SHANGHAI, Nov 9 (Reuters) – China National Petroleum Corp (CNPC) is continuing to take oil from Iranian oilfields where it has ownership stakes, even after the United States re-imposed sanctions on the country’s oil sector, a company executive said on Friday. The state-owned oil giant entered Iran in 2004 when it acquired the MIS oilfield, […]
The resumption of wide-ranging American sanctions on Iran promises economic uncertainty for the Islamic Republic’s neighbors in the Caucasus: Azerbaijan, Georgia and Armenia. Washington’s goal of reducing Iran’s oil exports to zero will not directly impact any of three Caucasus states, as none of them imports Iranian crude. All three, however, have to various extents […]
In a recent speech, President Rouhani declared that Iran had achieved a “rare victory” insofar as Europe is seeking ways to sustain its trade with Iran in the face of US sanctions. While this may be true in a political sense, practically speaking, the President is declaring victory too soon. Iran should be doing much […]
The European Union said work “has accelerated” on a so-called special purpose vehicle to help avoid the U.S. administration’s reimposed sanctions on Iran as the bloc tries to preserve the landmark Iranian nuclear accord after the Trump administration abandoned it. The EU also warned that the decision by Swift, the financial messaging network, to suspend […]
Armed with waivers to keep importing Iranian oil without running afoul of U.S. sanctions, some of the Islamic Republic’s top customers are preparing to buy. The exemptions mean at least some supplies from OPEC’s third-biggest producer will keep flowing into international markets, after its exports plunged almost 40 percent since April — the month before Washington announced the curbs. In a […]
A special clearing house designed to allow European companies that trade with Iran to bypass newly reimposed US sanctions will be set up in Europewithin months, possibly in France or Germany. The clearing house, known as a special purpose vehicle (SPV), is seen as critical to reassuring Tehran that the EU genuinely wishes to reward Iran for signing […]
The imposition of sanctions on Iran is designed to curb its “outlaw behaviour”, the US says. Donald Trump said the Joint Comprehensive Plan of Action “cannot prevent an Iranian bomb” when he announced the US withdrawal from the treaty in May. This week his administration restored all sanctions lifted under the 2015 denuclearisation deal and added more (albeit with […]
Turkey has warned Washington against its new sanctions on Iran, saying isolating the Islamic Republic is “dangerous.” Turkish Foreign Minister Mevlut Cavusoglu said Tuesday. Washington this week imposed a second set of sanctions on Iran that aim to isolate the country’s banking sector and slash its oil exports. Eight countries including Turkey have received a US waiver […]
The foreign ministers of Spain and Russia on Tuesday hit out at US sanctions policy against Iran and ultimatums they say are being imposed by Donald Trump’s administration. President Trump in May abandoned a 2015 multi-nation deal with Iran aimed at reining in its nuclear program. The deal had been unanimously endorsed by a United Nations Security Council resolution, […]
ANTALYA, Turkey – As Iranians braced for the full restoration of economic sanctions imposed Monday by the Trump administration, their government signaled it would be open to talking to the United States about a new nuclear arms accord if Washington changes its approach to discussing the agreement it abandoned this year. Foreign Minister Mohammad Javad Zarif, Iran’s top diplomat, […]
The United States will exempt China, India and Japan from oil sanctions on Iran, Secretary of State Mike Pompeo said Monday, while vowing to be “relentless” in pressuring Tehran. Hours after sweeping sanctions were reimposed following the US withdrawal from a denuclearization deal, Pompeo said eight countries would be at least temporarily exempt from the ban on buying […]
The U.S. has agreed to let eight countries — including Japan, India and South Korea — keep buying Iranian oil after it reimposes sanctions on the OPEC producer on Nov. 5, a senior administration official said. While the Trump administration’s goal remains to choke off revenue to Iran’s economy, waivers are being granted in exchange […]
On November 5, the United States will reimpose an array of powerful sanctions on the most important economic institutions in Iran, including its central bank and national oil company. This is the result of President Trump’s decision in May to withdraw the United States from the Iran nuclear agreement and snap back U.S. sanctions that […]
During the war on terror, the United States quietly turned the world financial system into a hidden empire. The American government used the power of the dollar and its influence over obscure organizations such as the Swift financial messaging service to monitor what its adversaries and terrorists were doing and, in some cases, to cut entire states, […]
