Economy

Al-Monitor – Iran’s oil exports to China are at a 10-year high, according to data revealed on Tuesday. Iran is exporting 1.5 million barrels per day of crude oil to China in August, the highest figure since 2013. It’s also substantially higher than the 917,000 bpd Iran averaged in exports to China during the first seven months of the year, according …

iranintl – Russia has ceased its gasoline exports to Iran for the past few months, an informed Iranian oil ministry official told Iran International on Monday. The source said the Ministry had intended to import up to 10 million liters of gasoline daily from Russia to compensate for the gap in gasoline production and consumption. However, the Russian authorities, aware …

iranintl – The intensification of international sanctions against Russia has made Iran a potentially major trade partner for Moscow, a website in Tehran said on Saturday. According to Rouydad24, Iranian officials have started to think of Russia as a $100 billion market for Iranian goods. This, however, is an outlandish expectation given Iran’s own isolation due to sanctions, its crippled …

Iranwire – Earlier this month, Iran’s government invoked “unprecedented” summer heat when it ordered a two-day nationwide shutdown to protect public health and conserve energy amid temperatures exceeding 50 degrees Celsius. The move came as the country, despite sitting on the world’s second-largest natural gas reserves, faces acute shortages of electricity. The Tehran Electricity Distribution Company announced on August 9 it had …

Al-Monitor – Iran will soon produce 3.5 million barrels of oil per day, according to the chief executive of National Iranian Oil Company (NIOC), adding to global supply while other crude producers are limiting output.  NIOC CEO Mohsen Khojastehmehr said that Iran was producing 2.2 million bpd when the current administration took office in 2021 and will reach 3.5 million bpd …

Al-monitor — Britain sanctioned more than two dozen targets Tuesday including firms and individuals in Turkey, the United Arab Emirates and Iran in what London described as the “largest ever UK action” targeting Russia’s access to foreign military supplies for its war against Ukraine. In a statement, the UK Foreign Ministry said it had sanctioned 22 individuals and businesses outside Russia …

Iranwire – On August 3, the presidency of Ebrahim Raisi will enter its third year. Despite numerous promises and the full support of all branches of government for the president, the inflation is speeding ahead at full force. *** Less than two weeks after Ehsan Khandouzi, the minister of economy, assured the country that, with the growth in liquidity slowing down, the …

Al-Monitor – Iran’s oil exports to China have tripled in the past three years, a data analytics firm said on Monday, despite Western sanctions that are imposed on the country. Iran’s crude oil shipments to China amounted to an average of approximately 324,000 barrels per day in 2020, and rose to approximate averages of 584,000 and 770,000 bpd in 2021 and 2022, …

Iranwire – The number of people living below the poverty line in Iran has reached 28 million, a lawmaker has said, warning that the continuous and rapid surge in poverty “may lead to social and political problems in the not too distant future.” Speaking on July 24, Mohsen Pirhadi, vice chairman of the 7th Development Plan Consolidation Commission, attributed the …

Al-Arabia – Saudi Arabia and Iran have agreed to bolster economic ties despite lingering political disagreements, Iran’s Foreign Minister Hossein Amir-Abdollahian said. “The agreement with my Saudi counterpart [Prince Faisal bin Farhan] is that at this stage, we should strengthen the commercial, economic and investment cooperation between the two countries despite having different political views in some areas,” Amir-Abdollahian said in …