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WASHINGTON (AP) The U.S. House of Representatives has approved tough new sanctions on Iran's oil sector and other industries.
The Obama administration fears the measures could undercut the Islamic republic's incoming, more moderate president ahead of new nuclear negotiations. No date has been set for such talks, which would include other world powers Britain, China, France, Germany and Russia.

INU- The US House of representatives is due to vote on Wednesday on a bill of tough sanctions against the Iranian regime to squeeze its oil exports to a trickle. The bill seeks to cut the Iranian regime oil exports by another 1 million barrels per day within one year, reports Reuters referring to congressional aides.

Iran needs the highest oil price among OPEC members to balance its 2013 budget, according to an inter-governmental Arab energy lender.
Iran requires an average crude price of $144 a barrel this year to break even, up from $127 last year, the Arab Petroleum Investments Corp., known as Apicorp, said today in an e-mailed report. Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, will need a lower $98 to balance its budget, according to Apicorp. The kingdom needed $94 last year, the lender said.

 Iran’s inflation rate surged to 45 percent in June, official data showed, adding pressure on squeezed Iranian households and an indication of the huge task President-elect Hassan Rouhani faces to repair the economy. Spiraling prices and constricted spending power have left millions of Iranians struggling against a virulent combination of Western economic sanctions and poor fiscal management.

French car maker Renault SA, one of the last large European companies still active in Iran, is considering winding down its sales to the country as the impact of international sanctions deepens, according to people familiar with the matter.

July 26 2013: Iran has invited leaders from around the world, excepting the US and Israel, to attend the inauguration of its new president Hassan Rouhani on August 4. Although Britain was invited, a Foreign Office spokeswoman said the European Union had agreed that the ceremony would be attended only by Tehran-based diplomats. The UK has not had diplomatic representation there since the British embassy was ransacked by a mob in November 2011.


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