Iran Warns It Will Veto OPEC Decisions Harming Its Interests

Iran said it will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to the government in Tehran. Oil Minister Bijan Namdar Zanganeh said the agreement that the Organization of Petroleum Exporting Countries and allied producers
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The Organization of Petroleum Exporting Countries is concerned by threats to crude supply from large producers such as Iran, the group’s top official said. Unilateral U.S. sanctions on oil sales by Iran, OPEC’s third-biggest supplier, take effect on Nov. 4. Iran’s crude exports are already falling as the U.S. prepares to curb Tehran’s ability to
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Former British Prime Minister Gordon Brown warned that the world is on the verge of sleepwalking into another financial crisis because governments have failed to tackle the causes of the last major financial crash a decade ago. Britain’s leader when the collapse of the U.S. investment bank Lehman Brothers triggered the worst financial crisis since
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Crude Oil Price Movements In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down for the month. Price declines were mainly due to worries that the ongoing global trade disputes would lower oil demand, strengthening US dollar, US stock builds and reported supply increases. ICE Brent
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Mr Peter Ward, CEO of United Kingdom Warehousing Association (UKWA), has warned that the port of Dover could face chaos if Rest of World (ROW) rules apply post-Brexit to inspection of food imports from the EU. Speaking to BBC News, Mr Ward explained that there are no inspection facilities at RoRo ports, such as Dover,
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China’s investment growth, already at record lows, may weaken even further in the future and authorities should step up fiscal and financial measures to give it a boost, the state planner said on Monday. Beijing is urging more infrastructure spending as the economy faces both domestic and external risks, such as U.S. tariffs. But the
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The Maritime Union of Australia (MUA) has warned of “potential industrial chaos” at the Port of Darwin if a new private port operator does not come to the table recognizing the legitimate claims of its workforce. Specifically, workers are seeking a three percent pay rise per year from the port operator Landbridge. The multinational company
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China’s industry ministry on Friday said it has ordered 12 steel mills to come back into compliance following breaches of environmental, safety and other regulations, while it has removed another 19 companies from a qualified enterprises list. The breaches range from excessive pollution at Hebei Rongxin Iron and Steel Group to a failure by Shanxi
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The next U.S. recession could drag on longer than the last one that stretched 18 months. That’s the assessment of former Treasury Secretary Larry Summers. With the economy in its ninth year of expansion, even if one were to take a hawkish view of upcoming Federal Reserve tightening, it would be some time before the
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