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Tag Archives: Oil

Lavrov condemns sanctions on Iran as illegal

Russian Foreign Minister Sergei Lavrov said on Tuesday that U.S. sanctions on Iran were not legitimate, in Moscow’s first official comment since Washington restored sanctions on Tehran. Lavrov said Moscow, itself a target of separate U.S. sanctions, expected there would be ways to pursue economic cooperation with Iran despite the …

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Iranians take to the streets in protest of US sanctions

Iranians chanting “Death to America” rallied on Sunday to mark both the anniversary of the seizure of the U.S. Embassy during the 1979 Islamic Revolution and the imminent reimposition of U.S. sanctions on Iran’s key oil sector. Thousands of students in the government-organized rally in the capital Tehran, broadcast live …

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Iran defiant of Trump sanctions, and Trump tweets

Iran’s top leader said on Saturday U.S. President Donald Trump’s policies face opposition across the world as Washington prepared to reimpose sanctions on Iran’s vital oil-exporting and financial sectors, state television reported. Supreme Leader Ayatollah Ali Khamenei also said Iran’s arch-adversary the United States had failed to reassert its domination …

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Abu Dhabi scraps oil refiner Cepsa’s IPO

Abu Dhabi shelved plans for an initial public offering of a 25 per cent stake in Spanish oil refiner Cepsa as investors balked at the valuation amid a stock market rout. “Recent international economic developments have created uncertainty in international capital markets,” said Cepsa, which is controlled by Abu Dhabi’s …

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India to keep buying Iranian oil despite US sanctions

India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating that the world’s third-biggest oil importer is to continue purchasing crude from the Islamic republic despite US sanctions coming into force on November 4. “Refiners have placed November nominations to lift 1.25 million tonnes …

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India has no plans to buy Iran oil in November

India is not planning to buy any crude oil from Iran in November, raising the prospect that Tehran will lose another major customer as US sanctions hit. Indian Oil Corp. and Bharat Petroleum Corp. haven’t asked for any Iranian cargoes for loading in November, according to officials at the companies. …

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100 million barrels per day of global oil use likely

The world’s oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices. But emerging market crises and trade disputes could dent this demand, the International Energy Agency (IEA) said. Paris-based IEA maintained its forecast of strong growth in demand this …

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US puts the squeeze on Iranian oil buyers

The world’s top oil buyers are discovering that US sanctions on Iran will squeeze their trade flows whether they agree with America or not. It was only about three months ago that India’s foreign minister said that the country won’t adhere to unilateral restrictions and will continue buying Iranian crude. …

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India need not fear oil shortage: UAE envoy

Even as the US-imposed sanctions on Iran has put India’s energy security in jeopardy, UAE Ambassador to India Ahmad Al Banna has allayed fears of an oil shortage, saying his country as well as Saudi Arabia can fill in if supply from Iran is disrupted. “In the international market, the …

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Dana Gas receives $44m in dividends from Kurdistan

Sharjah-based Dana Gas received $43.75 million (Dh161 million) in dividends from Kurdistan operations in the first half of 2018. The dividend was paid by Pearl Petroleum Company Limited for the sale of condensate and liquefied petroleum gas (LPG) in the Kurdistan Region of Iraq (KRI) and included a $7 million …

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UAE outlook sunny on oil recovery, fiscal policies

The UAE economy is expected to grow by 2.6 per cent this year and 3.8 per cent in 2019, according to a new report by the Institute of Chartered Accountants in England and Wales (ICAEW) and Oxford Economics. The primary growth drivers will be recovering oil prices, expansionary fiscal policies …

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Why remittances are prohibited in these UAE outlets

Some money changers in UAE are appealing a recent decision by the Central Bank to prohibit them from doing remittance transactions. UAE resident have been advised that they can no longer transfer money or receive salaries through at least seven exchange houses. The UAE Central Bank confirmed on Monday that …

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