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Shale Boom Creates New U.S. Oil Export Hub

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Analysts at Wood MacKenzie expect…

Syria Trumps Iran's Nuclear Program at Tense NAM Summit

During the summit of the Non-Aligned Movement (NAM) in Tehran, Iranian Supreme Leader Ayatollah Ali Khamenei told the 120 state leaders gathered that Iran had no intention of pursuing nuclear weapons, but for the time being would continue to pursue civilian nuclear energy.

“Our motto is nuclear energy for all and nuclear weapons for none,” Khamenei said during the summit.

Iran’s nuclear program, however, was not the focus of the summit, which was largely hijacked by the conflict in Syria.

This was particularly clear when newly elected Egyptian leader Mohamed Mursi began to address the summit, launching with a stab at the Iranian-supported regime of Syrian leader Bashar al-Assad, demanding his ouster.

The Syrian delegation responded by immediately walking out of the summit.

The incident also gives some indication of where Iranian-Egyptian relations are headed under the new leadership in Egypt.

By. Jen Alic of Oilprice.com

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