31 January 2015 14:54
Reuters reported that Asian countries have raised their import of Iran’s oil up to % 19.8 in 2014, which is a record for Iran in the last three years.
The average of Iran’s export to its four main clients including China, India, Japan, and South Korea has been reported equal to 1.12 million barrels a day.
Part of the augmentation has happened...
31 January 2015 11:05
President of Iran's largest car maker Hashem Yekehzare said all Iran-Khodro Company (IKCO) products will meet at least Euro VI and other related global standards by 2026.
"A comprehensive program for improving emission standards is compiled and based on this program all IKCO products will meet at least Euro VI and other related global standards by 2026," Yekehzare said.
"Producing fuel efficient,...
31 January 2015 11:01
Fresh figures show that Britons are earning less in real terms than they were in 2001, with the youth being hit the hardest by the slump in wages that followed the 2008 financial crisis.
The Institute for Fiscal Studies (IFS) released a report on Friday, saying British wages in the third quarter of 2014 were one percent less than in the...
27 January 2015 19:11
Kazakhstan may be forced to shut down its oil treatment facilities as Russia continues to supply low-cost gasoline to the breakaway republic of the former Soviet Union.
“It is going to be a problem when cheap Russian gasoline starts flowing here. And Russian gasoline is cheap now… This will cause our own refineries to stop, cause job cuts,” Kazakhstan's Minister of...
27 January 2015 12:07
Russia's Finance Minister Anton Siluanov has slammed Standard & Poor's rating agency for its move to downgrade the country's rating from investment-grade to "junk" status.
Speaking to Russian news agencies on Monday, Siluanov said the decision showed "excessive pessimism. It doesn't take into account a whole series of factors showing the strong side of the Russian economy."
"We see no reason to...
27 January 2015 8:40
The chief of the Organization of the Petroleum Exporting Countries (OPEC) says oil prices may have reached the lowest level possible, saying he is certain the prices will rebound “very soon.”
“Now, the prices are around $45-$50 and I think, maybe, they reached the bottom and will see some rebound very soon,” said Abdalla El-Badri on the sidelines of a conference...
26 January 2015 21:16
Officials in Saudi Arabia said on Monday that the kingdom will open its stock market for the first time to foreign investors by the end of June.
Mohammed al-Shaikh, chairman of Saudi Arabia’s Capital Market Authority (CMA), said a final date will be announced after relevant regulations are issued. Nevertheless, he emphasized that the date will be before the end...
26 January 2015 21:14
Kuwait said on Monday that it had cut spending in its annual budget by almost a fifth to cushion against the impacts of sliding oil prices on its economy. Nevertheless, the country said it still expects a deficit of about $24 billion – believed to be its largest to date.
Kuwait’s Finance Minister Anas al-Saleh told reporters after a cabinet...
25 January 2015 22:44
Oil giants mull spending cuts over crude slide
Major energy giants are mulling billions of dollars of spending cuts in response to the drastic sliding crude prices.
“Investment in the exploration and development of oil and gas fields could fall by 20 per cent, or $28bn, by 2017 from last year,” the Financial Times quoted analysts at Morgan Stanley as saying.
25 January 2015 10:39
Head of Iran’s planning and budget organization has said the government could successfully run the country with less than $40bn. Mohammad Baqer Nowbakht who was addressing in Iran National Efficiency Conference on Saturday, said that despite reductions in oil income, “the government could run the country in the framework of Resistance Economy with even less than $40bn.”
“During past years, the...
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