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Iran provides some information in UN nuclear inquiry

The U.N. nuclear watchdog said on Friday it had made incremental progress but no breakthrough in its inquiry into whether Iran may have researched an atom bomb, a sobering message that may dim chances for a deal between Tehran and big powers next month. Diplomats view Iran’s reluctance to open up to investigators from the International Atomic Energy Agency as a sign of its reluctance to cooperate fully until punitive sanctions imposed on it are lifted as part of any settlement with the powers. A confidential, quarterly report issued by the IAEA said the Islamic Republic had provided some information about one of two open items in the investigation into possible military dimensions to its nuclear energy program “The Agency and Iran agreed to continue the dialogue on these practical measures and to meet again in the near future,” said the report, which was obtained by Reuters. A diplomat […]

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Explosion Near Shiite Mosque Kills 4 in Eastern Saudi Arabia

Photo The site of an explosion near a Shiite mosque in Dammam, Saudi Arabia, on Friday. Credit Agence France-Presse — Getty Images BEIRUT, Lebanon — A suicide bomber dressed in women’s clothing detonated his explosive belt near the entrance to a Shiite mosque in eastern Saudi Arabia on Friday, killing three other people, according to Saudi state media. The Islamic State jihadist group claimed responsibility, as it did just a week ago for a similar attack in the same region. News reports said the bomber, who was dressed in the ample black abaya worn by Saudi women, blew himself up as security officers were approaching him. In a statement posted on Twitter, the Islamic State claimed responsibility for the attack, saying it had been carried out by “a soldier of the caliphate” named Abu Jandal al-Jazrawi, a nom de guerre. The attack occurred near Al Anoud mosque, in the […]

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Islamic State militants in Libya ‘seize Sirte airport’

Militias withdrew from al-Ghardabiya airbase, also a civilian airport, on Thursday (file picture) Islamic State militants in Libya say they have seized the airport in the city of Sirte, as the group continues to make advances in the country. The news was announced by the group and by a Libyan militia that withdrew from the coastal city’s airport on Thursday. Most of Sirte, former leader Muammar Gaddafi’s hometown, fell to IS last week. In a statement, the group said it had also seized the Great Man Made River water project. The irrigation project, the world’s largest, supplies fresh water to Libyan cities and was also the base for the opposition Battalion 166, which has now fled. The battalion, and other Islamist militias, run the capital, Tripoli, although their government is not recognised by the international community. The al-Ghardabiya airport also housed an airbase, that was seized by militias after […]

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China’s slowing economy may steady later this year: state think tank

SHANGHAI Short term policies could stabilize China’s slowing economy in the second half of this year, but for growth to make a lasting recovery Beijing should foster new sectors and innovation, a government think tank’s chief economist was reported as saying on Saturday. China’s growth trajectory will be "L" shaped, rather than "V" shaped, and it is difficult to predict when the world’s second-largest economy will rebound, Fan Jianping, chief economist at the State Information Centre, told the official China Securities Journal. Broad M2 money supply (M2) only rose 10.1 percent by the end of April from a year ago, missing market expectations of 12 percent, leaving significant room for continued loosening of monetary policy including lowering interest rates and relaxing the reserve requirement ratio (RRR), he added. China’s central bank has now cut interest rates and RRR five times in six months to stoke an economy that is […]

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Baker Hughes: US Oil Drillers Pull 13 Rigs, Biggest Drop in 4 Weeks

May 29 (Reuters) – Energy firms pulled another 13 rigs from U.S. oil fields this week, the biggest drop in four weeks, data showed on Friday, showing that a near six-month slump in activity had yet to run its course despite a rebound in crude oil prices. That was the 25th straight weekly decline, bringing the total rig count down to 646, the lowest since August 2010, oil services company Baker Hughes Inc said in its closely followed report. However, in the Eagle Ford basin in South Texas, the nation’s second biggest shale oil field, drillers added one oil rig in the third weekly increase in a row, bringing the total up to 90. The market has been eyeing the U.S. rig count and the increases of a few rigs in some basins over the past few weeks ahead of next week’s meeting of the Organization of the Petroleum […]

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BHI: US rig count declines 10 units, falls below nadir of 2008-09 downturn

