Cash for Oil: China and Iran Strike New Oil Payment Plan

Oil and gas deals between China and Iran are set to change. Last week, several news agencies in the region, including the Iran Daily and Trend News Agency said that Iran and China have agreed that China would pay in cash for the oil and gas it buys from Iran.

Russia-Ukraine gas deal secures EU winter supply

Russia has agreed to resume gas supplies to Ukraine over the winter in a deal brokered by the European Union. The deal will also ensure gas supplies to EU countries via Ukraine are secure.

Brent Crude Trades Near Three-Day High Amid Iran Nuclear Talks

Brent crude futures traded near a three-day high after United Nations nuclear officials failed to reach a deal on inspections with Iran.

Iran president: Sanctions fight requires oil shift

TEHRAN, Iran (AP) — President Mahmoud Ahmadinejad said Wednesday Iran must move away from dependence on oil revenue to overcome Western sanctions that have slowed the economy and disrupted foreign trade.

Asian buyers to deepen Iranian crude import cuts in 2013

BEIJING/SINGAPORE: Asian buyers of Iranian crude will deepen import cuts in 2013 and struggle to send cash to Tehran to pay for oil as tightening Western sanctions choke the flow of hard currency to Iran's coffers.

U.N. nuclear chief rejects Iran "saboteurs" accusation

LONDON (Reuters) - The U.N. nuclear chief said on Wednesday that Iran's allegation his agency may have been infiltrated by saboteurs was baseless and voiced concern about "intensive activities" at the Parchin military installation that his inspectors want to examine.

Japan's crude imports from Iran fall in April, sanctions bite

TOKYO: Japan's crude oil imports from Iran fell 26.1 per cent in April from a year earlier, as the world's third-largest oil consumer stares at a complete halt in imports from the OPEC member from July due to tightening Western sanctions.

To avoid conflict, OPEC may keep oil target unchanged

LONDON: Saudi Arabia and its Gulf Arab allies are likely to try to avoid confrontation with Iran and recommend leaving OPEC's oil output target unchanged when producer countries gather next month.