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The article reports that Iranian Oil Minister Rostam Qasemi has acknowledged the contribution of international sanctions to the decline of the country's petroleum exports and sales by at least 40% in 2012.

The article reports on the failure of Iran to raise the prices of its oil exports following the economic sanctions imposed by the U.S. due to its nuclear program. The threat to increase the prices of its oil exports was announced by Iranian Oil Minister Rostam Qasemi at the World Energy Forum in Dubai, United Arab Emirates. A report released by the International Energy Agency is highlighted which revealed that the Iranian oil production decreased to 860,000 barrels per day in September 2012.

The Organization of the Petroleum Exporting Countries left unchanged a ceiling for oil production at a meeting in Vienna on Thursday, despite signs of a slowdown in the global economy and slumping oil prices. Saudi Arabia came to the meeting ready to raise output to stave off the risk that higher oil prices would tip vulnerable economies into recession. Iran and Venezuela, the so-called OPEC hawks, had wanted to lower production to prop up prices. [ABSTRACT FROM AUTHOR]

The article reports on the report of Reuters Ltd. which states that newly appointed Iranian oil minister Rostam Qasemi will assume presidency of Organization of Petroleum Exporting Countries (OPEC) in 2011. It says that Qasemi was voted by 216 out of 246 lawmakers, but was criticised for the implications of political and economic influence by the military force Revolutionary Guards. Meanwhile, in an interview, President Mahmoud Ahmadinejad states that the vote reflected freedom in parliament.

The Treasury Department imposed sanctions on Wednesday on a commander and four companies linked to the Islamic Revolutionary Guards Corps of Iran, underscoring the Obama administration's determination to single out the elite corps as a way to curb Iran's nuclear program. The Treasury said it froze the assets of four affiliates of a sprawling construction conglomerate owned by the Revolutionary Guards, as well as those of Gen. Rostam Qasemi, who oversees the companies, because they are accused of being involved in Iran's effort to manufacture nuclear weapons. [ABSTRACT FROM PUBLISHER]