World Bulletin / News Desk
Iran acknowledged for the first time on Wednesday that its oil exports have fallen sharply, down 20-30 percent from normal volumes of 2.2 million barrels daily.
A National Iranian Oil Company official in Moscow denied exports had been hit by West sanctions against Iran's nuclear programme, saying that oilfields were under maintenance and crude production was being diverted for refining.
But the admission that exports have fallen substantially is a change of tack from Tehran which until now has denied that the U.S. and European sanctions have had much or any impact.
"It was 20 to 30 percent we reduce regarding to our export," NIOC official Mohammad Ali Emadi said in English. "Some part of the reduction is shifting for the refinery internally."
European Union bans on imports and tanker insurance for ships carrying Iranian crude are due to come into effect on July 1.
Emadi said Iran's normal crude exports were 2.2 million bpd, in line with external estimates. A 20-30 percent fall would put Iranian exports at 1.54-1.76 million bpd, off 440-660,000 bpd.
That is still above most third-party estimates which put Iran's crude exports in June at about 1.3 million bpd.
"We gradually started to reduce, It is not because of the sanctions but sometime regarding overhaul maintenance of the wells," said Emadi.
The NIOC official said Iran wanted to export more gas to India and Pakistan to make up for the fall in crude exports. Iran has long aspired to export gas east but would require heavy investment in a pipeline or liquefied natural gas facilities to do so.
Stabilised political and security situation, the launch of government initiatives toward fiscal consolidation and strong support from external donors are some of the reasons given for improved economic outlook.
Norway will not supply gas to Europe in case of supplies being cut by Russia, says Norwegian Energy Minister Lien
A fall in global oil prices, down more than 20 percent from this year's June high, means that ending costly diesel subsidies will save the government money without hurting consumers.
EU officials said the gas talks would continue in Brussels next week, with Poroshenko telling reporters that the financing still needed to be resolved.
The food-producing regions of Guinea, Sierra Leone and Liberia in West Africa have been severely affected by the worst outbreak on record of the viral haemorrhagic fever
Fall in crude oil prices will effect Iran's oil industry more than Western sanctions
Widodo currently plans to raise the price of both gasoline and diesel by 3,000 rupiah ($0.25) per litre by November, the advisor said.
Mario Pezzini and Romano Prodi jointly emphasized that Africa should be of priority for European Union’s future development policies.
Analysts say that some form of disruption of Russian flows to the EU is likely this winter
Chrysler is recalling about 470,000 cars and SUVs globally from model years 2011 through 2014 and equipped with a 3.6 liter engine and a 160 amp alternator
Oil prices continue to slide with surging production and weakening economic news. Venezuela has called for an emergency meeting of OPEC
Only one in four Russians said the measures would be harmful to the economy. About one in four of those polled also said sanctions could pose serious problems for them or their families
Zuma said the government wanted 30 exploration wells drilled in the next 10 years.
Bosnia and Herzegovina need to handle energy reforms at state level to implement EU's Third Energy Package
The five countries' horticulture exports will again be exempted from EU customs duty once the new deal comes into force.
Renzi's government has been keen to woo cash-rich buyers from China