Iran is storing at least 30 million barrels of oil on its fleet of supertankers as Western sanctions continue to keep a lid on sales, tanker market sources say.
World powers are trying to reach a framework deal
Iran is ready to boost its oil exports by up to 1 million barrels per day (mbpd) when Western sanctions over its nuclear programme are lifted, the official Irna news agency quoted Oil Minister Bijan Zanganeh as saying.
A possible deal over Iran's nuclear programme that would phase out economic sanctions against Tehran is unlikely to flood world markets with more oil any time soon, despite Iran's declared intention to claw back market share lost becau
Iran has yet to receive $7.8 billion for crude oil sales made in recent months, government spokesman Mohammad Baqer Nobakht was quoted as saying, as Western sanctions keep Tehran shut out of the global banking system.
Asian imports of Iranian crude fell nearly 22 per cent from a year ago to below 1 million barrels per day (bpd) in January, led by cuts in India, where refiners had been asked to curtail orders ahead of a visit by US President Barack Obama.
At least $1 billion in cash has been smuggled into Iran as it seeks to avoid Western sanctions, a bigger figure than previously reported, Iranian officials and Western intelligence and diplomatic sources say.
Sanctions imposed by
The United States and its allies are discussing imposing more sanctions against Russia for undermining a European-brokered truce in eastern Ukraine, US Secretary of State John Kerry said on Saturday.
Kerry made the comments as he
Iran has earned $1.35 billion for selling more than 3 million tonnes of fuel oil in the 10 months to Jan. 21, up 30 per cent in revenue from the same period of last year, oil ministry news website Shana cited an official as saying
Iran is sidestepping Western sanctions and managing to sell hundreds of thousands of tonnes of fuel oil every month through companies based in the US-allied UAE, trading sources told Reuters.
The US an
Iran is sidestepping Western sanctions and managing to sell hundreds of thousands of tonnes of fuel oil every month through companies based in the United Arab Emirates, trading sources told Reuters.
The US and EU sanctions that ca