Category: Iran

Iranian government under President Hassan Rouhani expects foreign investors will rush through the doors on anticipation of the lifting of international sanctions. File Photo by UPI /Monika Graff. TEHRAN, May 6 (UPI) — Iran said Wednesday it opened its doors to international investors to gather for an oil and gas exhibition with hundreds of foreign companies in attendance. "Iran has started holding a four-day international oil and gas show to lure investment for its oil and gas projects amid hopes for the removal of sanctions on the Islamic republic," reported Shana, the official news agency for the Iranian Oil Ministry. Iran has touted its oil and gas potential since nuclear negotiations with multinational partners began in earnest earlier this year. A framework agreement that pulls Iran back from the brink of developing the technology needed to make a nuclear weapon could be formalized this summer. Iran’s government said sanctions […]

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The silhouette of pumpjacks is seen on the site of an oil well outside Williston, North Dakota, U.S., on Wednesday, Feb. 11, 2015. A plunge in global energy prices that has put some North Dakota oil rigs in a deep freeze has yet to chill the state’s hiring climate. Photographer: Daniel Acker/Bloomberg Iran, OPEC’s fifth-biggest producer, sees $70-$75 per barrel as a suitable price for crude, Oil Minister Bijan Namdar Zanganeh said, as markets show signs of a partial recovery from last year’s collapse. “Nobody is satisfied with current prices and instabilities and fluctuations,” Zanganeh said Wednesday at a news conference in Tehran. “I think everyone is very satisfied with $70 to $75,” he told reporters later. Brent crude, an international benchmark, was trading at $67.69 a barrel Thursday at 7:46 a.m. in London. Iran would start to boost crude output in 10 days if international economic sanctions against […]

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Iranian oil sector not yet open for U.S. business opportunities, a spokesman for the U.S. State Department said. File photo by Maryam Rahmanian/UPI WASHINGTON, May 5 (UPI) — The Iranian oil sector is not yet open to U.S. interests and action there may face significant scrutiny from Washington, the State Department said. Deputy Oil Minister Abbas Moqadam said Monday representatives from the United States are expected in Iran this week. If sanctions are lifted, Iran can expect "the presence of major international U.S. oil and gas companies," he said. The Iranian government is pressing for more sanctions relief from a framework agreement slated to take force in mid-2015. Jeff Rathke, a spokesman for the U.S. State Department, said he had doubts about the validity of the minister’s comments. "We’ve been quite clear that we don’t consider Iran to be open for business yet, and that if there is any […]

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TEHRAN, Iran (AP) — Iran says a Marshal Islands-flagged cargo vessel seized by Iranian forces in the Strait of Hormuz will be released within two days, after it pays a fine. Foreign Ministry spokeswoman Marzieh Afkham told reporters Wednesday says the April 28 seizure of MV Maersk Tigris followed a legal complaint by an Iranian private company. Afkham says that, "based on the information we have acquired, it is likely that the dispute will be settled within next two days." Iranian forces boarded the ship after firing warning shots across the bridge, prompting the U.S. Navy to dispatch a destroyer and a plane to the area in response. Danish shipping company Maersk Line chartered the container ship from Rickmers Ship Management in Singapore and insists it had no "special cargo" such as military equipment.

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Iranian media said a natural gas development deal with India was refused after years of delays tied in part to sanctions. File Photo by UPI/Maryam Rahmanian. TEHRAN, May 4 (UPI) — The Iranian government said it was frustrated with delays from companies in India and pulled a deal for the development of a gas field off Iran’s coast. The semiofficial Fars News Agency reported Saturday a delegation from New Delhi was in Tehran in late April to discuss development of the offshore Farzad-B natural gas field. The press service said the field holds an estimated 13 trillion cubic feet of gas, though has not been pursued seriously by the Indian side since talks began in 2009. Citing Oil Ministry sources, Fars said an Indian package was turned down because of lingering project delays. The report blamed international sanctions targeting Iran’s energy sector as one of the reasons for the […]