The next round of economic sanctions on Iran, which will start going into effect on Nov.4, will mainly target the country’s oil and gas industries. These sanctions were eased after the 2015 signing of the Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran nuclear deal, but are being phased back in following President Donald […]
Despite Saudi Arabia’s admission that the killing of journalist Jamal Khashoggi earlier this month was premeditated, the Trump administration appears determined to maintain the U.S. partnership with Saudi Arabia, the United Arab Emirates, and Israel to put unprecedented pressure on Iran. The next step in this master plan will be the Nov. 5 full reimposition […]
Iran sold oil to private buyers through its energy exchange for the first time on Sunday, as part of its efforts to counter the imminent return of US sanctions. Only 280,000 barrels were sold out of one million offered, and went for USD 74.85 per barrel, more than USD 4 below the initial asking price. The identity […]
President Hassan Rouhani said Saturday that the divisions between the US and Europe over renewed sanctions on Iran were a “rare historical victory” for the Islamic republic. “If this time last year, we had stated that America would stand against the great nation of Iran… and Europe would stand with Iran and against America, the overwhelming majority of us… […]
Iran wants to boost its Syrian profile, and presence, by plugging into that country’s electrical sector needs. While fighting and military actions seem to be subsiding in the country, talk of reconstruction is surfacing as the Syrian government’s allies, namely Russia and Iran, seek to secure contracts to rebuild devastated sectors. Tehran is facing US sanctions aimed at undermining its financial capability. Yet Iran is one of the […]
In the November/December issue of Foreign Affairs, U.S. Secretary of State Mike Pompeo outlines President Donald Trump’s strategy for “confronting Iran.” Pompeo describes an Iranian regime hell-bent on dominating the Middle East, and he argues that Trump is determined to overturn the supposed inclination of past U.S. administrations—especially the Obama administration—to accommodate the mullahs in Tehran. In particular, Pompeo reiterates […]
NEW DELHI: The first trilateral meeting between India, Afghanistan and Iran of the Coordination Council of the Chabahar Agreement took place Tuesday in Tehran. The three-nation Chabahar Agreement envisages a transport and transit corridor connecting Iran’s Chabahar Port with landlocked Afghanistan, which would allow Indian goods to be shipped not just to Afghanistan, but eventually […]
On Nov. 4, U.S. sanctions on Iranian oil exports will go back into force after they were suspended following the 2015 Iran nuclear deal. Less than a month before that deadline, Iran’s oil sales are already tanking. The United States would like to see them fall further. In July, U.S. Secretary of State Mike Pompeo […]
European nations are seeking to ensure at least one Iranian bank stays connected to the world after the US imposed new sanctions against the country, a French senator said in Tehran on Sunday. The United States pulled out of a landmark 2015 nuclear deal with Iran in May and has been reimposing punishing sanctions on the Islamic republic, targeting […]
The Financial Action Task Force has granted Iran until February to complete necessary reforms in the area of anti-money laundering and combating financing of terrorism. In a statement issued following the conclusion of the group’s plenary meeting in Paris, the FATF announced that it had “decided at its meeting this week to continue the suspension […]
The European Union won Asian political support in campaigns aimed at countering U.S. President Donald Trump’s challenges to global trade rules, the fight against climate change and the international nuclear accord with Iran. In a final statement at an Asia-Europe summit in Brussels on Friday, the EU said the government leaders agreed on “the vital […]
PARIS (Reuters) – France’s foreign ministry said on Thursday a so-called Special Purpose Vehicle (SPV) that the European Union is considering creating to enable trade with Iran could be used more broadly to help the bloc avoid the extraterritorial reach of U.S. law. EU foreign policy chief Federica Mogherini said in September that the new […]
WASHINGTON (Reuters) – Turkey’s top refiner, Tupras, is in talks with U.S. officials to obtain a waiver allowing it to keep buying Iranian oil after Washington reinstates sanctions on the Islamic Republic’s energy sector in November, industry sources said. The United States is preparing to impose the new sanctions on Iran’s oil industry after Washington […]
