Iran has signed an agreement with Russia to trade crude oil for products with US dollars entirely absent from the transaction. The deal, which has been confirmed by the Russian media and Iran governmental authorities, needs to bypass the world’s reserve currency entirely due to the restrictions on trade in US dollars in Iranian banks. The deal has been under discussion since 2014 when Iran was still facing Western sanctions stemming from its nuclear program.
Environmentalists with an interest in preserving the north sea have a proposal for oil companies which at first seems contrary to their stated goals. The proposal is that oil companies and regulators should consider leaving more old oil rigs in the North Sea rather than remove them. The idea is that the removal of these man-made structures is disruptive toward the marine life that has formed around them.
According to Iran’s Supreme Audit Court which monitors the Oil Ministry’s deposits into the state treasury, the Central Bank of Iran has received a payment of $4,105,219,136 from Emirates National Oil Company (ENOC). This was part of ENOC’s settlement with Iran for per-sanction purchases of oil and gas. Last year the Western sanctions which were imposed upon the Islamic Republic over its nuclear program were lifted. Shortly thereafter the country’s Ministry of Petroleum reported the international oil companies had started paying their obligations owed to Iran for purchases of oil made before the sanctions were put in place.
In the midst of President Trump’s decision to withdraw from the Paris Agreement, shareholders are demanding greater transparency regarding climate change risks.
Whatever understandings the Trump administration reaches after the Islamic State is defeated, it needs to be clear about the stakes: if America does not stop the Iranians in Syria and Iraq, they will soon emerge as the region’s dominant force. During his recent meetings with Arab leaders in Riyadh, President Trump signed up to a… Keep reading →
The Senate Energy and Natural Resources Committee just voted on the nominations of Neil Chatterjee and Rob Powelson to be FERC Commissioners.
President Trump’s announcement that he would withdraw the United States from the landmark Paris climate agreement is a setback to multi-country efforts to address global environmental issues.
Four states which sit on the shores of the Gulf of Mexico stand to miss out on billions of dollars in promised oil royalties if a proposal by the Trump administration makes it through Congress. On Tuesday the White house proposed ending a program that shares the revenue from offshore oil and gas drilling with the states which bear the risk of spills.
Last week the Senate Committee on Energy and Natural Resources held a hearing to consider the nominations of Robert Powelson and Neil Chatterjee to serve as Commissioners of FERC.
Various players have been rushing to secure their spot in former Islamic State strongholds that will be strategically important to the next phase of the war. Note: Click on map for high-resolution version. The May 18 U.S. airstrike on pro-regime forces heading for Syria’s southern al-Tanf border crossing marks a turning point in the war.… Keep reading →