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View Archive Iran says U.S. oil reps headed to Tehran 3 hours ago TEHRAN, May 4 (UPI) — Delegates from the U.S. oil industry are expected in Tehran to explore the possibility of conducting business there, Iran’s deputy oil minister said Monday. Iran says U.S. oil reps headed to Tehran Chinese stock gains lift oil prices 3 hours ago NEW YORK, May 4 (UPI) — A running of the bulls in the Chinese stock market pushed oil prices into positive territory Monday, with major indices up nearly a full percent. Chinese stock gains lift oil prices IEA: Holistic effort needed in renewables 4 hours ago PARIS, May 4 (UPI) — More than just U.N. intervention is needed to advance the low-carbon economy needed to meet climate goals, the International Energy Agency said Monday. IEA: Holistic effort needed in renewables EU energy strategy extends beyond Europe 5 hours ago BRUSSELS, […]

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The energy secretary’s job title has always been a bit of a misnomer. Nearly two-thirds of the department’s budget has nothing to do with energy. Instead, it is devoted to taking care of the nation’s nuclear weapons stockpile — and cleaning up radioactive waste from old weapons development sites. That nuclear expertise has catapulted Energy Secretary Ernest Moniz, a physicist from MIT, from a Cabinet backwater to center stage in the negotiations over Iran’s nuclear program. An unlikely breakout star, Moniz sports a long wavy mop of mostly white hair that has been compared to George Washington’s locks. The energy secretary is providing a knowledgable voice that the Obama administration hopes can reassure nervous members of Congress as they weigh the deal. Moniz is someone who “can take complex issues and make the lay person understand them,” said Carol Browner, who was the top White House adviser on energy […]

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The Strait of Hormuz , the slender waterway that connects the Persian Gulf to the rest of the world and is a critical conduit in the global oil supply chain, has again become a point of contention for Iran and the United States — just as they are trying to reach a nuclear accord. Responding to Iran ’s seizure at gunpoint of a cargo ship that was traversing the strait this week, the United States Navy on Thursday began deploying about a dozen warships there to protect American vessels from possible seizure or harassment. The seized vessel was owned by the Danish company Maersk and registered in the Marshall Islands. The American decision was seen as a signal to Iran, which historically has regarded the strait, an international waterway, as part of its sphere of influence. Iranian and United States forces battled in the strait 27 years ago. More […]

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ENLARGE The USS Farragut, shown in an undated photo, Tuesday rushed to the area of a confrontation between Iranian warships and a Marshall Islands-flagged cargo ship. Photo: Reuters The U.S. Navy has begun accompanying American-flagged commercial ships through the Strait of Hormuz, defense officials said on Thursday, a vigorous response to Iran’s seizure of a Marshall Islands-flagged ship this week in the gateway to the Persian Gulf. Navy warships have started accompanying U.S.-flagged vessels through the narrow strait where Iranian patrol boats confronted the M/V Maersk Tigris on Tuesday and took control of the ship. While Iran characterized its seizure of the ship as the outgrowth of an unresolved financial dispute, American military officials saw it as a provocative show of force by Tehran. On Thursday, the Pentagon approved the escort plan, defense officials said. “It’s a fast moving train,” said one defense official. “This is a result of […]

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UNITED NATIONS (Reuters) – Britain has informed a United Nations sanctions panel of an active Iranian nuclear procurement network linked to two blacklisted firms, according to a confidential report by the panel seen by Reuters. The existence of such a network could add to Western concerns over whether Tehran can be trusted to adhere to a nuclear deal due by June 30 in which it would agree to restrict sensitive nuclear work in exchange for sanctions relief. Talks between six major powers and Tehran are approaching the final stages after they hammered out a preliminary agreement on April 2, with Iran committing to reduce the number of centrifuges it operates and other long-term nuclear limitations. "The UK government informed the Panel on 20 April 2015 that it ‘is aware of an active Iranian nuclear procurement network which has been associated with Iran’s Centrifuge Technology Company (TESA) and Kalay Electric […]

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Iranian Supreme Leader Ali Khamenei says economic strength rests with domestic resolve rather than international diplomacy. UPI/Leader.ir/HO TEHRAN, April 29 (UPI) — Iran’s economic transformation rests with domestic issues and not with ongoing nuclear negotiations, Supreme Leader Ali Khamenei said Wednesday. U.S. Secretary of State John Kerry met Tuesday in New York City with his Iranian counterpart, Javad Zarif, to review progress on nuclear talks . State Department spokesman Jeff Rathke said the meeting "was productive." The five permanent members of the U.N. Security Council, plus Germany, are working with their Iranian counterparts to formalize a framework agreement that pulls Iran back from the brink of having the technology needed to develop a nuclear weapon. Iran is restricted to around 1 million barrels per day in exports to a few consuming nations. That’s about half the level from before a joint arrangement went into force in late 2013, though […]

