China slams US 'intimidation' as new tariffs kick in
OPEC, allies agree not to further increase oil production
Comcast acquires Sky for $40.0 billion, edging out Twenty-First Century Fox
Porsche confirms it will no longer offer diesel engines
ABC staff are rounding on ousted boss Michelle Guthrie
United States will 'absolutely' sanction European companies that do business with Iran
03 July 2018, 11:40 | Austin Hogan
Iran to allow private sector to export oil, beat US sanctions
Oil prices fell on Monday as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States.
One of Iran's biggest oil buyers said it has enough alternative sources of crude to replace any supplies cut off by U.S. sanctions on the Persian Gulf state - even if shipments stop completely.
On Saturday, President Trump touted an agreement with Saudi King Salman bin Abdul Aziz to vastly increase oil production in an effort to lower prices.
Oil prices have been rising despite OPEC and Russian Federation agreeing to increase production by 1 million barrels per day from the start of this month.
Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.
The US "down to zero" plan rests heavily on banning India and China from buying from the Iranians, and while Indian companies have suggested they will dial it back, China remains in the nuclear deal and nearly certainly won't give in to US demands.
Putin Helsinki July Meeting Focuses on Syria
Bolton simply said tat a "direct conversation" between the two leaders is an important starting point. As recently as Thursday, Trump tweeted that Moscow says it did not interfere.
Paul George Has Committed To Sign With Oklahoma City
Here is the breakdown for the LeBron James contract with the Los Angeles Lakers: $35.65M, $37.43M, $39.21M and $41M. George declined to exercise his player option for 2018-19, making him an unrestricted free agent as of midnight.
In the first weeks after the US withdrawal from the Iran nuclear deal and the re-imposition of sanctions on Tehran, India said that it would continue to import Iranian crude despite USA sanctions, because India only honors sanctions imposed by the United Nations, but not ones introduced by individual countries.
Saudi Arabia's output is also on the rise and over the past few months, production has grown by 700,000 barrels per day, according to Reuters.
Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said: "Anyone trying to take away Iran's oil market (share) would be committing great treachery against Iran and will one day pay for it".
Trump warned at the time that other nations would face sanctions unless they stopped trading with Iran.
"It must be kept in mind that U.S. shale production has surged to record levels, while demand remains at risk of falling amid global trade tensions". "I would assume that infrastructure investment is quite energy intensive, so perhaps that had a knock-on effect to oil demand", said FredericÂ Neumann, Co-Head of Asian Economic Research at HSBC in Hong Kong". All comments are subject to editorial review.
44 dead in bus crash in northern India
The police and a team from the National Disaster Response Force (NDRF) are engaged in rescue operations, reported NDTV . The plunge was so forceful that the upper part of the bus separated exposing the seats in the lower part, the SP said.
Out-Of-Control County Fire Grows To 44,500 Acres
In Colorado, more than 2,500 homes were under evacuation orders as firefighters battle more than a half-dozen wildfires. The homes that are threatened about 80 miles (129 kilometres) southeast of Salt Lake City are not primary residences.
Brexit: Barnier warns ‘huge’ differences remain in talks
He said he was "ready to invite the United Kingdom delegation to come back to Brussels next Monday" to continue working on a deal. Details of the White Paper are expected to be agreed by Cabinet ministers at next Friday's Chequers away day.
Roger Federer Leaves Nike for Uniqlo
But the good news is that it will come with me at one point. 'With the shoe situation, I don't have a shoe deal. During his partnership with Nike Federer created the iconic "RF" logo, which is owned by the brand.
Thailand cave rescue: How can rescuers free the boys?
A military transport helicopter carries a drill machine to be used for the rescue search of missing 12 boys and their soccer . Here's how the gruelling nine-day search in the 10-kilometre long cave filled with fast-flowing muddy floodwaters unfolded.