Russian, Iraqi crude - a big threat to Iran's oil exports.
As President Obama has made clear, the United States will continue to vigorously implement our existing sanctions on Iran as the P5+1 seeks to negotiate a comprehensive deal with Iran that will resolve the international community’s concerns regarding Iran’s nuclear program. Additionally, Malaysia, South Africa, Singapore, and Sri Lanka have also qualified again for the NDAA exception because they no longer purchase crude oil from Iran. As part of the Joint Action Plan agreed to by the P5+1 and Iran, we will pause for six months our efforts to further reduce Iran's crude oil sales. However, the Joint Action Plan does not offer relief from sanctions with respect to any increases in Iranian crude oil purchases by existing customers or any purchases by new customers. Oman crude oil trading on the Dubai Mercantile Exchange in November ended on a firm footing, although it failed to hold on to the three-month highs of more than US$109 per barrel for oil loading in January.
The great controversy playing out over oil reform this month in Mexico will be central to Mexico's economic future.
The critical issue is not whether Mexico will privatize Pemex, the state oil monopoly.
The constitution of 1917, enacted at the end of the Mexican Revolution, declared that the government, and not oil companies, would own the "subsoil" — that is, the oil reserves below the ground.
Pemex can no longer go at it alone. And the Mexican state can no longer take the risk and absorb the vulnerability of being directly in the oil business. Mexico's oil output has declined by 30 percent — to 2.5 million barrels per day from 3.5 million
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