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TOKYO (Reuters) – Asian imports of Iranian crude fell 9.2 percent in March from a year ago as India bought no oil from the sanctions-hit country for the first time in at least a decade under U.S. pressure, offsetting a jump in purchases by Japan and South Korea. Imports by Iran’s four biggest buyers – China, India, Japan and South Korea – totaled 1.04 million barrels per day (bpd) in March, government and tanker-tracking data showed. On a monthly basis, however, imports were at a three-month high. South Korea and Japan roughly doubled purchases in March from a year ago, with Japanese imports hitting a two-year peak. There are indications that purchases will pick up from April following the recent framework deal on Iran’s disputed nuclear program between Tehran and world powers that could see sanctions on Iran eventually lifted if a more permanent pact is finalised by a […]

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AP Photo/Jason DeCrow Buy AP Photo Reprints Latest News WASHINGTON (AP) — Democrats and Republicans backing a bill to give Congress a chance to review a nuclear deal with Iran insisted on Tuesday that it be passed free of controversial add-ons that they claim could scuttle negotiations with Tehran, draw a presidential veto or leave lawmakers with no say on a national security threat. As written, the legislation would block President Barack Obama from waiving congressional sanctions for at least 30 days while lawmakers weigh in on any final deal the U.S. and five other nations can reach with Iran. And it would stipulate that if senators disapprove the deal, Obama would lose authority to waive certain economic penalties – an event that would certainly prompt a presidential veto. Senate Minority Leader Harry Reid warned GOP presidential hopefuls in the Senate not to use it as a "platform for […]

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As U.S. and Iranian negotiators try to hammer out the final details of a nuclear deal, the White House is at loggerheads with some Republican lawmakers who are bent on Continue Reading

Photo Senator Bob Corker of Tennessee faces a major test in the handling of an Iran bill that would give Congress a voice in nuclear negotiations. Credit Stephen Crowley/The New York Times WASHINGTON — A bill to give Congress a voice in the nuclear deal with Iran is now endangered by Republican amendments that would peel away bipartisan support for a measure begrudgingly accepted by the White House this month. Amendments filed by lawmakers last week include one that would require Iran to recognize Israel and another that would give any final nuclear deal the status of a treaty, which would require ratification by two-thirds of the Senate. Another proposal would require the release of American citizens detained in Iran as part of an agreement. For Republican sponsors of the Iran measure, these amendments threaten to break the rare bipartisan spirit that pushed the bill unanimously out of the […]

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After almost 15 years of intermittent negotiations, Iran and the P5+1 group of six major world powers have reached a comprehensive agreement over Iran’s nuclear program. The deal couldn’t have come soon enough for the Iranian economy, which has been crippled by sanctions imposed by the U.S. and United Nations. At the same time, state oil revenues are shrinking every day, and unemployment and inflation have both soared to levels not seen since the catastrophic Iraq-Iran War of the 1980s. Since 2010, sanctions have specifically targeted Iran’s central bank, leading to rapid currency devaluation and near-zero rates of economic growth. Living standards for the working class and low-income Iranians are abysmal, with many unable even to purchase basic medicine. The nuclear deal clears the path for the end of sanctions and the emergence of a dynamic Iranian economy. President Hassan Rouhani, whose cabinet includes more graduates of prestigious American […]

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VIENNA (Reuters) – U.S. Under Secretary Wendy Sherman and Tehran’s Deputy Foreign Minister Abbas Araqchi met in Vienna on Thursday in the latest push to secure a final nuclear deal by a June 30 deadline, Iranian media said. The latest round of nuclear diplomacy, being held in a luxury hotel in Austria’s capital, kicked off with a bilateral meeting between Iran and the European Union on Wednesday. Catherine Ray, spokeswoman for European Union foreign policy chief Federica Mogherini, said on Twitter that senior foreign policy officials from Iran, six world powers including Britain, China, France, Germany, Russia, and the United States and the EU will meet on Friday. Western diplomats in New York said U.S. Secretary of State John Kerry and Iranian Foreign Minister Mohammad Javad Zarif were expected to meet next week on the sidelines of the five-year review conference on the nuclear Non-Proliferation Treaty. One diplomat said […]

