All tagged energy

Iran Sanctions Breach Suspicion Prompts Bank to Seize Ships

◢ Reports alleging that fuel tankers appeared to breach U.S. sanctions against Iran were cited in court filings by a bank as it sought to seize the ships, accusing the owners of loan default. The accusations, which led to the the temporary arrest of the vessels in Singapore late last month, come as the U.S. seeks to isolate the regime in Tehran by cutting off oil sales, a major source of revenue.

India Has Ended Iranian Oil Imports: Envoy

◢ India has ended all imports of oil from Iran, its ambassador in Washington said Wednesday, becoming the latest country to grudgingly comply with threatened US sanctions. India had already sharply decreased its imports from Iran and bought one million tons of crude in April, the last month before Washington stepped up its pressure campaign against Tehran and ended all exemptions to oil sanctions.

Trump to Sanction Allies Over Iran Oil, Risking Friction

◢ The United States said Monday it would start imposing sanctions on friends such as India that buy Iranian oil, in its latest aggressive step to counter Tehran that could jeopardize US relationships. The announcement sent global crude prices spiraling higher, although President Donald Trump tweeted that Saudi Arabia and other US allies would"more than make up" for decreases in Iranian oil.

Trump Team Split Over Iran Oil Waivers as Next Deadline Nears

◢ President Donald Trump’s national security team is deeply divided over whether to let a small group of countries keep buying Iranian oil after a U.S. deadline on sanctions waivers expires in May. Now that fight is getting ugly. The division—primarily between John Bolton’s National Security Council and Michael Pompeo’s State Department—has led to rising frustration and flared tempers.

US Extends Iraq Waiver Over Iran Sanctions

◢ The United States is extending a waiver to let energy-hungry Iraq keep buying power from Iran, despite Washington's campaign of sanctions aimed at curbing Tehran, an official said. "While this waiver is intended to help Iraq mitigate energy shortages, we continue to discuss our Iran-related sanctions with our partners in Iraq," a State Department official said.

Oil Market Can Weather Zero Iranian Exports: U.S. Officials

◢ US officials said the global oil market can withstand the removal of all Iranian crude exports this year, a conclusion that could be pivotal in the coming weeks as President Donald Trump weighs whether to end sanctions waivers granted to several nations. The message from American officials comes as OPEC and its allies prepare for a ministerial meeting in Baku, Azerbaijan.

Iran and Armenia Propose Gas Transit to Georgia

◢ A state visit by Armenian Prime Minister Nikol Pashinyan to Iran has resulted in an agreement between the two countries to cooperate on the potential transiting of Iranian gas through Armenia to Georgia. The possible export of Iranian gas to Georgia was first raised in 2016 with the National Iranian Gas Company (NIGC) making successive claims of a deal with both the Georgian state and an unnamed private sector company.


Syria and Iran Sign 'Strategic' Economic Agreement

◢ Syria and Iran signed 11 agreements and memoranda of understanding late Monday, including a "long-term strategic economic cooperation" deal aimed at strengthening cooperation between Damascus and one of its key allies in the civil war that has torn the country apart. The agreements covered a range of fields including economy, culture, education, infrastructure, investment and housing, the official Sana news agency reported.

Iran Sanctions Herald Energy Trouble for Caucasus Nations

◢ 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. All three have to various extents relied on Iran for natural gas, and stand to be affected—if only by uncertainty until the exact scope of the sanctions becomes clearer.

Iran Urges OPEC to Rebuff 'Threats' From Trump

◢ Iran on Sunday called on its OPEC partners not to bow to "threats" from US President Donald Trump, as the oil cartel prepared to meet to discuss output levels. "I hope the outcome of this meeting will not be affected by President Trump's threats," Oil Minister Bijan Namdar Zanganeh told SHANA, his ministry's news agency.

France's Total Has Officially Left Iran: Oil Minister

◢ French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of US sanctions. "Total has officially left the agreement for the development of phase 11 of South Pars (gas field)," he told parliament's news agency ICANA, adding that it had been more than two months since the French firm announced it would leave.

UK Investor Halts Iran Solar Project Over US Sanctions

◢ British group Quercus, an investor in renewable energy, said Tuesday it will halt work on a major solar plant in Iran after the country was hit by US economic sanctions. "Following the US sanctions on Iran, we have decided to cease all activities in the country, including our 600 MW (megawatt) project," Quercus chief executive Diego Biasi said Tuesday in comments later confirmed by a company spokesman.

Iran Offers Discount Oil to Asia

◢ 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 of the nature of the global markets being offered by all oil exporters," the source told IRNA.

Turkey in US Talks to Avoid 'Negative Impact' From Iran Sanctions

◢ Turkey on Friday hosted an American delegation for talks to address concerns about the potential negative impact on its economy of the looming reimposition of US sanctions against Iran. US President Donald Trump decided in May to abandon the 2015 deal agreed with other world powers on Iran's nuclear program and reimpose nuclear-related sanctions against the Islamic Republic.

US Demands World Halt Iranian Oil Imports By Nov 4

◢ The United States warned Tuesday that countries around the world must stop buying Iranian oil before November 4 or face a renewed round of American economic sanctions. A senior State Department official warned foreign capitals "we're not granting waivers" and described tightening the noose on Tehran as "one of our top national security priorities."

OPEC Rift Deepens as Iran Walks Out of Key Meeting

◢ Iran's oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output. "I do not think we can reach an agreement," Bijan Namdar Zanganeh told reporters at his Vienna hotel after storming out of talks with a group of ministers on the eve of a crucial OPEC meet.