Pakistan has signed an agreement for purchase of gas from Tehran under the proposed Iran-Pakistan-India pipeline, its Oil Minister Asim Hussain said on Wednesday.

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The European Union is dialing up the pressure on Iran, saying Monday it will cut off oil imports and freeze assets in an effort to starve the country’s nuclear program of funding.

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The West’s threats of a boycott are a propaganda campaign, because 50 oil refineries around the world depends on Iran’s oil, Iranian oil expert Mansour Moazzemi said, Mehr news agency reported.

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Oil demand is falling for the first time since the global economic crisis of 2008-2009, the International Energy Agency said, warning that mild weather, high oil prices and a rising likelihood of a global recession will depress demand in 2012.

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Renewable power sources will outpace oil as global energy demand surges nearly 40% in the next 20 years, according to an industry forecast released Wednesday by energy giant BP.

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In the wake of the US decision to impose fresh sanctions against the Islamic Republic that would target its oil exports, India announces plans to pay for the Iranian crude it imports in rupees.

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The United States economy managed to cope this year despite triple-digit prices for barrels of oil. The lessons may come in handy, economists say, because those prices will probably be sticking around.

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The United States has unilaterally imposed sanctions on three foreign energy firms involved in the provision of refined petroleum products to Iran, the U.S. Department of State said.

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Italian, Spanish and Greek companies have extended most of their oil supply deals with Iran for 2012, so that most of Tehran’s supplies to the European Union are likely be exempted from sanctions for at least the first half of the year.

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Crude oil (NYSEARCA:USO) futures dropped Wednesday on U.S. government data indicating that inventories climbed more than expected and deepening euro zone debt fears adding to demand concerns.

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