The US has broadened the scope of its sanctions on steel, stainless steel, aluminum and copper trade with Iran in a move to stop imports into the country of specialized metals that it says could be used in Iran’s nuclear, ballistic missile and military programs, deemed by the US to pose a grave threat to […]
After three consecutive months of raising its crude oil prices, the world’s largest oil exporter, Saudi Arabia, is widely expected to make the first cut to its official selling prices (OSPs) since the OPEC+ group started their record production cuts to prop up the market and prices amid crashing demand. Oil refiners and traders in […]
On July 6, 2020, Iranian Foreign Minister Javad Zarif announced that Iran was negotiating an agreement with the PRC (People’s Republic of China) for trade and strategic links. Defence and political analysts are seeing the move as a substantive and significant response to India’s success in militarily outmaneuvering the PRC in Kashmir during June 2020. […]
To plug budget gaps and to fund plans to safeguard its current oil production level Abu Dhabi has plans to raise $ 10 billion over the next few weeks. UAE’s state-owned oil company, the Abu Dhabi National Oil Company (ADNOC), announced that it had agreed to sell a 49 per cent stake in its gas […]
India’s tea output fell by 54 per cent from a year earlier in April 2020 to 39.02 million kilograms as lockdown restrictions reduced plucking in the top producing north-eastern state of Assam, the state-run Tea Board of India said. For Assam alone, output in April 2020 plunged by 76 per cent from a year ago to 10.99 million […]
Sudden spike in demand from both domestic and overseas markets has made basmati rice costlier by 10 per cent in June 2020. The aromatic rice is currently quoted at $1,000-1,200 a tonne now, from $900-1,100 a tonne towards the end of May. The value depends based on quality and brand of the rice. Supply to domestic consumers and […]
With strategic prodding by Iran, Iraq is set to expand its already game-changing oil and gas infrastructure deal with China. Iran is seeking to push Iraq firmly into the Sino-Russian power bloc. Tehran is looking to include Iraq in the Sino-Russian power bloc in order to expand its influence in the oil-rich country. This was […]
The lawsuits over the ownership of Venezuelan gold are starting to stack up. Deutsche Bank AG wants a judge to decide whether about $123 million held by receivers following a terminated gold deal should be delivered to President Nicolas Maduro’s administration or one run by opposition leader Juan Guaido. The lawsuit, which had been kind […]
Out of cash and desperate for help in propping up its oil industry, Venezuela is raiding its gold vaults and handing tons of bars to its long-time ally Iran, according to people with direct knowledge of the matter. Venezuelan government officials piled some 9 tonnes of gold — an amount equal to about $500 million […]
The annual production capacity of Iranian steel sections producers has reached 47 million tonnes, while the figure was expected to reach 45 million tonnes, IRNA reported. Based on Iran’s Industry, Mining, and Trade Ministry’s data, there are currently 148 steel section production units nationwide and the total production capacity of these units is expected to […]
