NO GAS FOR EUROPE
"Given a decline in the gas price in that continent, it is not at the moment economically feasible to export gas to Europe," Mohsen Qamsari, director for international affairs of the National Iranian Oil Company told the Tasnim News Agency on Sunday.
Known as the world's top gas reserves holder with an estimated 33.6 trillion cubic meters, Iran is an attractive market for Europeans seeking alternative sources to improve their resilience to gas supply disruptions.
Russia is now the biggest supplier of gas to Europe, with about a third of Europe's current gas requirements covered by Russian gas.
Back in April, Iran's ambassador to Turkey said Tehran was working out details of a project to export its natural gas to Europe through Turkey.
"A basis for transferring Iranian gas through Turkey has been established and details are still being worked out," Alireza Bigdeli said.
In the same month, Miguel Arias Canete, the European Union's energy commissioner, said they were open to import Iranian gas, which could break their dependency on Russia.
However, Iranian President Hassan Rouhani in September 2014 ruled out speculations that the country might provide Europe with natural gas should Russia decides to halt energy exports to the European states.
"Today's conditions are not such that if Russia stops selling gas to Europe, Iran can serve as an alternative for Russia's gas exports to those countries," President Rouhani had announced in an interview with Russia-2 television channel.
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BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.
The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.
“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.