Word: oiling
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...energy consultancy Wood Mackenzie noted on Wednesday, for oil companies, Iraq has "more risk on the downside than opportunity for the upside...
...Until now, major oil companies such as Chevron and ExxonMobil have stayed out of investing in the Kurdish zone for fear that investing there might prompt Baghdad to blacklist them from bidding for the far larger fields down South. But those fears have diminished as the stalemate in parliament over oil has dragged on. Big Oil might also be emboldened to make deals on oil fields in the Kurdish areas since last week, when the Chinese oil giant Sinopec announced that it was acquiring the Swiss oil company Addax Petroleum, which operates in Iraqi Kurdistan. "It will be much more...
...particular hatred. Supreme Leader Ayatullah Ali Khamenei called it "the most evil" among Iran's enemies in his speech a week after the elections, when he unequivocally backed Ahmadinejad. Under Winston Churchill, Britain engineered the 1953 coup that brought down the democratically elected government after it nationalized Iran's oil, until then largely owned by British Petroleum. Understandably, many Iranians still see Britain as a credible culprit. In a piece titled "How Did England Mount the Green Wave?" the official Islamic Republic News Agency (IRNA) analyzed London's interference in Iran's elections based on "expert psychological opinion." The article...
...also has to decide how far it can take its nuclear negotiations with Tehran. Iran says it is enriching uranium for power plants, but many countries suspect the oil-rich nation ultimately plans to build a bomb. Three E.U. states - Germany, France and the U.K. - have been leading the talks, but their proposed incentives for Iran to stop its nuclear activities have so far been spurned by Iranian negotiators. If the E.U. hardens its stance, however, it may extinguish any lingering chance of a diplomatic solution to Iran's nuclear ambitions. (Watch TIME's video: "An Iranian Protest March...
...show some teeth to maintain its credibility. "The E.U. needs to show that its position is associated with the U.S., with its implicit threat of coercive action," says Daniel Korski, senior policy fellow at the European Council on Foreign Relations. Noting that Iran's economy is struggling - oil is now below $68 a barrel and the recent turmoil will further deter foreign investment - Korski says the government has a long-term interest in repairing its relationship with the E.U. "Iran may rant and rage, but that doesn't mean the E.U. is being kicked around," he says. "As long...