European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more severe impact than the last round of Continue Reading
In more dour news for Iran, India (the world’s fourth largest oil importer) is planning to cut oil imports from the embattled OPEC member. India’s oil ministry has asked refiners Continue Reading
Indian refiners are preparing for any scenario in case they won’t be able to import any Iranian crude oil as the United States steps up pressure on countries to bring Continue Reading
President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally Saudi Arabia to raise supplies to compensate for lower Continue Reading
India’s oil ministry has asked refiners to prepare for a ‘drastic reduction or zero’ imports of Iranian oil from November, two industry sources said, the first sign that New Delhi Continue Reading
The United States will work with countries importing Iranian oil on a case by case basis to get as many of them as possible “down to zero” by early November, Continue Reading
India’s oil ministry has told local refiners to get ready for a “drastic reduction or zero” oil imports from Iran, industry sources told Reuters on Thursday, a sign that India—Tehran’s Continue Reading
A big drop in U.S. crude oil inventories and jousting over Iranian exports of oil put the price of oil in another rally phase on Wednesday. After the market closed Continue Reading
It will be impossible for Iranian oil customers to bring imports down to zero within the next five months or so, a senior petroleum official said Wednesday. U.S. President Donald Continue Reading
U.S. Ambassador to the United Nations Nikki Haley told India’s Prime Minister Narendra Modi on Wednesday it was important India cut Iranian oil use, but said the United States would Continue Reading
Russia will assess its agreement with Iran to import crude oil in exchange for goods “from the legal point of view,” Energy Minister Alexander Novak told media following reports that Continue Reading
Removing Iranian oil from the global market by November as called for by the United States is impossible, an Iranian oil official told the semi-official Tasnim news agency on Wednesday. Continue Reading
The United States has told countries to cut all imports of Iranian oil from November and is unlikely to offer any exemptions, a senior State Department official said on Tuesday Continue Reading
The US is pressing Iran’s oil customers to zero out their imports by November 4 and has no plans to issue sanctions waivers, a strategy that could spark an oil Continue Reading
The U.S. threatened to slap sanctions on countries that don’t cut oil imports from Iran to “zero” by Nov. 4, part of the Trump administration’s push to further isolate Tehran Continue Reading
The Iranian rial just hit an all-time low (see chart below). The Islamic Republic of Iran remains in the ever-tightening grip of an economic death spiral. The economy is ever-vulnerable Continue Reading
President Hassan Rouhani promised Iranians on Tuesday the government would be able to handle the economic pressure of new U.S. sanctions, a day after traders massed outside parliament to protest Continue Reading
Iran’s oil minister said that OPEC’s oil output agreement did not specify a production increase and that a figure of 800,000 barrels per day (bpd) was an interpretation by some Continue Reading
Hundreds protested in the Iranian capital on Monday while merchants in the city’s oldest bazaar shut their shops to protest economic woes and a collapsing currency as the U.S. restores Continue Reading
A fresh wave of protests erupted in Iran over the weekend against the plunging value of the local currency and rising prices, in what some observers and analysts describe as Continue Reading
Japan’s Minister of Economy, Trade and Industry Hiroshige Seko said Tuesday the country was “carefully analyzing the impact” of the US’ intended sanctions against Iran, to ensure its energy supply, Continue Reading
Iran said on Saturday the world will see little extra oil reaching the market if OPEC and its partners adhere properly to a supply pact, underlining a disagreement with top Continue Reading
Her late father was a pillar of the Islamic republic. But for Faezeh Hashemi Rafsanjani, the survival of the system in Iran that her family helped create requires negotiations with Continue Reading
The return of the U.S. sanctions on Iran will not impact an agreement between Iran and Iraq to swap crude oil, Iraq’s Oil Minister Jabbar al-Luiebi said on Friday. Iraq Continue Reading
The U.S. has asked Japan to completely stop importing Iranian crude, unnamed sources close to bilateral talks from earlier this week told Bloomberg. Japan has not yet decided how to Continue Reading
