2035 GMT: Oil and Politics. Talks at the Organisation of Petroleum Exporting Countries broke down over oil output, with Saudi Arabia failing to convince the cartel to raise prodcuation.
"We were unable to reach an agreement --- this is one of the worst meetings we have ever had," said Ali al-Naimi, Minister of Oil for Saudi Arabia.
Iran held out against an increase in output, fearing it might bring down oil prices.
The Iranian Government has based its 2011/12 budget on an oil price of $85 per barrel. The price for crude oil today is just over $101 per barrel; the price for Brent crude is just under $118 per barrel.
2010 GMT: Labour Front. Opposition media is reporting that 1600 workers of the South Pars energy complex, mainly in the electrical and mechanical sections, have been on strike since last Wednesday over unpaid wages.