There is no need to panic at the recent drop in oil prices, the secretary general of OPEC said on Wednesday, saying low prices would curb competing supplies and require the group to pump far more by the end of the decade.
Tags: Iran
OPEC chief defends policy, says group to try to ride out price fall
Oil producers group OPEC can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.
Las Vegas Sands' network hit by destructive malware in Feb
A February 2014 cyber attack against casino operator Las Vegas Sands Corp crippled thousands of servers across the company’s network by wiping them with highly destructive malware, Bloomberg Businessweek reported on Thursday.
U.S. extends scrutiny of Standard Chartered on sanctions compliance
Standard Chartered (STAN.L) will face another three years of scrutiny for compliance with U.S. standards related to sanctions against certain countries, according to documents filed on Tuesday that also noted another probe of the bank is underway.
Iran hackers targeted airlines, energy firms
Iranian hackers have infiltrated some of the world's top energy, transport and infrastructure companies over the past two years in a campaign that could allow them to eventually cause physical damage, according to U.S. cyber security firm Cylance.
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An international financial watchdog said on Friday member states should take action to ward off risks emanating from Iran and North Korea, which it said had failed to tackle money-laundering and financing of terrorism.
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world's top oil exporter Saudi Arabia is determined not to make the same mistake again.
BNP Paribas has asked at least three banks to help it clear certain energy transactions in U.S. dollars next year to make sure it can keep its energy trade finance division operating after a ban imposed for violating U.S. sanctions, sources said.
New York's financial regulator wants some Commerzbank AG (CBKG.DE) employees to be fired as part of a settlement over allegations the German lender improperly processed transactions with Iran and other countries facing U.S. sanctions, according to people familiar with the matter.
The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier.
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.
German lender Commerzbank AG (CBKG.DE) is nearing agreement with U.S. authorities over its dealings with Iran and other countries under U.S. sanctions, sources familiar with the matter said.
Iran should embrace the Internet rather than see it as a threat, President Hassan Rouhani has said, in remarks that challenge hardliners who have stepped up measures to censor the Web.
Reuters said in its report that Britain's BP PLC has closed a $16 billion deal to develop Oman's Khazzan tight gas project. Construction of the tight gas project is expected to begin next year, while first gas is expected in late 2017.