Iran’s oil minister is resisting a Saudi Arabia-led push to raise crude output, putting the two Middle East rivals on a collision course ahead of a closely watched Opec meeting Continue Reading
Iran signaled on Wednesday it could compromise on a small increase in OPEC oil output when the group meets this week, as Saudi Arabia scrambled to convince fellow members of Continue Reading
Iran said on Tuesday OPEC was unlikely to reach a deal on oil output this week, setting the stage for a clash with Saudi Arabia and Russia, which are pushing Continue Reading
Iran plans to increase the production capacity of its oil fields by 400,000 bpd, state news agency Irna reports , quoting National Iranian Oil Company’s deputy head Gholamreza Manouchehri. Russia’s Continue Reading
In the latest signal that the upcoming OPEC+ meeting in Vienna could end in disaster, Iran’s OPEC representative said the country will veto any proposal for a production increase with Continue Reading
Iran has effectively won the struggle to dominate the future of Iraq. It has done so against the formidable Shi’ite Arab populace, and after nearly a month of raw pressure, Continue Reading
The possible withdrawal of French oil major Total from Iran’s South Pars gas field has not slowed down the project, a senior Iranian official said, adding that Tehran is in Continue Reading
Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Continue Reading
India’s largest bank, State Bank of India, has told local refiners that it will no longer handle payments for oil imports from Iran beginning in November, the head of finance Continue Reading
Now that the much-anticipated meeting between President Donald Trump and North Korean leader Kim Jong Un in Singapore fades from the news cycle, giving way to a myriad of analysis Continue Reading
At least three OPEC members disagree with Saudi Arabia and Russia on the need to pump more oil, OPEC sources said, complicating any official decision to boost supply just as Continue Reading
No single country speaks as the unified voice of OPEC as decisions must be made collectively, the Iranian oil minister said, according to state media. Members of the Organization of Continue Reading
After the handshakes, the signature ceremony and the diplomatic pomp of the historic meeting between President Trump and Kim Jong-un of North Korea, many Iranians could come to only one Continue Reading
**China may offer US sanctions compliance for trade concessions **Chinese imports of Iranian crude up 6% from 2017 **Domestic banks, barter system may be used to evade sanctions China, Iran’s Continue Reading
Facing U.S. pressures on its banking channels, Iran’s economic minister said agreements were made with China to use their national currencies for trade. Iran’s banking channels could be impacted by Continue Reading
The Trump administration’s effort to pressure Iran depends on countries deeply skeptical of the U.S. campaign against the Islamic Republic, creating resistance that analysts and officials in those countries say Continue Reading
Iran is pursuing a plan to increase its oil output by 460 million barrels within three years, oil minister Bijan Zanganeh said on Saturday, according to SHANA, the news site Continue Reading
OPEC will probably reject Iran’s request to put the U.S. sanctions against Tehran up for discussion at the cartel’s official meeting later this month, a source familiar with the issue Continue Reading
Oil prices could jump to $140 a barrel due to the U.S. sanctions against Iran and Venezuela, Iran’s OPEC governor Hossein Kazempour Ardebili told Reuters on Friday. The Iranian official Continue Reading
OPEC is likely to reject a request by Iran to discuss U.S. sanctions against Tehran at this month’s meeting of the oil producer group, a source familiar with the matter Continue Reading
Iran said on Friday a U.S. request for Saudi Arabia to pump more oil so that it could cover a drop in Iranian exports was “crazy and astonishing” and said Continue Reading
A day before U.S. President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world’s largest oil exporter to help Continue Reading
A day before U.S. President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world’s largest oil exporter to help Continue Reading
The European Union has vowed to maintain the Iran nuclear deal despite the U.S. decision to exit, and Brussels has pushed back against Washington’s attempts to penalize European companies from Continue Reading
It is a mid-sized Belgian business that oils the wheels of global finance from a tranquil lakeside south-east of Brussels, across the road from a 19th-century château. But the peaceful Continue Reading
