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Iran vows to stop “some” oil sales as inspectors visit

TEHRAN: Iran sent conflicting signals in a dispute with the West over its nuclear ambitions, vowing to stop oil exports soon to "some" countries but postponing a parliamentary debate on a proposed halt to crude sales to the European Union. The Islamic Republic declared itself optimistic about a visit by UN nuclear experts that began …

DNE

EU bans Iranian oil, Tehran responds with threats

BRUSSELS/TEHRAN: The European Union banned imports of oil from Iran on Monday and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at deflecting Tehran’s nuclear development program. In Iran, one politician responded by renewing a threat to blockade the Strait of Hormuz, an oil exporting …

DNE

Iran warns of consequences if Arabs back oil sanctions

TEHRAN: Iran warned Gulf Arab neighbours they would suffer consequences if they raised oil output to replace Iranian crude facing an international ban. In signs of Tehran’s deepening isolation over its refusal to halt nuclear activity that could yield atomic bombs, China’s premier was in Saudi Arabia on Sunday probing for greater access to its …

DNE

Iran OPEC gov’t warns Arab oil producers

TEHRAN: Iran’s Gulf Arab neighbors should not raise their production to replace Iranian oil if the European Union goes ahead with a ban on Iranian crude imports, Iran’s OPEC governor said on Sunday. The EU has agreed in principle to ban imports of Iranian oil, while the United States has pressured Asian buyers to reduce …

DNE

Oil above $110 on Iran, China data

LONDON: Crude oil rose above $110 a barrel on Tuesday as tension between Iran and the United States stirred fear of a possible disruption to oil supplies from the Middle East and as Chinese data showed economic activity increasing. Oil was one of the best performing assets in 2011, with North Sea Brent posting an …

DNE

Saudi would replace Iran crude if EU embargoes: sources

DUBAI: Top oil exporter Saudi Arabia and other Gulf OPEC states are ready to replace Iranian oil if further sanctions halt Iranian crude exports to Europe, industry sources said on Tuesday. Iran’s Oil Minister Rostam Qasemi had said that Saudi Arabia had promised not to replace Iranian crude if sanctions are imposed. "No promise was …

DNE

China replaces Iran oil with Mideast, Africa, Russia

BEIJING/SINGAPORE: China has bought enough spot crude from the Middle East, Africa and Russia in January to replace lost Iranian oil supply, trade sources said on Friday, putting it in a strong position as it tussles with the Islamic Republic over payment terms for 2012 contracts. China will load an additional 12.43 million barrels of …

DNE

Russian company signs up to develop Iran oil field

TEHRAN: Iran signed a deal reportedly worth up to $1 billion with Russia’s Tatneft on Sunday to develop an oil field, a rare example of new foreign investment into the oil and gas sector of a country under ever tighter economic sanctions. Oil Ministry website SHANA said the development at the Zagheh oil field, on …

DNE

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