Out of bounds

Out of bounds



NEW YORK ( Reuters) - Oil fell
after a three-day rally
on Monday, after last week's rise, with Brent crude futures dropping 29 cents to $ 52.43 a barrel at 08:56 GMT, after rising 3 percent At the previous meeting. US crude futures traded at $ 48.39 a barrel, down 12 cents from last Friday's price. US hedge funds and investors have begun to lower their expectations for higher prices after traders cut bets on US crude oil and the number of US oil platforms fell for a second week in a row. Global markets continue to experience oil supply shortages, despite attempts by some major oil producers to curb prices for more than a year.


Tehran
Minister of Oil: Attracting foreign investment to Iran's oil sector Top priorities
Iran's oil minister, Begin Zangane, said attracting foreign investment to the Iranian oil sector will remain a top priority during the second term of President Hassan Rowhani.
"Attracting foreign investment and technology is a priority for us in the oil sector, both in the fields of joint ventures and in order to increase oil production in the fields that already operate," Zengane said in an interview broadcast on state television on Sunday. Zengane is credited with increasing Iran's crude oil production since many international sanctions were lifted last year following an international agreement on Iran's nuclear program. Iran's parliament on Sunday approved Zanganeh as oil minister. He also lauded Zengane for signing a multibillion-dollar deal with France's Total to develop South Pars, the world's largest gas field. Total will operate the field with a 50.1 percent stake, China-state oil and gas company CNPC with 30 percent and Petrobras of NIOC with 19.9 percent.
The Iranian Oil Ministry said in a statement last month that the cost of the project will reach about five billion dollars and is expected to start production within 40 months. Zanganeh said about $ 3 billion would be earmarked to provide work for Iranian companies. He added that about 27 phases of the South Pars field would be operational by the spring of 2019. He pointed out that Iran needs investments of about 200 billion dollars for the production of oil and gas and development and refineries and that between 65 and 75 percent of them will come from foreign investment. He said Iran would try to attract foreign investment worth $ 60 billion to the oil sector by the end of the Persian year in March 2018.
He added that at least 30 percent of Iran's 700 billion barrels of oil reserves are currently recoverable.


BEIRUT
- Lebanon's president signs a law to increase public sector wages and taxes
Lebanese President Michel Aoun signed a law on public sector wage increases and related tax increases on Monday, the national news agency said.
The agency said that Aoun "signed Monday morning legal grade and salary series and funding, and issued them in accordance with constitutional principles."
Aoun has signaled the signing of the two laws since parliament passed them last month amid concerns over the impact of higher taxes on Lebanon's fragile economy.
The public sector wage law has been under discussion for years. The government estimated it would cost about $ 80 million or $ 1.2 billion if it included certain increases in pensions.
The law increased VAT by 1 percentage point to 11 percent and raised corporate tax to 17 percent from 15 percent.
Protests have erupted this year over proposed tax increases aimed at financing public sector wage increases.
In recent weeks, some public sector workers have also gathered in the streets and called for Aoun to sign the two laws.

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