Iran considers an offer to negotiate directly with the U.S. over its nuclear program a “step forward” and expects to resume meetings with world powers later this month, the Persian Gulf nation’s Foreign Minister Ali Akbar Salehi said
Iran will suspend all oil exports, pushing global crude prices higher, if the U.S. and Europe tighten sanctions further on the OPEC member’s economy, Oil Minister Rostam Qasemi warned.
“If you continue to add to the sanctions, we will stop our oil exports to the world,” he said at a news conference in Dubai. “The lack of Iranian oil in the market would drastically add to the price.”
Asia’s major crude buyers are finding ways around tough U.S. and EU sanctions to maintain imports from Iran, suggesting that, for now, the worst may be over for the OPEC producer that is losing more than $100 million a day in oil export revenues.
The US on Friday cheered what it said was a decision by Italy’s Edison International to withdraw from Iran’s energy sector and scrap a multi-million dollar contract to explore Iran’s Dayyer natural gas field. Edison signed a $107 million contract with Iran’s national oil company NIOC in 2008 to help develop the 3,281 square-mile (8,500 [...]
Secretary of State Hillary Clinton said Iran will face increasing pressure from economic sanctions aimed at its disputed nuclear program. “The pressure track is our primary focus now, and we believe that the economic sanctions are bringing Iran to the table,” Clinton said in an interview with Bloomberg Radio in Geneva on June 30. “They are going to continue to increase and cause economic difficulties for them.”
For most of this year, the threat of tough U.S. sanctions on Iran, the world’s third-largest oil exporter, helped push crude oil prices higher and higher, adding a menacing headwind for struggling global economies. But in the past few weeks, a combination of higher output from Iran’s rival Saudi Arabia and economic troubles in China and Europe have pushed oil prices down 25 percent, putting the threat of sanctions back squarely on Iran.
The U.S. added seven economies to the list of nations qualifying for an exemption from financial sanctions on Iranian oil imports, penalties intended to pressure Iran’s leaders to abandon any nuclear weapons ambitions. India, South Korea, Turkey, South Africa, Malaysia, Sri Lanka and Taiwan will not be penalized by the U.S. for continuing to import oil from Iran
Like us at Facebook
Brazil’s Hot, Dry Summer May Lead to Energy Rationing
Why Does Arctic Sea Ice Matters
Follow @energyprofs on Twitter