Iran, OPEC’s second-largest producer, has completely stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official has admitted. It is a concerted attempt to reduce reliance on Washington at a time of tension over Tehran’s nuclear program and suspected involvement in Iraq.
Iran has dramatically reduced dependence on the dollar over the past year […]

Even as the United Nations maneuvers toward a vote on expanded sanctions against Iran - which Beijing has reportedly approved - China’s main offshore oil and gas company is reported to have signed a $16 billion deal to develop an Iranian gas field.
In doing so, China is maintaining its position that it does not support […]

Russia’s Gazprom the world’s top gas producer, has announced that it will take on big new energy projects in Iran, a move likely to anger the United States which wants Tehran isolated over its nuclear work.
State-controlled Gazprom, which supplies a quarter of Europe’s gas needs, said it had agreed to develop more phases of Iran’s […]

Just getting used to oil prices around $100 a barrel. Well Thailand’s Energy Minister Piyasvasti Amranand has said that global oil prices could surge to US$200 per barrel if the United States goes to war with Iran.
Speaking at a seminar on “The Promotion of Bio-Technology,” he said he shared a view in common with Venezuela’s […]

In the late winter of 2006, the citizens of Burlington, Vermont prepared to elect one of five candidates to a three-year term for an open mayor’s seat.  At one forum, a citizen stood up and asked, “Within the next mayoral term, it’s likely the price of oil will hit $90 a barrel and gas will […]