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04 Apr 2016

'ISIS facing cash crunch as oil revenue plummets by 50%'

Islamic State is facing an "unprecedented" cash crunch with the terror group's revenue from the lucrative oil business plummeting by 50 per cent and oil production cut by about a third due to US-led airstrikes, according to a media report.

20 Mar 2015

Brent oil rises above $55 as weaker dollar offsets supply woes

Brent crude rose above $55 a barrel on Friday and the U.S. benchmark rose by 4 percent after the dollar weakened, causing oil to reverse earlier losses on persistent oversupply concerns.

economic sanction

20 Mar 2015

India owes Iran $8.8 billion for oil - minister

India owes about $8.8 billion for oil imports from Iran, India`s trade minister said on Friday, as economic sanctions imposed over Tehran`s nuclear programme have cut its access to the global banking system and hit its oil revenue.

19 Nov 2014

India to pay Iran $400 million frozen oil money this week: Sources

India will soon pay a third tranche of $400 million to Iran ahead of a Nov. 24 deadline to an interim deal with six world powers that allows Tehran to recover part of its overseas frozen oil revenues, industry sources said on Wednesday.

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