TEHRAN (FNA)- Iran’s government needs up to $5 billion more to import fuel for the year to March 2009, in addition to a previously budgeted $3.3 billion, a senior oil ministry official said. Iran is the world’s fourth-largest exporter of crude but due to the lavish consumption of heavily subsidized …

TEHRAN (FNA)- Oil prices slid by more than $1, reaching $55.75 a barrel on the Singapore market amid news that OPEC may not cut production. On Monday, US light crude for December delivery dropped $1.29 to $55.75 a barrel in Singapore, while in London, Brent crude fell by 89 cents …

TEHRAN (FNA)- Deputy Foreign Minister for Legal and International Affairs Mohammad Ali Hosseini on Sunday ruled out the possibility that Iran and the United States will resume diplomatic ties. Hosseini criticized the United States’ instrumental view towards its relations with the world, adding, “The restoration of Iran-US ties will not …