Iran Sanctions Crisis Deepens

The US has hit Iran with new sanctions and is preparing more, scaring Arab Gulf banks.

Record $85/B Budget Oil Price In Critical Year For Iran

Against a backdrop of mounting political and economic challenges, Iranian President Mahmoud Ahmadinejad on 1 February unveiled Iran’s draft budget for the Iranian year 1391, which starts on 20 March.

OPEC Sees 2012 ‘Call’ Flip Into Negative Territory

Demand for OPEC crude will fall by some 100,000 b/d this year, predicts the latest OPEC Monthly Oil Market Report (MOMR).

New Kuwait Parliament May Revisit Oil Reserves Issue

Kuwait’s Amir will form a new government by 15 February, following the elections on 5 February that gave the opposition total control of parliament for the first time.

DEPA Looks To Link East Mediterranean Gas Discoveries With Greek Grid

The natural gas discoveries made in the Israeli and Cypriot offshore in the East Mediterranean Sea have attracted the attention of Greece’s Public Gas Corporation (DEPA).