Economy

PayvandNews – Iranian oil minister has said that considering oil prices at $55 per barrels, the country’s revenues from oil and gas condensate exports will reach $45-$50 billion in the next Iranian calendar year (March 21, 2017-March 20, 2018), IRNA reported on Saturday. According to Bijan Namdar Zanganeh, the country’s oil and gas condensate’s exports stand near 2.8 million barrels …

Al-monitor  — The sudden and sharp fall in the main index of the Tehran Stock Exchange (TSE) on Jan. 24 came as a real shock to investors. After allowing the resumption of trade in Bank Mellat shares, TEDPIX took a dive of 1,014.40 points, or 1.28%, to land at a three-month low of 78,249.1 points. AUTHOR Alireza Ramezani The Central …

RFL/RE – Russia’s No.2 oil producer, Lukoil, is seeking opportunities for growth in the Middle East as Iran opens its oil fields to international partners, a senior executive says. “Iran is our target area at the moment,” Gati Al-Jebouri, Lukoil’s head of upstream operations in the Middle East, told reporters in Dubai on January 29. Lukoil is in talks with …

Al-monitor — One of the key underlying economic challenges of Iran is the current underfunding of its pension system. Make no mistake: Pension reform must be a priority for the country. Figures posted by the Ministry of Cooperative, Labor and Social Welfare show that “a major portion of pension funds have either gone completely bust or are among the ones …

RFL/RE – World oil prices have plummeted over concerns that a deal to curb production reached between OPEC, Russia, and other producers will not hold for much longer. The drop of nearly 4 percent in London premium crude prices to $54.82 a barrel came after Iraq reported that exports from its largest oil fields in the south hit a record …

Al-monitor – Ever since the rial hit an all-time low against the greenback on Dec. 27, top monetary policymaker Valiollah Seif has been reiterating that the Central Bank of Iran (CBI) will use every tool available to strengthen the national currency. Speaking at an e-banking conference on Jan. 2, Seif vowed that the rial’s recent drop will be reversed, adding that …

PayvandNews – Reports suggest that Iran has managed to sell nearly half of oil that it had long held on tankers at sea as it capitalizes on OPEC oil cut to sell millions of barrels, courting new customers around the globe. Tehran has sold more than 13 million barrels of the crude it had held in floating storage. The amount …

Al-monitor – Recent fluctuations in the free market rate of the Iranian rial have caused concerns within the country’s business community that the currency may experience a sharp decline in value due to economic and political upheavals. AUTHOR Bijan Khajehpour The Iranian economy has been operating with a multitiered exchange rate system for the past three decades. Currently, there are two official …

PayvandNews – A top Iranian official says Japan’s top energy developer Inpex is a strong candidate for winning a contract for the development of Azadegan oil field. Azadegan oil field Japan’s largest oil and gas exploration and production company is reportedly trying to win a contract over the development of a major oil project in Iran that it abandoned in …