Latest news
EU oil ban on Iran came into force
The UN Security Council, which comprises 5 permanent members and one non-permanent, has imposed a number of restrictions aimed to punish Iran over its nuclear program, being the most stringent and drastic oil embargo put ever on Iran’s oil industry.
read more... 03/07/2012
Iraq's oil production hits a 20 year-peak
Iraq saw its oil production at the highest level since 20 years, due to an increased production at Halfaya field, which exceeded 3.07 million barrels a day this month.
read more... 27/06/2012
South Korea stops Iranian oil imports from July 1
South Korea's economy ministry said on Tuesday that imports of Iranian crude oil will be halted from July 1 due to EU sanctions, making Korea the first of Iran's major Asian customers to halt oil purchases.
read more... 26/06/2012
Chinese imports of iranian oil continue to increase despite U.S. sanctions
Despite the U.S. sanctions China reached the highest level this year in importing oil from Iran. Foreign Ministry Spokesman Hong Lei said China’s imports from Iran are fair and reasonable and does not hurt the interests of the international community.
read more... 21/06/2012
OPEC agrees to keep its output quota unchanged
The world’s largest cartel, OPEC, at its quarterly meeting in Vienna on Thursday, decided to keep its production quota steady at 30 million barrels a day, maintaining its status quo in order to fade out strong disagreements between members.
read more... 18/06/2012