. Energy News .

US senator says new Iran sanctions won't disrupt oil
by Staff Writers
Washington (AFP) Nov 29, 2011

Saudi Arabia has expressed "great willingness" to boost oil production to ensure potential new US sanctions on Iran don't disrupt global petroleum markets, a key US senator said Tuesday.

Republican Senator Mark Kirk, co-author of a bill aimed at cutting off Iran's central bank from the world financial system, was addressing worries that his legislation could inadvertently send oil prices higher, lining Tehran's pockets.

"I've had detailed conversations with Saudi Arabia's ambassador to the United States, who described a great willingness by Saudi Arabia to increase production," to remedy that potential issue, Kirk told reporters.

The senator said he and Democratic Senator Robert Menendez met with aides to President Barack Obama earlier in the day to make the case that the administration should drop its opposition to the sanctions bill.

"I don't think that they were swayed," according to Kirk, who said that the two lawmakers had stressed that the legislation gives the administration "considerable flexibility in handling" the imposition of sanctions.

"There are several months before action by the administration, so it gives time for diplomacy to work, it gives time for markets to adjust, and most importantly it gives time for the Saudis to increase production," he said.

"Unless we take decisive action on sanctioning, I think what Iran is doing actually destabilizes oil markets in a more significant way," said Kirk, who cited "the takeover of the British embassy" and new reports seen as backing Western charges that Tehran seeks nuclear weapons.

"The attainment of a nuclear weapon by Iran would destabilize world markets far more than any action of the senate," he said. "Time is not on our side."

Related Links
Powering The World in the 21st Century at Energy-Daily.com

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries

China calls for resolution of Sudan oil dispute
Beijing (AFP) Nov 29, 2011 - China on Tuesday called on the governments of Sudan and South Sudan to settle a dispute that has blocked oil exports from the landlocked south from flowing through the north's terminals on the Red Sea.

China depends for nearly five percent of its oil imports on South Sudan, a new country long suspicious of Beijing's ties with Khartoum.

"Regular oil production is important to both North and South Sudan," Chinese foreign ministry spokesman Hong Lei told journalists at a briefing on Tuesday.

"We hope both sides will keep calm, exercise restraint and take a flexible and pragmatic approach to resolving confrontations."

Khartoum blocked the exports on Monday in a dispute over transit fees with South Sudan, which said the move had paralysed two loads, one of a million barrels and the other of 600,000 barrels.

The state-run China National Petroleum Corporation (CNPC) has pumped billions of dollars into developing oilfields in Sudan, 80 percent of which lie in the south.

In July, southern Sudan seceded from its larger and long-dominant north and China has sought to maintain good relations with both countries.

China is a key ally of Khartoum, which has suffered from US economic sanctions since 1997. It is a a major military supplier to the Khartoum regime, as well as one of the largest foreign investors and the biggest buyers of Sudanese oil.


. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

As refinery opens, Niger joins club of oil producers
Olelewa, Niger (AFP) Nov 28, 2011
Niger officially became an oil producer Monday with the opening of a refinery run by the state and a Chinese company. Niger's President Mahamadou Issoufou and China National Petroleum Corporation boss Jiang Jiemin cut the red ribbon at the new plant at Olelewa in the east, near the country's second city Zinder. "Niger has entered the era of oil production," Issoufou said as he inaugurate ... read more

Banks lent 232 bln euros for coal plants: climate groups

China to raise industrial power prices: Xinhua

A how-to guide to slashing California's greenhouse gas emissions by 2050

The shadows in a city reveal its energy flow

Brazil boosts naval power to protect oil bonanza

Environmentalists attack Pacific pipeline plan

EU split over slapping oil sanctions on Iran

Canadian firm bids to commercialize fusion reactor

Wind power to account for half of Danish energy use in 2020

Vestas receives order for Michigan wind-power project

Britain's Prince Philip blasts 'useless' wind farms

Backers: Offshore wind investments to jump

Philippine solar light bottles offer hope

China's solar industry rejects US anti-dumping probe

Eclipsall Integrates Selective Emitter Technology to Solar Panel Production

Carbon Emissions Trading to Spur Solar Demand

Hundreds hurt during German nuclear train demos: police

Olympic Dam mining expansion approved

Nuclear waste gets to final destination in Germany

Southeast Asia to pursue nuclear power?

Mast from classic racing yacht holds one of the keys to sustainable biofuels

Mite-y genomic resources for bioenergy crop protection

Biofuel policy needs rethink, says UN expert

Iowa scientists genetically increase algae biomass by more than 50 percent

15 patents granted for Chinese space docking technology

China plans major effort in pursuing manned space technology

Tiangong-1 orbiter enters long-term operation management

China launches two satellites: state media

Permafrost loss worse climate peril than thought

Kyoto pullout by Canada would hurt UN talks: African nations

WWF warns on Danube drought

Saving millions of lives and protecting our climate through clean cooking options


The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement