Caspian Sea yields rediscovered oil, Iran

(IBTimes) - for the first time ever after more than a century, Iran discovered oil in the waters of the Caspian Sea, State Fars news agency reported.

Quote of the National Iranian oil co., said Iran discovered a deposit, which is synonymous with 7 per cent of its existing reserves of the news agency. It was on a natural gas field at 2.5 km or 1.5 miles deep drilled. It can lead an equivalent to 10 billion barrels of crude oil production.

"Iran never found something in a section of the Caspian Sea this at all, the first well has drilled because it would be deep water, so", said Robin Mills from the Dubai-based Mannar energy consulting and project management.

"Ten billion barrels is certainly to talk something." The question is whether Iran has the technology to develop.

Large oil and gas companies have pulled back sanctions imposed in accordance with their interests and investments in the Iran about plans of the country's nuclear program from the United States. This has a delle on the country that depend on its own technology, to continue its oil and gas exploration and production.

On the basis of data from the Organization of petroleum exporting countries (OPEC) in 2010, was Iran's proven reserves to 151 billion barrels. As the second largest oil producer in OPEC drills Iran listed, as with the other members of its oil in the South and the Persian Gulf. It has not ventured into drilling in the Caspian Sea as a result of the nuclear sanctions and territory disputes line.

In 2009 the Caspian basin can hold according to the Shana, the news site for the Iranian oil Ministry, some 17 to 33 billion barrels of oil compared to the capacity of 17 billion of the North Sea.

Maximum estimated payment of the Caspian Sea site may be a little less than 12.2 billion OPEC data showed.

Because of US sanctions Iran's oil is seen on 4.5% contribution on the world market in 2015 by 4.9 per cent in 2010, diving, Bloomberg News, obtaining data from the International Energy Agency reported.

In fact had a day compared to the 4.1 million barrels per day in 2008 registered in April of this year alone, overall performance under 3.3 million barrels, showed data from Bloomberg.

Oil rises close to $92 before the most important nuclear Iran talks

Singapore (AP) - Oil prices rose to $92 per barrel Monday in Asia before the talks this week to avoid a military conflict over Iran's nuclear programme near.

Benchmark oil for June delivery was up 43 cents to $91.90 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell to pay $1.08 to $91.48 in New York on Friday.

Brent crude was up 78 cents to $107.92 per barrel in London July delivery.

Iran will Wednesday with officials from America, United Kingdom, France, Russia, China, and Germany in April in Baghdad to meet first discussions. Investors are concerned that a pre-emptive strike by the Israel or the United States on the nuclear facilities of Iran pinch probably would global crude oil supplies and send prices higher.

Iran have warned world leaders that is abuse of nuclear energy program to develop a nuclear weapon in not acceptable. Iran says that it uranium's enrichment only to create nuclear fuel.

"An important month for international efforts to a diplomatic breakthrough on Iran's nuclear program to achieve, is to expect may" Barclays said in a report.

On Saturday, the Group of eight industrialized nations said they were ready, as sanctions to limit Iran's crude oil exports probably fully in a few weeks to take effect, the oil market guarantee "fully and in a timely manner is delivered".

Crude oil has off earlier this month amid signs of a slowdown in global economic growth slid $106. Oil prices have also fallen, because tensions over Iran's nuclear program since the April meeting between Iran and have eased the six world powers.

In other energy trading, heating oil was 1.8 cents to $2.84 per gallon until 2.4 cents to $2.86 per gallon and gasoline futures gained. Natural gas fell 2.1 cents to $2.72 per 1,000 cubic metres.

Oil prices up on Iran action

PARIS, -oil prices rose Monday as Iran crude oil exports to Great Britain and France before the tightening of European economic sanctions over its nuclear program stopped.

Iran, Islamic Republic News Agency quoted an oil Ministry spokesman Sunday saying crude exports of the country to British and French companies were interrupted.

"We have our own customers and replaced British and French companies with other companies", said Ministry spokesman Ali Reza Nikzad Rahbar, add, that only 18 percent of Iranian oil exports before the cuts were exported to Europe.

The New York Times said that Iran's decision may be only symbolic as the United Kingdom and France depend not much of its oil. The two countries have already strongly against Iran's nuclear enrichment and also were solid against the Syrian Government crackdown on the democracy movement. Syria and the Iran are close allies.

The New York Times said that Iran, reluctant may be related to severe punishment, but similar steps against the major European customers. The report quoted an official at the Iranian oil Ministry, that Iran is looking for long-term contracts with other European Nations. European major customers include Greece, Italy and Spain.

A British official was quoted: "we are not about always exercised" Iranian decision as his oil amounts to less than 1% of British imports.

Jean-Louis Schilansky, President of the French Union of petroleum industries, was quoted telling France's Le Monde, that "the Iranian decision has no practical, immediate consequences" for France, since 2011 "virtually stopped importing Iranian oil."

But for the Iran, 3.5 million barrels per day, produce and export 2.5 million barrels daily oil sales are vital for Forex earn, the report said. More than 50 per cent of the national budget are financed oil revenues.

Iran claims is its nuclear program for peaceful purposes, but Western Nations say that it is for the development of nuclear weapons.

The Los Angeles Times said that probably Israeli or US strike is growing speculation about one on Iranian nuclear sites.

British Foreign Secretary William Hague and Chairman of the US Joint Chiefs of staff General Martin Dempsey in separate interviews Sunday, but trying to reduce tensions, the report said.

"None of us wants to have Iran nuclear weapons." [But] I don't think that it would be a wise thing at that moment... for Israel, a military attack on the Iran start, "Hague told the BBC." "I think that Israel should be a real chance to the approach like everyone else in the world, that we have adopted very serious economic sanctions and diplomatic pressure and the willingness, negotiations with Iran."

Dempsey told CNN "Fareed Zakaria GPS" Iran of nuclear weapons pursues nor could be held.

UN inspectors arrive in the Iran for nuclear talks

(Reuters) - a team of UN inspectors was denied in Tehran on Monday for talks on Iran's nuclear program, a day after the Islamic Republic obviously as retaliation for the strengthening of EU sanctions ordered a stop to the British and French company of its oil.

The European Union angrily Tehran last month when it decided to a boycott of its oil from 1 July. Iran, the world's largest oil exporter, responded with a warning, the Strait of Hormuz, to close the main Gulf oil shipping lane.

On Sunday, its oil Ministry went a step of further, announcing that Iran has now stopped selling oil to French and British companies, a movement, but little or no effect on the supply is achieved with France or United Kingdom.

"Export of crude oil, British and French companies stopped..." "We sell our oil to new customers," spokesman Alireza Nikzad was quoted: on the website of the Ministry.

Iran, which denies Western accusations that it wants to make nuclear weapons, has driven in recent weeks also willingness to resume of the negotiations highly on its nuclear program his rhetoric.

The five-member team of the UN International Atomic Energy Agency (IAEA) will hold two days of talks in the Iran, but Western diplomats have played down any hope of a breakthrough.

"I'm still pessimistic that Iran will demonstrate substantive collaboration," said a Minister Plenipotentiary in Vienna.

But the results this week talks is important and will be monitored closely because it could either increase the confrontation or travel offer to reduce tensions.

The European Commission says that the block was not short of oil, if Iran crude oil exports stopped when it has enough stock to his needs for approximately 120 days.

Industry sources said that European oil buyers already large cuts in the purchases of Iran made months in advance of the EU sanctions.

French and Dutch/oil, which but overall were total and shell large buyer of Iranian crude oil already stopped buying Iran and traders last week had said that Shell had scaled back sharply.

Shell, which has refused to comment on his commerce with the Iran was one of the largest consumer of Iranian crude worldwide, with about 100,000 barrels per day in Europe and about the same amount of the Japanese subsidiary Showa Shell.

Latest EU data for the third quarter of 2011, shows that the oil sales in the UK fell to 0 (zero) and France imported 75,000 barrels per day, only 6 per cent of its crude oil imports. Iranian crude interruption between European countries is exposed on the most debt-ridden Greece.

MILITARY IMPACT?

Iran says its nuclear program is entirely peaceful, but its refusal to curb uranium enrichment, which can have both civilian and military purposes, has concerns.

Western powers not with violence against the Iran excluded, and it has an intense public debate in Israel whether it be, however, an atomic bomb Iran should attack.

The top U.S. officer said on Sunday that a military strike is premature, since it was not clear that Tehran would use its nuclear capabilities to build a nuclear bomb.

"I think it is unclear (, that Iran would build a bomb) and on this basis, I think it would be premature, only decide that the time for a military option to us, was", said General Martin Dempsey, Chairman of the US military of Joint Chiefs of staff.

He said that he believed that the Iranian Government is a "rational actors."

In the West has some optimism about the prospect of fresh talks with Tehran, said, especially after it promised last week, "new initiatives" to the table bring sent a letter to EU foreign policy Chief Catherine Ashton.

"In these negotiations, we find a way out of the Iranian nuclear issue, current so that both sides win," Iranian TV quoted Foreign Minister Ali Akbar Salehi on Sunday.

Oil, a major component of Iran's export revenues and an important lifeline for the increasingly isolated economy is on. It has little refining capacity and has about 40 percent of the need to import gasoline for domestic consumption.

Pressed tightened sanctions, combined with high inflation, have to feed the ability of the working class Iranians to themselves and their families, and this uncertainty provides the setting for a parliamentary vote on March 2.

UN nuclear watchdog holds lectures in the Iran

UN nuclear watchdog was officials in Tehran on Monday for discreet talks about suspicious nuclear activities of Iran, in the midst of a worsening international showdown, the tensions and rising oil prices has sent.

The International Atomic Energy Agency (IAEA) hoping for "concrete results" from the two days of talks focused himself on "the military dimensions of Iran's nuclear programme," the delegation leader, Chief UN nuclear inspector Herman Nackaerts, said late Sunday from Vienna departing.

But he shows booked progress "can take a while."

Iran has taken an increasingly defiant stance against Western sanctions and Israeli threats of military action against it.

On Sunday its oil Ministry announced crude oil exports to France and the United Kingdom had stopped was, apparently in retaliation for an EU ban on Iranian oil, which will be introduced in the next five months.

Although Iran offers less than three percent of the oil imports of France and almost none of Britain's, oil traders took fright at the prospect of Iran extended the 20 percent of its crude oil buys his action with the rest of Europe of.

Brent North Sea crude oil for delivery April rose to an eight-month high, up $1.52 to $121.10 in Asian trade. New York's main contract, West Texas intermediate light sweet crude for delivery March, jumped $1.72 $104.96 per barrel.

The Islamic Republic has also summoned in recent days what it was called "great" nuclear progress, it was more centrifuges, thousands add to its uranium enrichment activities, and produce, what he said was 20 percent enriched nuclear fuel declare.

The IAEA issued in November a report express strong suspicion that examined Iran, a nuclear weapon and missile warheads, confirmed last month that a new, fortified uranium enrichment plant outside Iran's Holy City of Qom had enabled.

The West has to stop its uranium enrichment Iran sanctions ratcheted force tried, but without success so far.

Israel, who believes that his existence through a nuclear Iran is threatened, has stepped up his warnings, that it could launch air strikes, calls for the United States and Britain to urge restraint.

Recent attacks by three Iranian nuclear scientists and attempted bomb arch enemies stressed a possible covert war between the two Middle East plots against Israeli diplomats in several countries.

But Iran has also agreed to revive an EU Overture for talks with the world powers, which reduced a year ago.

The head of the Atomic Energy Organisation of Iran, Fereydoon Abbasi Davani, said Al-Alam television, with the pressure from the Mächte--the so-called P5 + 1 group consisting of five permanent members of the UN Security Council plus Germany-should subside.

He said "they better would do, to change its method because what they have used in the past with success does not meet yet".

"We will continue our (nuclear) path," this is purely for peaceful purposes, he said.

Added Abbasi Davani, that previous talks on it, the Iran with nuclear fuel now invalid "because we hindering our own fuel - now if we sit at the table, it will ask us, (P5 + 1) If you want fuel."

He mocked also Israel, what he said was "Afraid of the progress we have made in the nuclear field."

The official of an assassin fled bomb in 2010, said: "they have done everything they can to kill our nuclear scientists." "If it is not of Iran is now attacked because they are not in a position to do so."

But an attack should occur, he, Iranian military warned "Is an appropriate response."

The head of the Iranian elite revolutionary guards, General Mohammad Ali Jafari, told state television that the West for the nervousness was responsible, higher oil prices have sent.

"The crisis, have caused them in the region led to a rise in oil prices, and they feel the effect," he said.

"By providing their armed forces to the Persian Gulf and the sea of Oman, they will try to control the crisis." "But the view more of them and their forces, the worse will be the impact."

Ali Jafari said to show current military exercises in the South of Iran, the Islamic Republic to respond ability to any threat. And he hinted that Iran could close the strategic Strait of Hormuz at the entrance to the Gulf if necessary.

"We borders, and also of those brother see us Muslim countries as responsible for the protection of Iran, especially when it comes to security in the Strait of Hormuz," he said.

Nuclear claims - sources support IAEA Iran

Vienna, Nov 6 Reuters - A report of the United Nations nuclear watchdog next week support claims, the Iran built a large steel container could be used to perform tests with explosives, nuclear weapons, sources that said about the document informing on Friday.

Satellite images of the container on Parchin, near the city of Tehran, was awarded the International Atomic Energy Agency (IAEA) and other evidence that believe claims by Member of the IAEA has explained that explosives test installation for connection with nuclear material, the sources said.

The IAEA show performed also evidence the Iran, the computer modelling of a nuclear weapon, said a source.

Western diplomats say that the voltage expected report strengthens suspicions that Tehran seeks a capability to make nuclear bombs, but stop which explicitly say that it does this to develop.

It was unclear if the container has been created, or whether it was actually used for nuclear-related work.

Iranian officials were not immediately available for comment.

Suspected of nuclear weapons date work on the Parchin military complex Southeast of Tehran back at least until 2004 as a prominent nuclear expert said that satellite images showed that it can be a page for research, test, and production of nuclear weapons.

Iran, which says that its nuclear program is peaceful, has previously denied the accusations. In 2005, Iran allows UN nuclear inspectors to visit Parchin.

The IAEA in the may listed seven areas to the military dimensions to the nuclear program of Iran, including explosives manufacture and testing and development, manufacture and testing of explosive components.

One of the main obstacles in a nuclear bomb designs a ring of conventional explosives used nuclear material in the warhead core, Kindle to compress a chain reaction. Experiments must be carried out, to the effects of explosions to test bomb components.

The IAEA report is expected to include other evidence to research and other activities, the little point if not relating to weapons, Western diplomats said to make.

Iran think Western powers secretly trying to develop nuclear weapons, but Tehran denies this, saying that it is enriching uranium for nuclear power plants to generate electricity.

Signs of nuclear weapons would activities calls for further sanctions against the Iran strengthen.