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ANKARA (Reuters) – Members of the Organization of the Petroleum Exporting Countries (OPEC) should prepare for extra Iranian crude production when Western sanctions on Tehran are lifted, Iran’s oil minister was quoted on Tuesday by state news agency IRNA as saying. "We expect the members of OPEC to pave the ground for (an) increase of Iran’s oil production that will reach global markets when sanctions are lifted," Bijan Namdar Zanganeh said during a meeting with his Venezuelan counterpart Asdrubal Chavez in Tehran, the agency reported. Iran, once OPEC’s second-largest producer after Saudi Arabia, hopes to boost crude exports by as much as 1 million barrels per day (bpd) if Tehran and six major powers finalize a nuclear agreement by a June 30 deadline. Sanctions imposed by the European Union and the United States have halved Iran’s oil exports to just over 1 million barrels per day since 2012. Lower […]

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DUBAI (Reuters) – Iran’s Supreme Leader Ayatollah Ali Khamenei said on Sunday the United States had created the "myth" of nuclear weapons to portray Iran as a threat, hardening his rhetoric before nuclear negotiations resume this week. Khamenei has supported the talks but has continued to express deep mistrust of the United States. As the highest authority in Iran, the withdrawal of his support could cause the negotiations to collapse. "They created the myth of nuclear weapons so they could say the Islamic Republic is a source of threat. No, the source of threat is America itself," Khamenei said in comments cited by the semi-official Fars news agency. "The other side is methodically and shamelessly threatening us militarily … even if they did not make these overt threats, we would have to be prepared," he said in an address to military commanders. Iran and six world powers including the […]

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Iran’s supreme leader Ayatollah Ali Khamenei delivering a speech to military commanders in Tehran. ENLARGE Photo: Agence France-Presse/Getty Images DUBAI—Iran’s supreme leader said it is a myth that his country is trying to develop nuclear weapons, and he accused the U.S. and Israel of posing the real threat to security in the Middle East. In remarks Sunday to mark Iran’s annual Army Day, Ayatollah Ali Khamenei exhorted troops to increase their defensive preparedness and said his country was constantly under threat of military action and wasn’t even given ample scope to defend itself. “They fabricated the nuclear weapon myth to say that the Islamic Republic is a threat,” Mr. Khamenei said, according to his official website. “No! The threat is the U.S.,” he said, accusing Washington of interfering and fomenting insecurity. The U.S. and Israel both act without any checks and “meddle in any place they find necessary,” he […]

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Oil Executives Circle Iran thumbnail International sanctions have yet to be lifted on Iran, but Western oil executives this past week showed an appetite for doing business there at a stately hotel a few blocks from the Danube River. A little-publicized conference, the South Caspian Region Petroleum & Energy 2015 Summit, drew energy executives from Houston and London to Vienna where they shared coffee and cake with Iranian government officials on Tuesday and Wednesday. Among the international companies that sent executives were Chevron Corp. and Amec Foster Wheeler PLC, according to attendees. The presence of Western oil officials at an Iran-focused conference points to the shaping of a new business landscape in the Persian Gulf country with the prospect that economic sanctions could be lifted sometime this year. Iran and a group of Western nations led by the U.S. agreed this month to a political framework for lifting a […]

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Continue reading the main story Video Play Video|0:49 Obama on His Concerns About Congress Obama on His Concerns About Congress The president, in an appearance with Prime Minister Matteo Renzi of Italy on Friday, spoke about his concerns that congressional action would derail the nuclear deal with Iran. By AP on Publish Date April 17, 2015. Photo by Stephen Crowley/The New York Times. WASHINGTON — President Obama on Friday directed his diplomats to use “creative negotiations” to bridge a sharp divide with Iran over the fate of sanctions if it agrees to curb its nuclear program , signaling flexibility in hopes of keeping a tentative agreement from unraveling. Iranian leaders have insisted in recent days that the punishing sanctions be lifted as soon as a written accord is signed, a position that the country’s foreign minister reinforced on Friday. Mr. Obama did not repeat past American assertions that sanctions […]

