Saudi Arabia has stated that it does not want to replace Iran's oil but will do the same reluctantly if the situation arises. Saudi Arabia is the second largest oil producer in the world and the la....

India will reportedly reduce its crude oil imports from Iran by 20% in 2012/2013, primarily due to reduced purchases by the Mangalore Refinery and Petrochemicals Ltd (MRPL).....

India's crude oil imports from Iran is facing a risk of potential disruption as increasing US and EU sanctions make it impossible for Indian ships to obtain insurance.....

Not withstanding increased financial sanctions imposed on Iran by the US and the European Union (EU), Iran now faces a shipping problem too.....

"Soon we will cut exporting oil to some countries", Iran's oil minister Rostam Qasemi....

The International Monetary Fund (IMF) has warned that sanctions on Iran's oil could push crude oil prices by 30% by cutting 1.5 million barrel supply from the world market.....

Is banning oil imports from Iran at a time of high oil prices, tight inventory and above all, an economic contraction the best decision the EU could take?....

The European Union (EU) has hit hard on Iran, deciding to ban oil imports from the Middle East nation. The ban is expected to come into effect on July 1, 2011.....

OPEC member Iran has issued a warning that if its crude oil exports are blocked in any way, it will go ahead and completely close down the Strait of Hormuz....

Even if the EU does impose sanctions against Iran, it will not affect Iranian exports as expected by the EU, Barclays Capital said in a research note. The risk of a strike in Iran has however incre....

Warning the West not to go ahead and block its oil exports, Iran has warned that any such move will propel crude oil prices above $250/bbl and this would dent international efforts to trigger a glo....