White House officials are worried that the apparent killing of the dissident journalist Jamal Khashoggi, and Saudi Arabia’s changing account of his fate, could derail a showdown with Iran and jeopardize plans to enlist Saudi help to avoid disrupting the oil market. Officials said the dilemma comes at a fraught moment for the Trump administration, which is expected […]
Since the end of the Cold War, the United States has come to rely more and more on economic tools to advance its foreign policy goals. Some of these tools, such as sanctions, involve the direct application of economic pressure. Others, such as the promotion of free trade and open markets, work by changing other […]
NEW DELHI (Reuters) – India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) expects India to get a waiver from U.S. sanctions on Iranian oil exports this month, a company official said on Tuesday. The United States plans to impose new sanctions targeting Iran’s oil sector on Nov. 4 to try to stop the country’s involvement in […]
The Tehran Stock Exchange (TSE) has hit astonishingly new highs in past months, netting a return of above 15% in the week ending Sept. 26 alone — the highest weekly rise in its over half a century of existence. Since the start of the Iranian year on March 21, the TSE index has risen almost 90%, while its average volume […]
As part of the effort to salvage the Iran nuclear deal, European governments have vowed to sustain their economic ties – not least their banking connections – with Iran. From 4 November, American sanctions targeting Iran’s banks will make it extremely difficult for European companies to engage in transactions with firms in the country. Many […]
BRUSSELS — Of all the issues dividing Europe and the Trump administration, Iran has become the sharpest, with the Europeans actively working against United States policy, placing them in league with Russia, China and Iran. Since earlier this year, when it pulled out of the Iran nuclear deal that was a centerpiece of former President Barack Obama’s […]
LONDON (Reuters) – The United States has granted BP (BP.L) and Serica Energy (SQZ.L) a new licence to run a North Sea gas field partly owned by Iran in a rare exemption by U.S. President Donald Trump’s administration as it prepares to renew sanctions on Tehran next month. The waiver extension will allow Serica to […]
Tehran hosted national security and deputy national security advisers from China, India, Russia and Afghanistan on Sept. 26, in what was billed as the first Regional Security Dialogue. According to Keyvan Khosravi, spokesman for the Iranian Supreme National Security Council, the one-day meeting, initiated by Iran, primarily aimed at “finding joint measures for fighting terrorism and preventing its spread to Central Asia, […]
Iran is resorting to “Houdini tricks” to sustain oil exports as US sanctions loom. New data suggests the magic might be working. With new sleights of hand including disappearing oil tankers, the use of floating storage, and ship-to-ship transfers, tracking Iranian exports is getting harder than ever, leading to divergent estimates from oil analysts. While […]
US sanctions on Iran will not impact Qatar Airways’ flights to the Islamic republic, the airline’s boss Akbar al-Baker said on Monday. Speaking at a high-profile business conference in the Qatari capital Doha, Baker said services to Iran would continue despite a tightening economic and political squeeze on Iran by Washington. “Aviation is not a sanctioned industry, Qatar Airways […]
NEW DELHI, Oct 5 (Reuters) – India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world’s third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4. “Refiners have placed November nominations to lift 1.25 million tonnes (about […]
WASHINGTON (Reuters) – The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday. The administration withdrew from a deal over Tehran’s nuclear program in May and is unilaterally reimposing sanctions on Iran’s crude oil […]
The UN’s top court ordered the United States on Wednesday to lift sanctions on humanitarian goods for Iran, in a stinging rebuke for the Trump administration which nonetheless made clear the decision would change nothing. Tehran declared victory after the International Court of Justice ruled that sanctions reimposed after President Donald Trump pulled out of a nuclear deal put Iranian […]
For over a year, European governments have been struggling to determine how they can create a financing facility for projects in Iran. Access to external finance was a major expectation of the sanctions relief promised in return for Iran’s implementation of the JCPOA nuclear deal. With the full return of US sanctions just weeks away, […]
The European Union said Monday its members would set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions after the US withdrew from a nuclear agreement. Iran and the European Union announced their defiance towards US President Donald Trump’s administration after high-level talks at the United Nations among the remaining […]
French President Emmanuel Macron said Tuesday that Iran should be allowed to keep selling oil and urged dialogue as he rejected a US push to isolate the clerical regime. Speaking to reporters after addressing the United Nations General Assembly, Macron said that Iranian sales would bring down the price of oil—a professed concern of US President Donald Trump. “It would be […]
NEW YORK (Reuters) – Iranian President Hassan Rouhani on Monday warned the United States against pursuing hostile policies toward Tehran, saying preventing Iran from exporting oil would be “very dangerous”, though he did not rule out talks between the two countries. In May, U.S. President Donald Trump pulled out of the 2015 international nuclear deal […]
Iran is adhering to its commitments under the Iran nuclear deal and the accord—repudiated by the United States—should stay in place, Britain’s prime minister said in an interview broadcast on Sunday. “From what we see, we believe that it is doing that,” Theresa May told CBS. “We believe that that should stay in place. And others, […]
The relationship between two major oil benchmarks is charting an unexpected course as U.S. sanctions take Iranian crude out of the market. As demand for alternative Middle Eastern supply increases, regional marker Dubai crude has reason to strengthen. Yet it’s weakening against London’s Brent — an oil grade with very different chemical characteristics that’s used […]
China’s state-controlled Sinopec is pressing ahead with a USD 1.06bn upgrade project at Iran’s 400,000 b/d Abadan refinery, despite the imminent return of US sanctions on Iran’s energy sector. Sinopec is contracted to build a new 210,000 b/d crude distillation unit (CDU) to replace three distillation units with a combined 250,000 b/d that were built […]
Amid reports of detailed talks between the United States and India to cut New Delhi’s oil imports from Iran, Indian refiners are reportedly moving to reduce their crude loadings from the Islamic Republic. Yet, India has also taken the step of allowing its state refiners to use Iranian tankers and shipping insurance ahead of the re-imposition of US sanctions targeting Iranian […]
President Emmanuel Macron will separately meet his US and Iranian counterparts, Donald Trump and Hassan Rouhani, during the UN General Assembly in New York next week, the French presidency said Wednesday. Macron will meet Trump on Monday afternoon before having dinner with UN Secretary General Antonio Guterres. On Tuesday, the French President will address the assembly and hold talks with Rouhani, an Elysee […]
US leaders remain ready to negotiate with their Iranian counterparts but Tehran is still refusing President Donald Trump’s overture to do so, a senior US official said Wednesday. Trump and Secretary of State Mike Pompeo “have all made clear that we are ready to negotiate and to have those discussions,” Brian Hook, the US special representative for Iran, told the […]
DER SPIEGEL: Mr. Foreign Minister, in May, United States President Donald Trump unilaterally withdrew from the Iran nuclear deal. In August, sanctions against your country were reimposed and since then, the Iranian economy has been struggling. Do you feel as though you have been left in the lurch by Europe? Zarif: The Europeans are facing a very fundamental […]
U.S. sanctions on Iran’s oil industry are unproductive and there will be consequences to such a move, Russian Energy Minister Alexander Novak told CNBC. “Our position remains that this is unproductive, this is wrong,” Novak said when asked about the possible impact U.S. sanctions on Iran’s oil industry could have. “It is better to continue working […]
Companies from dozens of countries are showing their wares at the Damascus International Fair this week, but those from two in particular are getting special treatment—Russia and Iran. Firms from the top two wartime allies of Syria’s government are set up in an entirely separate building, hinting at the preferred status they hope to enjoy as the country tries […]
LONDON (Reuters) – Oil traders have become much more concerned in recent weeks about the potential impact of U.S. sanctions on Iran and the effect on the availability of crude at the end of the year. Brent futures for November have moved to a premium of 45 cents a barrel over the December contract, in […]
For Iran, EUR 18 million represents just a drop in the bucket in terms of the foreign direct investment that the country needs for its economic development. But in terms of development funding, this amount, an initial tranche of a larger EUR 50 million bilateral allocation introduced by the European Commission and the European External […]
NEW YORK (Reuters) – Oil prices rose more than 2 percent on Tuesday as U.S. sanctions squeezed Iranian crude exports and after U.S. crude oil production in 2019 was forecast to grow at a slower rate than previously expected, prompting supply concerns. Since spring when the Trump Administration said it would impose sanctions on Iran, […]
As the military phase of the Syrian conflict reaches its final stages, the leaders of Russia, Iran, and Turkey met in Tehran on September 9 and reiterated in a joint statement that a political solution to the Syrian conflict requires inclusive, free, and fair elections with the participation of all eligible Syrians under appropriate UN supervision. They […]
Former Secretary of State John Kerry said Sunday that President Donald Trump’s decision to pull out of the Iran nuclear agreement he helped negotiate was “dangerous and ill-advised.” Speaking on CNN’s “Fareed Zakaria GPS,” Kerry called the deal the “single strongest, single most accountable, single most transparent nuclear agreement anywhere in the world,” saying Trump […]
Singapore — China’s crude imports from Iran are likely to have peaked in August at 874,000 b/d ahead of the looming re-imposition of US sanctions in November, according to S&P Global Platts’ trade tracker cFlow. The imports in August included barrels directly shipped to China and a VLCC cargo that offloaded in Myanmar and was reportedly […]
In a sign of how serious the breach between Europe and the United States is during the Trump era, senior officials in France and Germany are increasingly planning ways to sidestep U.S. financial dominance and the global sanctions power that goes with it. German Foreign Minister Heiko Maas late last month called for Europe to achieve financial […]
n an op-ed published in the German newspaper Handelsblatt, German Foreign Minister Heiko Maas declared that the “the US and Europe have been drifting apart for years.” Nowhere is this clearer than in the disagreement between the United States and Europe over the fate of the Iran nuclear deal. When President Trump withdrew from the Joint Comprehensive Plan […]
Iran has given European parties to the nuclear deal until Nov. 4 — the start of U.S. sanctions against its vital oil industry — to come up with ways to offset the impact, suggesting it may otherwise pull out. Iran has “clearly announced” to European nations that if its “main interests” in the nuclear agreement […]
Renewable energy has been one of the brightest sectors in the Iranian economy, achieving 70 percent growth in the last Iranian year according to official data. There are currently 85 large-scale and more than 1,850 small-scale renewable power plants feeding electricity into the national grid. The overall capacity of renewable power plants in Iran reached 637 MW […]
WASHINGTON — America’s allies in Europe are plotting ways to bypass President Donald Trump’s sanctions on Iran as they work to keep the nuclear deal alive without the United States. With a second round of U.S. sanctions set to take effect in November, European officials are working at cross-purposes with Trump’s “maximum pressure” campaign as they try to […]
Germany’s foreign minister wants Europe to create new financial infrastructures to free it from US domination. He’s suggested a new system for banking transactions. But what exactly would a European SWIFT system look like? Last week, Germany’s foreign minister made headlines around the world when he suggested that Europe should be less reliant on the […]
DUBAI (Reuters) – European countries should take action and be willing to pay the costs to reap benefits from Iran’s nuclear deal with world powers, Iranian Foreign Minister Mohammad Javad Zarif was quoted as saying on Saturday by the state news agency IRNA. “It is time for the Europeans to act in addition to voicing […]
Tokyo — Japan remains firmly committed to seeking US exemption for Iranian oil imports as it sees the supplies as important for the country’s energy security and businesses, a top government official told S&P Global Platts on Thursday. “Japan’s position remains firm even after the second round of talks [with the US government],” Ryo Minami, the […]
Iran is sticking to the terms of its nuclear deal with world powers, a UN atomic watchdog report showed Thursday, despite ongoing uncertainty over its future. The report from the International Atomic Energy Agency showed that Iran was still complying with the key parameters of the Joint Comprehensive Plan of Action (JCPOA), agreed in 2015 […]
Total SA’s withdrawal from Iran’s giant South Pars gas field has given China another chance to secure a stake in the world’s most coveted energy assets: abundant and low-cost Middle Eastern oil and gas. Chinese companies have invested in Iraq, the United Arab Emirates and Iran in recent years, and have expressed interest in oil […]
Germany and France said they’re working on financing solutions to sidestep U.S. sanctions against countries such as Iran, including a possible role for central banks. The discussions, which also involve the U.K., are a signal that European powers are trying to get serious about demonstrating a greater level of independence from the U.S. as President […]
