Reuters: Chinese refiner Sinopec has turned down offers of bargain Iranian crude and will cut imports by up to a fifth this year, a senior Chinese oil executive said, insisting ties with the United States were more important than cut-price oil as the West squeezes Tehran over its nuclear program.
Sinopec turns down cut-price Iran crude: source
Iraq says oil price decline is severe; surplus ‘tremendous’
Bloomberg: The latest crude price decline has been severe and there’s “tremendous” surplus in the market, Iraqi Oil Minister Abdul Kareem al-Luaibi said.
US to exempt India, S.Korea from Iran sanctions-aides
Reuters: The United States will exempt India, South Korea and five other countries from financial sanctions in return for cutting purchases of Iranian oil, but will not grant a waiver to China, Iran’s top crude buyer, congressional aides told Reuters on Monday.
Iran to send humanitarian aid to North Korea
AP: Iran’s semiofficial Fars news agency is reporting Iran plans to send more humanitarian aid to North Korea. The two nations are allies. Both are under fire for their nuclear programs.
Iran’s Ahmadinejad wounded but wily in final year
AP: Iran’s president hardly seemed like a fading political force at a security summit in Beijing last week. Leaders from China and Russia carved out time to hold private talks with Mahmoud Ahmadinejad and gave him center stage to unleash his pet theories about the unraveling of Western power.
Japan approves insurance for tankers affected by Iranian ban
Bloomberg: Japan’s Cabinet approved a bill to provide sovereign insurance to tanker operators that import Iranian oil before the full implementation of European Union sanctions against the Persian Gulf nation.
Iran feels sanctions pain as oil income slumps
Reuters: Iran’s state finances have come under unprecedented pressure and the resilience of ordinary people is being tested by soaring inflation as oil income plummets due to tightening Western sanctions and sharply falling oil prices.
Obama’s Iran and Syria muddle
Washington Pos: From one point of view the connection between our troubles with Syria and Iran is pretty straightforward. The Syrian regime of Bashar al-Assad is Iran’s closest ally, and its link to the Arab Middle East.
Iranians must cut power use, avoid blackouts, Tehran Times says
Bloomberg: Iranians must reduce electricity consumption by some five percent to prevent blackouts in summer months, Tehran Times reported, citing the Iranian deputy energy minister Mohammad Behzad.
Iran warns Moscow nuclear talks could stall
AP: An Iranian negotiator warned Sunday that this month’s talks in Moscow over Iran’s nuclear program could stall because of faulty preparation.
