European Union Implements Ban on Iranian Oil; IAEA to Visit Iran
iStockphoto/Thinkstock(BRUSSELS, Belgium) — In response to growing concerns over Iran’s nuclear program, the European Union announced on Monday that it is banning new imports of Iranian crude oil and petroleum products.Existing contracts on imports, t…
America’s Loss, China’s Gain: Obama’s Keystone Decision Has Canada Planning More Oil Shipments to Asia
Jupiterimages/Thinkstock(WASHINGTON) — President Obama’s decision to reject the Keystone XL pipeline application — against the advice of his own Jobs Panel’s reccomendation for an “all in” energy policy — was met with disappointment by critics…
US Maintains Pressure on Iran; Sanctions Three More Companies
iStockphoto/Thinkstock(WASHINGTON) — The U.S. State Department Thursday announced it had imposed sanctions on three companies that provide refined petroleum products to Iran. Under the Iran Sanctions Act, Zhenrong, Kuo Oil and FAL Oil Company were “ba…
US Military to Iran: Strait of Hormuz Blockade Won’t Be Allowed
iStockphoto/Thinkstock(WASHINGTON) — The U.S. is seriously considering taking unspecified military action if Iran moves ahead with its threat to block the Strait of Hormuz, through which 20 percent of the world’s oil travels.Tehran issued the threat i…
Iran Threatens to Block Oil Shipments
File photo. NORBERT SCHILLER/AFP/Getty Images(WASHINGTON) — Jittery oil markets are spiking with an eye on threats from Iran which claims that if the West imposes more sanctions on its oil because of its nuclear program, then Iran’s navy will shut do…
Iran Warns US It Will Block Oil Shipments: Report
Iran Vice President Mohammad Reza Rahimi (L) talks with Cuban Vice-Foreign Minister, Marcos Rodriguez (2-L), during the wreath-laying ceremony at the Jose Marti Monument on Revolution Square in Havana, on September 7, 2011. (ADALBERTO ROQUE/AFP/Getty I…
U.S. To Release Oil From Strategic Reserve
NEW YORK (CNNMoney) — The U.S. Department of Energy said it will release 30 million barrels of oil from the Strategic National Reserve to alleviate Libyan oil supply disruptions, adding more pressure to already-plummeting oil prices. Local News 8 reports that the U.S. release is half of the 60 million barrel supply hike announced Thursday [...]