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OPEN Graphic Graphic: The Iran Nuclear Deal’s Definition Depends on Who’s Talking TEHRAN — The next round of nuclear talks between world powers and Iran is scheduled for next week in Vienna, as the two sides begin to address the issues they left unresolved earlier this month in Lausanne, Switzerland, and try to conclude a comprehensive agreement by the end of June. The European Union, the host of the talks, said in a statement released on Thursday that its senior negotiator, Helga Schmid, will meet with Iran’s deputy foreign minister, Abbas Araghchi, on Wednesday, to pursue an agreement that would restrict Iran to peaceful research in the nuclear area in exchange for the phased lifting of economic sanctions. After the parties reached a framework agreement in Lausanne, Iran’s supreme leader, Ayatollah Ali Khamenei , complicated matters by insisting that all sanctions would have to be lifted immediately and that […]

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EDITORS’ NOTE: Reuters and other foreign media are subject to Iranian restrictions on their ability to film or take pictures in Tehran. A worker assembles a vehicle at a production line of carmaker Iran Khodro, west of Tehran June 20, 2011. Iran Khodro, Iran’s biggest car maker which runs what it says is the largest car factory in the Middle East, sees sales rising at home and abroad, despite economic sanctions on the Islamic Republic. REUTERS/Morteza Nikoubazl (IRAN – Tags: TRANSPORT BUSINESS) A tongue-in-cheek TV report this year highlighted just how fed up Iranians are with one of their most well-used cars. A Painful Choice — a segment on a news programme — showed several dozen Kia Prides lined up at the border for export to Iraq. “Now for Iraqi people, the question is whether Pride is more dangerous than Daesh (Isis),” the reporter joked, referring to the Islamic […]

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Photo President Obama told female bloggers on Wednesday that he had fewer options left for using his power to bypass Congress. Credit Stephen Crowley/The New York Times CHARLOTTE, N.C. — In his assertions of executive power to advance his agenda in an era of gridlock, President Obama has been largely on offense. But his latest battle with Congress not only left him on defense, it actually broke the gridlock. Against him. Mr. Obama’s abrupt decision to sign a compromise version of legislation on Iran that he had previously vowed to veto was a bruising retreat in his larger campaign to act without Congress’s getting in his way. In this case, partisanship gave way to rare consensus on Capitol Hill: Both sides agreed that he was wrong to cut them out. The White House tried to make the best of the setback, arguing that the bipartisan bill was less objectionable […]

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WASHINGTON (Reuters) – A compromise allowing the U.S. Congress to vote on a nuclear deal with Tehran may prompt Iranian negotiators to drive a harder bargain, but does not drastically weaken President Barack Obama’s ability to deliver on a final agreement. For months Obama resisted attempts led by Republicans and some Democrats to open an agreement with Iran to congressional approval. On Tuesday he backed down in the face of mounting bipartisan support for the bill, which gives Congress at least 30 days to review a final deal during which time Obama would be unable to waive or suspend many U.S. sanctions. Negotiators for Iran and six major powers are trying to ensure Iran does not acquire an atomic bomb by securing an agreement by June 30 under which Iran would curb its nuclear program in exchange for relief from international sanctions. "If I were an Iranian negotiator, I […]

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LONDON (Reuters) – Iran contains some of the largest and most attractive petroleum resources in the world, so any easing of sanctions could have a major impact on oil and gas markets in the second half of the decade. Iran’s possible re-emergence as a major exporter would force a re-ordering of the world oil market both because of the country’s location on the cost-curve and the quality of its oil. Iran’s proved oil reserves of 160 billion barrels, almost 10 percent of the world total, rank it fourth after Venezuela (300 billion barrels), Saudi Arabia (265 billion barrels) and Canada (175 billion barrels), according to BP. The country also has the world’s largest proved gas reserves of almost 34 trillion cubic meters (18 percent of the global total), putting it ahead of Russia (17 percent) and Qatar (13 percent). Iran’s petroleum resources are contained in large, conventional reservoirs with […]

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VIENNA (AP) — As negotiators prepare to start drafting a final deal to curb Iran’s atomic activities, conflicting U.S.-Iran takes on key elements mean tough work ahead of a June 30 deadline. Though six world powers remain at the bargaining table, the real negotiating is between the two nations. Ahead of the resumption of expert-level negotiations early next week, here’s a look at key areas of U.S.-Iran agreement and disagreement, based on fact sheets made available to the media by Tehran and Washington and comments from their officials. —- WHAT THEY AGREE ON – Iran will halve the number of working centrifuges, machines that can spin uranium gas into levels used for nuclear arms. That will leave about 5,000 centrifuges, enriching to levels substantially below weapons-grade. – Iran will re-engineer a nearly finished reactor to cut its production of plutonium and reduce the proliferation threat it would have posed. […]