Iran on Monday demanded the UN’s top court suspend US nuclear-linked sanctions against Tehran, accusing Washington of plotting its “economic strangulation”. The Islamic Republic launched a suit at the International Court of Justice in The Hague over US President Donald Trump’s decision to reimpose the sanctions that had been lifted in a 2015 accord. Iran […]
A European Union aid plan for Iran sends “the wrong message at the wrong time” to the government in Tehran, the US State Department said Friday. The USD 20.7 million EU assistance package “perpetuates the regime’s ability to neglect the needs of its people and stifles meaningful policy changes,” read a statement Friday signed by US […]
German foreign minister Heiko Maas recently penned an article in which he said that “it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system.” So what exactly is Maas’s quibble with SWIFT, the Society for Worldwide Interbank Financial Telecommunication? […]
Iran is cheerful with Imran Khan in office next door. Even before his inauguration as Pakistan’s new prime minister, President Hassan Rouhani picked up the phone to congratulate Khan and invite him to Tehran. There are two main reasons, among others, for Iran’s cheerfulness. As discussed in an Aug. 4 conversation between Iran’s ambassador to Pakistan, Mehdi Honardoost, and the Pakistani […]
Iran’s legal challenge against renewed sanctions by the United States goes before the UN’s International Court of Justice on Monday. Here are four key questions regarding the case: What is the case about? Iran’s attempt to block the reinstatement of sanctions, announced by US President Donald Trump earlier this year, is the latest in a […]
After the Trump administration’s decision unilaterally to exit the 2015 Iran nuclear deal, Europe’s anger turned quickly to resignation, as companies moved to sever ties with Tehran lest they suffer retaliation from Washington. Germany is now calling for a reset in the nature of trans-Atlantic relations that will give Europe more autonomy to create foreign […]
BRUSSELS (Reuters) – The European Union agreed 18 million euros ($20.6 mln) in aid for Iran on Thursday, including for the private sector, to help offset the impact of U.S. sanctions and salvage a 2015 deal that saw Tehran limit its nuclear ambitions. The announcement is part of the bloc’s high-profile efforts to support the […]
The Kazakh coastal city of Aktau hosted Aug. 12 the fifth summit of the five Caspian littoral states — Iran, Russia, Kazakhstan, Azerbaijan and Turkmenistan — on the legal status of the Caspian Sea. The presidents of the five countries signed a landmark convention on the legal status of the Caspian, ending 21 years of disagreements over how to coordinate their […]
TEHRAN, Iran — Iran says Britain has stepped in to help it redesign a reactor following the U.S. withdrawal from Tehran’s nuclear agreement with world powers. Under the agreement, experts from the United States and China were to help Iran redesign the Arak heavy water nuclear reactor to limit the amount of plutonium it produces […]
GENEVA (22 August 2018) – Sanctions must be just, and must not lead to the suffering of innocent people, says United Nations Special Rapporteur Idriss Jazairy. “The reimposition of sanctions against Iran after the unilateral withdrawal of the United States from the Iran nuclear deal, which had been unanimously adopted by the Security Council with […]
Russia is reportedly making preparations to establish a regional integrated payment network. Iran understandably wishes to join such an endeavor. But what will such a network look like, what will its implications be for Iran and the region, and how will it be received by other countries, especially the United States? The news of the […]
BEIJING/SINGAPORE (Reuters) – China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of that country’s crude, throwing Tehran a lifeline while European companies such as France’s Total are walking away due to fear of reprisals from Washington. The United States is trying to halt Iranian oil exports in an […]
Iran’s Foreign Minister Mohammad Javad Zarif said Sunday that Europe had not yet shown it was willing to “pay the price” of defying Washington in order to save the nuclear deal. Zarif said European governments had put forward proposals to maintain oil and banking ties with Iran after the second phase of US sanctions return […]
In the international negotiations that resulted in the 2015 agreement to limit Iran’s nuclear activities, I led the team of American diplomats representing the United States. During the talks, my Iranian counterparts would occasionally ask how they could be assured that any deal we struck would be durable. Most Republicans opposed it, and looking at the […]
