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IEA sees sharp rise in Iran oil output in 3-5 years post nuclear deal

NEW DELHI (Reuters) – World oil markets will not see a significant rise in Iranian supplies for up to five years even if the OPEC member and world powers clinch a final nuclear deal by end-June, Fatih Birol chief economist and future head of International Energy Agency (IEA) said. While the likelihood of an immediate jump in Iranian supplies looks slim, the chance of a steep fall in deliveries from other regions is rising as IEA estimates companies will cut investments by as much as $100 billion in 2015 in oil exploration and production due to lower prices. Iran and six world powers reached a framework nuclear agreement on April 2, spurring hopes for a final deal by end-June that would lift economic sanctions imposed by the West against Tehran’s disputed nuclear program. "In three to five years we may see stronger (oil production) growth coming from Iran assuming […]

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U.S. Widens Role in Saudi-led Campaign Against Houthi Rebels in Yemen

ENLARGE A Houthi rebel walks on Sunday amid the debris of a San’a football club reportedly hit by a Saudi-led coalition airstrike. Photo: mohammed huwais/Agence France-Presse/Getty Images The U.S. is expanding its role in Saudi Arabia’s campaign in Yemen, vetting military targets and searching vessels for Yemen-bound Iranian arms amid growing concerns about the goals of the Saudi-led mission, according to U.S. and Arab officials. U.S. officials worry mounting civilian casualties will undermine popular support in Yemen and in other Sunni Arab countries backing the campaign. At least 648 civilians have been killed since the intervention began, and Saudi-led strikes have hit hospitals, schools, a refugee camp and neighborhoods, according to U.N. officials. The Saudis have blamed the Iranian-backed Houthi rebels and their Yemeni allies for civilian casualties and said they were doing their best to limit them. Saudi officials have said they aim to degrade the military capabilities […]

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U.S. Steps Up Bombing Raids in Anbar After Shiite Militias Withdraw

BAGHDAD — Under pressure from American officials here, Iraq has withdrawn Shiite militiamen from the Ramadi area in Anbar Province, and the American-led coalition immediately responded by stepping up bombing raids to support Iraqi forces battling extremists of the Islamic State there, according to Iraqi officials involved in the decision. The American ambassador, Stuart E. Jones, met Saturday with Anbar tribal leaders and provincial officials and expressed his dissatisfaction that Shiite militiamen were in the thick of a local offensive against the Islamic State near the Anbar provincial capital, according to two participants in the meeting, interviewed Sunday. He warned that unless the militias were withdrawn, the United States would not be able to launch airstrikes to support the Iraqi forces there. Anbar Province is a Sunni area, and the tribes who live there have largely opposed the use of Shiite militias in the area, a position the United […]

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Jihadists attack Iraq’s largest oil refinery

Jihadists attack Iraq’s largest oil refinery thumbnail Islamic State militants on Saturday launched suicide attacks against the Baiji oil refinery, Iraq’s largest, a senior army officer said. The jihadist group claimed it broke in but the Iraqi army said the site, which has been the scene of fierce battles since IS swept across the region last year, remained under its control. “Today Daesh (an Arab acronym for IS) launched an attack against the Baiji oil refinery,” said a major general from Salaheddin province, in which Baiji is located. He described the attack on the refinery, which lies around 200 kilometres (120 miles) north of Baghdad, as “the fiercest since we broke the siege a few months ago.” The officer and other military sources said the attack was launched around 7:00 am (0400 GMT) and led to clashes. He said IS militants attacked the large complex from three fronts: Al-Bujwari […]

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Libya violence: Bomb explodes outside Moroccan embassy

Gunmen shot at the South Korean embassy from a passing car A bomb has exploded at the gates of the Moroccan embassy in the Libyan capital, Tripoli, security officials say, hours after two people were shot dead outside South Korea’s embassy. There was some damage to cars nearby, but no reports of injuries. The embassy is not currently operational. On Sunday, gunmen opened fire from a passing car on a security post at the South Korean embassy. The militant group Islamic State said it carried out that attack. The device at the Moroccan embassy in the Bin Ashour area of Tripoli was left in a bag at the gate. The blast in the early hours on Monday morning was "very strong, and the house was shaking for few seconds," a witness told the AFP news agency. It was unclear whether there was anyone in the embassy at the time […]

