door for Nigerian claimants to demand compensation if oil leaks were a result of sabotage or theft – if […]

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Egypt court confirms death sentences for over 180

The Muslim Brotherhood’s spiritual leader and over 180 others were sentenced to death Saturday by an Egyptian court in the latest mass trial following last year’s overthrow of the country’s Islamist president. The ruling by the southern Minya Criminal Court is the largest confirmed mass death sentence to be handed down in Egypt in recent memory and comes from Judge Said Youssef, who earlier presided over the mass trial. It is the second death sentence for the Brotherhood’s Supreme Guide Mohammed Badie since the crackdown against his group began. The court acquitted more than 400 others in the case and family members of the accused wailed or cheered the verdicts. The case stems from an attack on a police station in the town of el-Adwa near the southern city of Minya on Aug. 14 which killed one police officer and one civilian. Similar revenge attacks […]

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PDVSA Profit Surges as Lower Spending Counters Oil Slide

Petroleos de Venezuela SA ’s annual net income rose more than three-fold as the state-owned oil producer spent less on social programs, reduced costs after currency devaluation and sold assets. Profit rose to $15.8 billion last year from $4.3 billion in 2012, according to a bond offering circular dated May 14, a copy of which was obtained by Bloomberg. So-called comprehensive net income was $12.9 billion, up from $5.1 billion. Spending on social projects declined to $13 billion from $17.3 billion in 2012. Ousted Planning Minister Jorge Giordani, who was also removed from PDVSA’s board this month, said in a June 18 letter that the company had started to show “signs of independence” under President Nicolas Maduro, derailing the long-term development goals of former President Hugo Chavez. Venezuela devalued the bolivar by 32 percent in February, 2013, taking the primary official rate to 6.3 bolivars per dollar. The country […]

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Rising Oil Prices Could Derail India's Economic Comeback

India’s heavy reliance on imported oil, especially from Iraq, makes it more vulnerable than most countries to the conflict there, with surging oil prices threatening to derail the new prime minister’s plans to resuscitate the economy. Crude-oil prices have shot up to a nine-month high of about $115 per barrel. India imports most of its oil and subsidizes fuel so higher oil prices are particularly painful for Asia’s third-largest economy. They could exacerbate the country’s fiscal and current account deficits as well as its already-high inflation rates. India’s benchmark stock price index has slipped from record highs while the rupee has lost ground against the dollar since June 10. New Prime Minister Narendra Modi has mobilized his ministers to try to contain the fallout from what is evolving into his first economic crisis since taking office less than a […]

Posted On : Published By : Tom Whipple
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Rising Oil Prices Could Derail India’s Economic Comeback

India’s heavy reliance on imported oil, especially from Iraq, makes it more vulnerable than most countries to the conflict there, with surging oil prices threatening to derail the new prime minister’s plans to resuscitate the economy. Crude-oil prices have shot up to a nine-month high of about $115 per barrel. India imports most of its oil and subsidizes fuel so higher oil prices are particularly painful for Asia’s third-largest economy. They could exacerbate the country’s fiscal and current account deficits as well as its already-high inflation rates. India’s benchmark stock price index has slipped from record highs while the rupee has lost ground against the dollar since June 10. New Prime Minister Narendra Modi has mobilized his ministers to try to contain the fallout from what is evolving into his first economic crisis since taking office less than a […]

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PDVSA sells four fuel oil cargoes to PetroChina for June: source

Venezuela’s PDVSA sold three cargoes of intermediate fuel oil with 380 CST and one 3% sulfur fuel oil cargo to PetroChina for June, a source familiar with PDVSA’s operations said Friday. The first intermediate fuel oil cargo is loading June 13-15 on the tanker Newton, destined for China. The second cargo is loading June 19-21 on the tanker Maxim, also with China as its destination, and the third is loading June 28-30 on an unknown tanker for delivery to Singapore. The 3%S fuel oil cargo is scheduled to load June 26-28 on an unknown tanker and is also being delivered to Singapore, the source said. Article continues below… Oilgram Price Report Oilgram Price Report is a daily report that covers market changes, market fundamentals and factors driving prices. Oilgram Price Report also brings a vast array of Platts international prices for crude and products, netback tables, and market critical […]

Posted On : Published By : Tom Whipple