The US drilling rig count dropped 10 units during the week ended May 29 to settle at 875 rigs working, falling below the nadir of the 2008-09 downturn by a single unit, according to data from Baker Hughes Inc. The rig count has now declined in 25 consecutive weeks, during which time it has plunged 1,045 units ( OGJ Online, Dec. 5, 2014 ). Compared with this week a year ago, the count is down 991 units. Although an uptick from the mere 3 units lost last week, the loss of 10 units represents the second-smallest decline of the 25-week period. Raymond James & Associates Inc.’s energy research team noted this week that most oil field services companies with which it speaks are saying “the bottom is in” for US drilling following last week’s rise in the US onshore count for the first time since last November. The analyst […]

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US Oil Production is Higher Than We Thought

When oil traders began obsessing earlier this year about U.S. crude production, analysts were quick to sound alarms . Market participants have been eager to discern whether the country’s oil output has peaked. Last year’s swoon in oil prices prompted companies to sharply cut spending, and new drilling for oil in the U.S. has plummeted. Traders began parsing U.S. Energy Information Administration reports for clues, and previously little-noticed week-to-week changes in production began moving the market. But analysts warned the market shouldn’t rely too heavily on the weekly figures, which are largely based on a forecasting model. Wait for the monthly reports, they said. But be wary of the monthly reports too, because they can and will be revised. Thursday offered a case in point. The first March data to be released showed average monthly U.S. crude production at 9.5 million barrels a day, the highest level since 1972 […]

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U.S. Oil-Rig Count Drops Again

The U.S. oil-rig count fell by 13 to 646 in the latest week, according to Baker Hughes Inc., marking the 25th straight week of declines. The drop marks an acceleration from last week when U.S. oil-rig count fell by one, which sparked speculation that the count was bottoming out. The number of U.S. oil drilling rigs–a proxy for activity in the oil industry–has fallen sharply since prices headed south last year. There are now about 60% fewer rigs working since a peak of 1,609 in October. Crude-oil futures gained 4.8% to $60.42 after the data release. Prices have shot up by around 40% in the past two months on expectations that U.S. oil production will slow. But the rally has sputtered recently, as U.S. prices have been unable to hold above $60 a barrel. Earlier this week, the latest U.S. inventory data had mixed news for the oil market. […]

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U.S. GDP Swings to Contraction in First Quarter

WASHINGTON—The U.S. economy contracted early this year as harsh weather and a strong dollar sapped demand for American goods, underscoring the choppiness of an expansion that has struggled to lift off. Gross domestic product, the broadest sum of goods and services produced across the economy, shrank at a 0.7% seasonally adjusted annual rate in the first quarter, the Commerce Department said Friday. The agency previously estimated output grew 0.2% from January through March. The revision, near economists’ expectation of a 1% contraction, showed how the world’s largest economy remains vulnerable to shocks as it struggles to regain its vigor. The dip, expected to be short-lived, marked the third quarterly contraction since the economy emerged from recession in mid-2009. “When you’re this weak, little things can knock you off course, whether it’s the Arab spring, the earthquake or ‘Snowmageddon,’ ” economist Dan Greenhaus of brokerage firm BTIG said. “We have […]

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Arctic drilling ‘will happen,’ Alaska’s governor says

Alaska’s governor tells his Washington state counterpart that Arctic drilling off the state coast "will happen." Photo courtesy of Emily Johnston/350 Seattle SEATTLE, May 29 (UPI) — After a tour of a Shell drilling rig in Seattle, Alaska Gov. Bill Walker said oil is the lifeblood of the state’s economy and arctic drilling "will happen." Walker toured the Polar Pioneer drilling rig parked at the Port of Seattle before meeting with Washington Gov. Jay Inslee to discuss Shell’s plans for the arctic waters off the Alaskan coast. "Responsible offshore drilling in the Arctic will have significant economic impacts in Alaska, and I am encouraged by the advancements I saw today," Walker said in a statement. Seattle Mayor Ed Murray expressed opposition to Shell’s lease for a port terminal for use for its drilling plans offshore Alaska. With federal approval in hand, Shell said it may start its drilling campaign […]

Posted On : Published By : Tom Whipple