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India: Groundwater levels plummet

Scanty rainfall this year could worsen the situation. The average depth to water level was 9.59 mbgl in July this year, against the 7.39 mbgl last year, calculated from 11 locations in the city. The groundwater situation in the city and surrounding areas might become alarming if copious rains do not drench down the city in the coming one month. Water levels are already plummeting in many areas, especially in the core city, if the records are anything to go by. When compared with the data in the corresponding period last year, the subterranean water levels recorded in July this year could be cause for concern. The average depth to water level has shown an increase of 2.2 meters below ground level (mbgl) when compared with the figures in July, 2013. Groundwater is always measured in meters below ground level (mbgl), the higher value of which denotes that much […]

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Export slump stokes fears for China growth

China’s exports slumped 15 per cent in March against a year earlier in a sharp reversal of the past two months’ growth and raising the prospect of disappointing first-quarter economic growth. Jitters about the slowing Chinese economy, for which Beijing has set a growth target of “about 7 per cent” this year, reverberate globally and have already helped dent commodity prices. Markets will be watching closely when the country releases its estimate for first-quarter gross domestic product on Wednesday. The weak numbers also stoked expectations of further stimulus. “China’s government will continue to ease domestic conditions, with a further cut in interest rates imminent,” said Tom Orlik, chief Asia economist for Bloomberg. China is buying less as well as shipping less: March imports fell 12.3 per cent compared with the same month last year. The March trade figure, released by China’s customs administration on Monday, contrasts with a 15 […]

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Asian shares edge up, shrug off downbeat China trade data

TOKYO (Reuters) – A rally in China’s stock markets to seven-year highs on Monday kept an index of Asian shares near its highest level since September, as weak Chinese trade data intensified expectations for more economic stimulus measures from Beijing. Bulls are expected to prevail in early European trading as well, with financial spreadbetters predicting Britain’s FTSE 100 .FTSE would open 2 to 3 points higher, or up 0.04 percent; Germany’s DAX .GDAXI to open 19 to 20 points higher, or 0.16 percent up; and France’s CAC 40 .FCHI to open 5 points higher, or 0.1 percent higher. "Stock markets have shown us time and again that you don’t need a strong economy to have rampant gains. In fact, an economy that is showing fragility has tended to outperform, notably when the central bank is pushing a more accommodative stance," Chris Weston, chief market strategist at IG, wrote in […]

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Shale Gas and Fracking: The science behind the controversy: Review

Shale Gas and Fracking: The science behind the controversy by Michael Stephenson, Elsevier, 2015. Michael Stephenson is Director of Science and Technology at the British Geological Survey. Anyone looking for a comprehensive review of the controversies associated with fracking is going to be disappointed by this short book. After having ploughed almost all of its 170 pages I found, near the back, the following sentence: “I won’t go through all of the contested issues, because the chapters in the book provide a basis to carve out your own analysis looking at some of the main peer reviewed papers”. So the message is that if you want to make up your mind about shale then go to the peer reviewed literature. The implied message in this, made explicit at times, is that many opponents of the shale gas industry don’t do this and many members of the public rely too […]

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LA: Groundwater Levels Plummet

New laws intended to safeguard California’s dwindling groundwater largely exclude crucial basins in Los Angeles and Orange counties, on the grounds that local monitoring systems for them are already in place. But that is not keeping their water levels from descending to historically low levels, NBC4 has learned. “The system has worked until now,” said Anthony Zampiello, executive director for the watermaster overseeing the main San Gabriel basin, historically replenished by runoff from the mountains. What has changed things is this third year of drought. “Now it’s stressing all the safeguards put into place,” Zampiello said. The court order that established the San Gabriel watermaster four decades ago also specified an “operating range” for groundwater levels. Water as measured at the key well in Baldwin Park fell below the operating range in February and has continued to drop to the point it is now 18 feet below. “It’s never […]

Posted On : Published By : Tom Whipple