LONDON (Reuters) – Clouds are gathering over the outlook for the oil market, as trade tensions and rising crude supply threaten to swamp demand growth, but some of the world’s most prominent energy investors are convinced the price will return to record highs. The escalating trade war between the United States and China threatens global […]
India, the second biggest crude customer for Iran, may cut its imports from the Islamic republic by half to secure a waiver from the U.S. to continue with shipments, people familiar with the matter said. Officials from the U.S. had discussed the issue of a conditional waiver on sanctions in talks last month in New Delhi, the people said, […]
he Trump administration has no coherent Iran policy. In May, U.S. President Donald Trump unilaterally withdrew the United States from the Joint Comprehensive Plan of Action (JCPOA)—the Iran nuclear deal—even though Iran was not in violation of it. Other than Trump’s uninformed and empty assertion that it was “the worst deal ever,” his pretext for the withdrawal […]
NEW DELHI (Reuters) – Indian Oil Corp.’s planned $5.10 billion expansion of its unit Chennai Petroleum, partly owned by Iran, is not expected to be hit by U.S. sanctions against Tehran, Chairman Sanjiv Singh said on Monday. Chennai Petroleum plans to invest up to 356.98 billion rupees to replace its 20,000 barrel per day (bpd) […]
Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The “informed source” in Iran’s oil ministry did not give details of the discount, but sought to downplay the move as common industry practice. “Discount is part […]
hina National Petroleum Corp. is expected to take the lead on a $5 billion project to develop Iran’s share of the world’s biggest gas deposit, taking over from France’s Total SA, which halted operations after U.S. President Donald Trump reimposed sanctions on the Islamic Republic. State-owned CNPC, which joined a consortium with Total and Iran’s Petropars Ltd. in 2016 […]
The first U.S. sanctions have been reimposed on Iran with little sign of either side softening its position. Curbs on oil exports will follow in early November and the effect will be bigger and swifter than last time around. Oil forecasters don’t seem to have grasped that yet. There’s no doubt that President Donald Trump will […]
BERLIN (Reuters) – German Economy Minister Peter Altmaier has sharply criticized U.S. President Donald Trump’s tariffs and sanctions policies, saying such measures were destroying jobs and growth and that Europe would not bow to U.S. pressure regarding Iran. The United States has triggered a bitter tit-for-tat trade dispute with import tariffs meant to protect American […]
Iran has threatened to block access to the world’s busiest oil route in response to U.S. sanctions designed to reduce the revolutionary Shiite Muslim power’s petroleum exports to zero. While there has been no indication that Iran was prepared to go through with the warning, such a move would likely be catastrophic for the region […]
The EU said Monday it deeply regretted the US reimposition of sanctions on Iran after President Donald Trump pulled out of the 2015 nuclear pact, and vowed immediate steps to protect European companies. The statement by EU diplomatic chief Federica Mogherini and the foreign ministers of Britain, France and Germany said it would also work […]
ZURICH (Reuters) – Nestle (NESN.S) sees no direct fallout from renewed U.S. sanctions on Iran, the world’s biggest food company said on Tuesday. “We continue to closely follow political developments regarding sanctions against Iran. There are no direct implications for our business at this stage,” it said in response to a query. Nestle Iran has […]
The US sanctions on Iran are forcing many European companies to rethink their investment plans. But some small businesses are choosing to deal with Iranians, rather than Americans. Al Jazeera’s David Chater went to Chateauroux in France, where one company is doing big business with Iran.
The EU has launched an attempt to protect European businesses from Donald Trump’s sanctions against Iran as the US administration voiced its intent to apply maximum pressure on Tehran by vigorously applying its punitive measures. The sanctions came into force at midnight (US east coast time). At the same time, a blocking statute – last used to protect […]
As Iran’s auto industry is grappling with a multifaceted crisis, there are signs that China’s nascent carmakers may step in to become part of the solution. The US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) and the impending reimposition of sanctions have not only caused a currency crisis in Iran but also led French […]
The U.S. has been unable to persuade China to cut Iranian oil imports, according to two officials familiar with the negotiations, dealing a blow to President Donald Trump’s efforts to isolate the Islamic Republic after his withdrawal from the 2015 nuclear accord. Beijing has, however, agreed not to ramp up purchases of Iranian crude, according […]