AP: Iraq’s rapidly expanding oil production is likely to complicate OPEC’s efforts to influence world prices as the country re-emerges as a major player after 20 years on the sidelines due to sanctions and strife.
Again a power in OPEC, Iraq could shift landscape
SA eyes new oil sources as Iran sanctions take hold
AFP: South Africa is looking at alternative sources of crude as tough US sanctions slapped on countries importing oil from Iran are days away from taking effect, a senior government official said on Friday.
Iran warns EU will pay a higher cost under oil embargo
AFP: Looming EU oil sanctions against Iran will result in a higher cost for Europe, Iranian Oil Minister Rostam Qasemi warned on Thursday ahead of the OPEC cartel’s latest output meeting in Vienna.
India moves to start rupee payments for Iran oil
Reuters: India removed a hefty tax and took other steps to ease payments in its rupee currency for some imports of Iranian oil as it seeks to continue purchases – albeit reduced — in face of Western sanctions that blocked an earlier payment method.
Iran affirms commitment to NPT
UPI: Iran is ready to reaffirm its commitment to international nuclear protocols to allay global concerns, a government spokesman said in Tehran.
Iran’s dreams for influence stymied in Egypt
AP: Iran once saw the Arab Spring uprisings as a prime opportunity, hoping it would open the door for it to spread its influence in countries whose autocratic leaders long shunned Tehran’s ruling clerics.
OPEC leaves oil output ceiling unchanged
AFP: OPEC announced Thursday it was keeping its oil output ceiling unchanged but vowed to eliminate overproduction as it sought to halt falling oil prices amid a weak global economy and eurozone debt crisis.
South Korea limits Iran exports on payment concerns
Reuters: South Korea has imposed curbs on exports to Iran – mainly steel, cars and electronics – to reduce its risk of payment defaults as western sanctions disrupt Iranian oil exports, highlighting the growing risk of doing business with the Islamic Republic.
Japan to pass bill to insure Iran oil imports
Reuters: Japan’s lower house is set to pass a bill on Friday to provide government guarantees on insurance for Iranian crude cargoes, making it the first of Iran’s big Asian buyers to find a way to keep the oil flowing in the face of tough new EU sanctions.
Iran: All nuke proposals on table for Moscow talks
AP: Proposals from both Iran and the group of six world powers will be on the table for nuclear talks in Moscow next week, not just the West’s demand to halt Iran’s highest level uranium enrichment, Iran’s top negotiator said Wednesday.