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ANKARA (Reuters) – Iranian President Hassan Rouhani said on Wednesday Tehran will not accept a comprehensive nuclear deal with major powers if all sanctions imposed on Tehran were not lifted, state television reported. "If there is no end to sanctions, there will not be an agreement," Rouhani said in a televised speech in the northern city of Rasht. "The end of these negotiations and a signed deal must include a declaration of cancelling the oppressive sanctions on the great nation of Iran." Rouhani also said the U.S. Congress’ power to review a nuclear deal with Iran was a domestic matter. "We are in talks with the major powers and not with the Congress," he said, adding Iran wanted to end its isolation by having "constructive interaction with the world and not confrontation". (Additional reporting by Sam Wilkin in Dubai, Writing by Parisa Hafezi; Editing by Janet Lawrence )

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Continue reading the main story Video Play Video|0:38 Corker and Cardin on Compromise Bill Corker and Cardin on Compromise Bill Senator Bob Corker, of of the Foreign Relations Committee, discussed a bill that would allow Congress to vote on the nuclear deal being negotiated with Iran. By AP on Publish Date April 14, 2015. Photo by Stephen Crowley/The New York Times. WASHINGTON — The Senate Foreign Relations Committee unanimously approved legislation granting Congress a voice in negotiations on the Iran nuclear accord, sending the once-controversial legislation to the full Senate after President Obama withdrew his opposition rather than face a bipartisan rebuke. Republican opponents of the nuclear agreement on the committee sided with Mr. Obama’s strongest Democratic supporters in demanding a congressional role as international negotiators work to turn this month’s nuclear framework into a final deal by June 30. The bill would mandate that the administration send the […]

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ENLARGE An oil well is seen near Denver, Colo. Oil prices have fallen sharply amid a global supply glut, with the OPEC cartel refusing to cut production. Photo: Reuters Iranian Oil Minister Bijan Namdar Zangeneh on Tuesday called on the Organization of the Petroleum Exporting Countries to reduce production by at least 5% to boost prices that have collapsed since last summer, signaling the possibility of another tense meeting when the organization gathers in June. OPEC has been pumping more than 30 million barrels a day since December, when the cartel decided against cutting production in the face of precipitously falling crude prices. Led by Saudi Arabia, and over the objections of countries such as Iran, Iraq and Venezuela, the cartel agreed to keep production high so that countries could protect their market share. “Even the most conservative OPEC member states do not believe that OPEC production should exceed […]

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Iranian Oil Minister Bijan Zanganeh calls on fellow OPEC members to make room for the eventual market return of Iranian crude oil. File photo by Maryam Rahmanian/UPI TEHRAN, April 14 (UPI) — OPEC member states should self-regulate so Iran’s expected return to the oil stage won’t hurt markets, Iran’s oil minister said Tuesday from Tehran. Iranian Oil Minister Bijan Zangeneh said members of the Organization of Petroleum Exporting Countries should cut output in an effort to stimulate oil prices. "Even the most conservative OPEC member states do not believe that OPEC production should exceed 30 million barrels per day and we believe that this amount should be cut by at least 5 percent," he said. A November decision by OPEC to keep output steady at 30 million bpd added downward pressure to crude oil trading in an over-supplied market. Crude oil prices are down about 50 percent from their […]

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Iran says it’s ready to serve as a reliable gas partner to the European market. UPI/Maryam Rahmanian ASTANA, Kazakhstan, April 13 (UPI) — Iran can serve as a reliable and steady partner for the European community in terms of natural gas needs, Iran’s foreign minister said Monday. Iranian Foreign Minister Javad Zarif said during a visit to Kazakhstan his country was already a trustworthy gas partner for Asian economies and a westerly pivot may soon follow. "Iran, on par with Russia, enjoys all the (needed) resources to provide gas to Europe," he said from Astana. Iran is anticipating major sanctions relief if a framework nuclear agreement with international powers enters into force during the summer. Sanctions limit Iran’s energy export potential and the lifting of sanctions could help Tehran capitalize on its European market ambitions. The Islamic republic is pegging energy advancements on its oil and gas from the […]

