Economy
US wants more pressure on Iranian banks
The US Treasury has urged the United Arab Emirates to keep a close eye on Iranian banks operating in the Persian Gulf financial hub. "There is a challenge in the (United Arab Emirates) especially because of deep commercial ties between the UAE and Iran," said Stuart Levey, US Treasury Undersecretary for Terrorism and Financial Intelligence on Wednesday. “These banks are an issue of concern and they are deserving of scrutiny because of their track record," Levey was quoted by Reuters as saying on Wednesday.
Nov 20, 2008, 18:23

Economy
Global recession lowers oil prices
Oil prices have dropped with Brent crude falling to nearly $50 a barrel, the lowest since striking record highs of $147 in July. On Wednesday, Brent North Sea crude for delivery in January was down seven cents at 51.77 dollars a barrel in late afternoon trade on London's InterContinental Exchange (ICE). Earlier it touched 50.61 dollars. On the New York Mercantile Exchange (NYMEX), light sweet crude for December delivery slipped 53 cents to 53.86 dollars a barrel. It earlier fell to 53.30 dollars, the lowest point since January 2007.
Nov 19, 2008, 17:59

Economy
CBI: Iran to issue $1b international bonds
Iran plans to issue USD 1 billion worth of international bonds in an attempt to attract foreign investment, a central bank official says. "In a bid to attract international investment, Iran will issue USD1 billion in international bonds," Deputy Governor of the Central Bank of Iran (CBI) Hossein Qazavi was quoted as saying by the Poul business daily on Wednesday. A 625-million-euro bond in 2002 and a 375-million-euro bond issued later the same year were the first international bonds issued by Iran since the Islamic Revolution in 1979.
Nov 19, 2008, 17:29

Economy
2009 will be tough for oil market
The Qatari oil minister says the oil market will experience tough situations next year as oil demand will be reduced because of the global crisis. Crude oil prices have fallen by two-thirds since July's record high of $147 a barrel on fears of a prolonged global recession that could decrease world energy demand. "I expect 2009 to be a difficult year. All the indicators affirm a large decline in demand during the last quarter of the current year and the first quarter of 2009," the Qatar state news agency QNA quoted Oil Minister Abdullah al-Attiyah as saying on Monday.
Nov 18, 2008, 18:48

Economy
Iran: OPEC must cut output
Oil prices have fallen by more than $1, reaching $55.75 a barrel on the Singapore market amid news that OPEC may not cut production. On Monday, US light crude for December delivery dropped $1.29 to $55.75 a barrel in Singapore, while in London, Brent crude fell by 89 cents to reach $53.35. Oil prices were hit by news that the OPEC may not cut production at its upcoming meeting in Cairo and by reports that Japan and the Eurozone are officially in recession. Oil prices have tumbled by almost two thirds since peaking at $147 a barrel in mid-July.
Nov 18, 2008, 18:42

Economy
Iran wants OPEC to cut 1.5 million barrels
Iran's OPEC governor, Mohammad Ali Khatibi, is calling on the oil cartel to cut production by a further 1 to 1.5 million barrels per day when it meets in Cairo later this month. OPEC decided to cut production by 1.5 million barrels a day last month in response to a dramatic fall in oil prices from a record $147 in July to below $70 last month. The cartel produces about 40 percent of the world's crude oil.
Nov 18, 2008, 18:09

Economy
Iran urges OPEC
Iran has said the Organisation of Petroleum Exporting Countries should take action to stabilise oil prices. Expectations of weaker energy demand has pushed prices to fall below $60 a barrel for the first time since March 2007. Gholamhossein Nozari, Iran's oil minister, said that the stability of prices "needed a far reaching decision and further measures," after prices fell from a peak of $147 in July. "We are going to review oil market conditions and if there is a need, there might be an emergency meeting," he said on Tuesday.
Nov 13, 2008, 19:36

Economy
Iran, Kuwait in gas deal
A gas deal between Iran and Kuwait, which will enable Iran to transfer its gas to the Arab country, is probable. "Iran may begin gas exports to Kuwait," said the report, referring to Iranian energy officials' mission to Kuwait on the transfer of gas to the Arab country. Iranian Oil Minister Gholam-Hossein Nozari was quoted as saying that "we have already discussed the issue on the sidelines of the recent OPEC meeting in Doha."
Nov 11, 2008, 18:04

Economy
Iran to introduce new mobile carrier
Iran's telecoms regulator is expected to announce the winning technical bid for the third domestic mobile phone carrier at the end of the month. The result of the technical bid will be out on November 30, and the winners would have until January 11, 2009 to submit their financial bids. The contract will go to the lowest bidder the following day. The winner company will have to compete with current telecoms operators, namely, Telecommunications Company of Iran (TCI) and Irancell, which is 49 percent owned by the MTN Group.
Nov 8, 2008, 22:20

Economy
Russia may join Iran-Armenia rail link
Russia could participate in the construction of a major railway linking Iran and Armenia, according to the president of Russia Railways. The president of Russian Railways, Vladimir Yakunin, said Friday that the company is ready to participate in the construction of the rail line should Iran, Armenia and Russia agree on how to finance the project, Fars News Agency reported.
Nov 8, 2008, 22:19

Economy
Iran cuts oil output by %5
Iran has cut oil production by 200,000 barrels per day (bpd) from 4.04 million bpd, in line with an OPEC agreement to find ways to support declining crude prices, a director of the state oil company said on Friday. "We are obeying the OPEC quota. We have cut by 200,000 bpd," Mohammad Ali Emadi, director of National Iranian Oil Co (NIOC), told Reuters in Beijing, where he is attending a forum of national oil companies.
Nov 7, 2008, 20:43

Economy
Iran suspends UAE gas deal
Iran says that it has suspended export of Iran’s gas to the United Arab Emirates (UAE) because of the UAE’s Crescent Company’s flagging commitment. Managing director of the National Iranian Oil Company, Seifollah Jashnsaz, said that the UAE’s Crescent has failed to fulfill some of its basic obligations as per the contract. He pointed out that the ongoing negotiation between the Iranian and UAE is not only over the price of the contract, but there are other issues involved as well.
Nov 7, 2008, 20:36

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