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Iran to sell oil for a 30% premium

Iran to sell oil for a 30% premium

Given the U.S.’s deployment earlier this month of an aircraft carrier battle group to the Persian Gulf and comments that it may send up to 120,000 troops to the Middle East to deal with any untoward action by Iran, Tehran has been busy trying to build safety buffers through its allies. Simon Watkins writes in Oil Price that having put in place a strategy to try to exploit existing divisions between the U.S. and Europe, Iran has now reached an agreement with the Federal Government of Iraq in Baghdad to expand co-operation between the two countries in the economically vital oil sector, including, critically, the sale of Iranian oil under the guise of Iraqi oil. This trick was first used when the last full-scale international sanctions were ramped up in 2012 but the scope of the new deal far outstrips that arrangement. On the face of it, the most obvious signal of this is the plan announced by National Iranian Oil Company (NIOC) director, Ramin Gholampour Dezfouli, last week for the state oil giant to open a representative office in Baghdad. The official line from Iraq’s Oil Ministry is that: “The role of [the representative] office will be limited to technical and engineering services, such as establishing pipelines and engineering equipment, which Iraq favours given their very low prices...It will not involve oil trade.” Oil Ministry spokesman, Hamza Jawahiri, however, did say that the office would also allow for joint organisational work to be done on the 12 fields that Iran shares with Iraq – some of the world’s largest oil reservoirs – and that this type of co-operation is not strictly prohibited under the sanctions that the U.S. re-imposed on Iran late last year.

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Iran dismisses Reuters report on oil exports

Iran dismisses Reuters report on oil exports

Iranian Foreign Ministry Spokesman Abbas Mousavi dismissed a Reuters report which claims that Iran insists on exporting at least 1.5 million barrels per day (bpd) of oil to stay in the nuclear deal.

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Iran's two conditions to stay in the JCPOA

Iran's two conditions to stay in the JCPOA

Iran insists on exporting at least 1.5 million barrels per day (bpd) of oil, triple May’s expected levels under U.S. sanctions, as a condition for staying in an international nuclear deal, sources with knowledge of Iran-EU talks said.

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Iranian chocolate going to Eurasia

Iranian chocolate going to Eurasia

The best-known Iranian chocolate has been marketed in Kazakhstan and is now competing with top world products on the large market of former Soviet Union countries.

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  Iran's 3 scenarios in OPEC from suspension to exit

Iran's 3 scenarios in OPEC from suspension to exit

The oil embargo imposed on Iran has decreased the level of the country's influence on the Organization of Petroleum Exporting Countries (OPEC) and this is why Iranian authorities may revise the way they deal with the organization.

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 Iranian crude sits at China Dalian Port

Iranian crude sits at China Dalian Port

Some 20 million barrels of Iranian oil sitting on China’s shores in the northeast port of Dalian for the past six months now appears stranded as the United States hardens its stance on importing crude from Tehran.

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 Oil prices dip on expectations of rising output

Oil prices dip on expectations of rising output

Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions on Iran, but analysts said markets remained tight.

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