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WASHINGTON (Reuters) – As the United States and Iran come closer to a historic nuclear deal, many U.S. states are likely to stick with their own sanctions on Iran that could complicate any warming of relations between the long-time foes. In a little known aspect of Iran’s international isolation, around two dozen states have enacted measures punishing companies operating in certain sectors of its economy, directing public pension funds with billions of dollars in assets to divest from the firms and sometimes barring them from public contracts. In more than half those states, the restrictions expire only if Iran is no longer designated to be supporting terrorism or if all U.S. federal sanctions against Iran are lifted – unlikely outcomes even in the case of a final nuclear accord. Two states, Kansas and Mississippi, are even considering new sanctions targeting the country. The prospect of unwavering sanctions at the […]

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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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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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UNITED NATIONS (Reuters) – Beefing up international monitoring of Iran’s nuclear work could become the biggest stumbling block to a final accord between Tehran and major powers, despite a preliminary deal reached last week. As part of that deal, Iran and the powers agreed that United Nations inspectors would have "enhanced" access to remaining nuclear activity in Iran, where they already monitor key sites. But details on exactly what kind of access the inspectors will have were left for the final stage of talks, posing a major challenge for negotiators on a complex and logistically challenging issue that is highly delicate for Iran’s leaders. Securing proper inspections is crucial for the United States and other Western powers to ensure a final deal, due by June 30, is effective and to persuade a skeptical U.S. Congress and Israel to accept the agreement. Iran says its nuclear program is peaceful, but […]

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ENLARGE An official picture shows Iranian President Hasan Rouhani, left, and the head of the Iranian Atomic Energy Organization Ali Akbar Salehi unveiling a nuclear fuel assembly during a ceremony in Tehran on Thursday. Photo: Iranian Presidency/Agence France-Presse/Getty Images DUBAI—Iran would extend talks for a final nuclear deal with world powers beyond a June 30 deadline if need be to satisfy red lines drawn this week by its supreme leader, Ayatollah Ali Khamenei, a senior Iranian official said. “Iran will work hard to reach an agreement within the specified time of three months or even sooner, but if the deal doesn’t meet the criteria the leader has introduced for a good deal, we would extend the time,” said Deputy Foreign Minister Abbas Araqchi, a member of the Iranian negotiating team, in televised comments reported Friday by the Mehr News Agency. The suggestion of an extension underlines the wide gaps […]

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Iran hopes to resolve differences with Chinese energy companies on oil and gas projects in the Islamic republic, as Tehran wants to be ready to raise output quickly after a potential lifting of sanctions this year, Iranian oil officials said on Wednesday. The officials are in China this week to discuss Chinese investments in oil and gas developments in Iran, as well as oil sales, just days after world powers and the OPEC member reached a framework nuclear deal. The talks come ahead of a visit to Beijing by Iranian Oil Minister Bijan Zanganeh, his first since assuming his post two years ago. Iran, the world’s fifth-largest oil producer, hopes to nearly double its exports from just over 1 million barrels per day (bpd) in two months once sanctions are lifted, although analysts say it will take longer. Some of the production is expected to come from projects state […]

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ANKARA (Reuters) – Iranian Supreme Leader Ayatollah Ali Khamenei on Thursday demanded that all sanctions on Iran be lifted as soon as a final agreement with world powers on curbing Tehran’s nuclear program was concluded. In a live speech on Iranian state television, Khamenei said he neither backed nor rejected an interim accord reached between Iran and the powers last week. Its details would be decisive, he said, making his first comment on the framework deal. The publication of a U.S. fact sheet showing terms that were at variance with the Iranian view of the agreement showed "devilish" U.S. intentions, he said. "I neither support nor oppose it," he said. "Everything is in the details; it may be that the deceptive other side wants to restrict us in the details." "The White House put out a statement just a few hours after our negotiators finished their talks…this statement, which […]

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ANKARA (Reuters) – Iran will only sign a final nuclear accord with six world powers if all sanctions imposed over its disputed atomic work are lifted on the same day, President Hassan Rouhani said in a televised speech on Thursday. Iran and the powers reached a tentative agreement last week in the Swiss city of Lausanne aimed at restricting Tehran’s nuclear program in return for removing the economic penalties. All sides are working toward a June 30 deadline for a final deal on the nuclear work, which Western powers fear is aimed at developing an atomic bomb but Tehran says is purely peaceful. "We will not sign any deal unless all sanctions are lifted on the same day … We want a win-win deal for all parties involved in the nuclear talks," Rouhani said. Since the preliminary agreement was reached, Iran and the United States seem to have different […]

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