WorldOil Iran’s Guardian Council forces showdown on U.S. nuclear sanctions Iran’s top political chamber gave final approval to a bill forcing President Hassan Rouhani to end international nuclear inspections unless the U.S. lifts key sanctions by February, giving the incoming Biden administration just weeks to make a diplomatic breakthrough. Iran to end nuclear inspections if U.S. oil sanctions aren’t lifted Iranian legislators gave Washington a month to comply with their demands to remove penalties for dealing with Iran’s oil and banking industries. They toughened the original terms of the bill, which had called for a three-month window, after the assassination of a top Iranian nuclear scientist last week. Venezuela and Iran continue to defy U.S. oil sanctions with new shipments The first vessel in an Iranian convoy of ships bringing desperately needed fuel arrived in Venezuela, demonstrating both nations’ determination to undermine U.S. efforts to isolate the governments in Tehran and Caracas. Iranian tanker violates U.S. sanctions again, carrying Venezuelan crude on the return trip Venezuela, owner of the world’s largest oil reserves, has been struggling to find ships willing to risk sanctions after the Trump administration announced sanctions on six vessels and its shipowners for transporting its crude. Venezuela and Iran defy U.S. sanctions with new tanker delivery The ship, identified as Honey, turned off its satellite signal and started unloading about 2 million barrels of South Pars condensate at Venezuela’s state-controlled port of Jose on Saturday, according to a report and a person with knowledge of the situation. Tehran confirms tankers seized by U.S. were en route to Venezuela Four tankers whose cargoes were seized by the U.S. over the past month were heading to Venezuela with gasoline loaded in Iran, according to Iranian Oil Minister Bijan Namdar Zanganeh. U.S. conducts largest-ever seizure of Iranian oil The U.S. seized four tankers carrying Iranian oil bound for Venezuela in violation of sanctions, the Justice Department announced. A tough summer for oil-dependent nations may foretell their new normal The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular. Iran inks $460 million oil deal, anticipating an end to sanctions “It’s true that our output is low because of cruel and illegal sanctions, but things won’t stay the same,“ Oil Minister Bijan Namdar Zanganeh said in a speech broadcast on state television. “We need to increase our production capacity to be able to return to the market in full force and restore our share whenever necessary.” U.S. to cut off Iran-Venezuela trade by sanctioning oil tankers The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.