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.
Much lawmaking in Europe, including a sweeping overhaul of banking, is wrapped up in talks between diplomats and lawmakers with no public record of who attended or what was said
Thousands of workers at a factory in Dongguan in the Pearl River Delta run by Hong Kong-listed Yue Yuen Industrial Holdings , the world's largest shoe maker, have been on strike for more than 10 days
Russian Economy Minister Alexei Ulyukayev said last week that Russia could launch a dispute at the world trade body to challenge U.S. sanctions.
A Gazprom source said the $11.4 billion was in addition to the $2.2 billion that Naftogaz already owes for supplies in 2013 and 2014 so far.
Tech giant Apple reported Wednesday a 4.6 percent increase to $45.6 billion in quarterly revenue, beating market expectations after selling 43.7 million iPhones.
The six-day meeting is expected to discuss the CFTA's objectives, the principles that will guide negotiations for the free trade area, and the institutional arrangements needed to conduct negotiations.
Russia has proposed from European Union Energy Commissioner Guenther Oettinger for a three-way meeting on gas between Russia
The southern African country, which ditched its hyper-inflated local currency in 2009, is facing a serious dollar crunch as a result of lack of foreign donor support and investment
The European Commission, in charge of policing member states' public finances, is expected to respond to French projections in early June after European parliamentary elections
The Australian purchase is a signal of confidence in the F-35 Joint Strike Fighter (JSF) programme, which is about 70 percent over budget and years behind schedule
Executives say a plan is needed to tackle surging inflation as economic recession looms.
An agreement between the United States and Japan is crucial for setting the tone for other countries engaged in the TPP
The pipeline was closed as a precaution following the discovery of the fuel store
Unfair pricing which threatens U.S. domestic industry brings additional taxes to Turkish and Mexican companies.
With unemployment near 11 percent and growth sluggish, Valls must strike a balance between reassuring EU partners and investors about France's deficits
"Regardless of how the stand-off over Ukraine develops, one lesson is clear: excessive dependence on Russian energy makes Europe weak," Tusk argues