U.S. lawmakers poised to deal deeper blow Iran's oil exportsJune 6, 2013 - 09:39 AMT PanARMENIAN.Net - U.S. lawmakers are embarking this summer on a campaign to deal a deeper blow to Iran's diminishing oil exports, and while they are still working out the details, analysts say the ultimate goal could be a near total cut-off, Reuters said. Such an extreme goal would risk antagonizing China and India, the biggest remaining buyers of Iranian crude, and could push oil prices higher in a hit to the global economy. Iran denies its nuclear program is aimed at building a bomb, but skeptical Western powers have become increasingly frustrated and Israel has said it could take military action if diplomacy and sanctions fail to rein in Tehran's nuclear ambitions. Both parties in the U.S. Congress are pressing for tougher sanctions, betting that a resurgence in U.S. oil output and signs of ample global supply will prevent prices from rising. Last month, during a House of Representatives committee meeting on a bill toughening sanctions, a new clause was inserted that for the first time would require importers to cut purchase of Iranian crude by a specific volume: 1 million barrels per day (bpd) within one year. But here's the catch: Iran's crude exports already fell to 700,000 bpd in May, raising questions about what the starting point for such a target would be. The new language has yet to be incorporated into the official text of the bill and may change. At the hearing, lawmakers said the measure was meant to cut shipments by two-thirds, suggesting last year's 1.5 million bpd export was the starting point and 500,000 bpd the goal. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |