Friday , 29 March 2024

Economy

Iran Inks Big Contracts to Increase Oil Production

VOA – Iran on Sunday sealed contracts worth billions of dollars with domestic companies to boost its oil production in the face of Western sanctions. In a ceremony broadcast on state TV, the oil ministry and Iranian businesses signed deals worth $13 billion to increase daily oil production in six major fields. Shana, the official news agency for the oil …

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US Sanctions Network Smuggling American Tech to Iran’s Central Bank

VOA – The U.S. Treasury Department unveiled sanctions against a network of companies and individuals for facilitating illegal technology transfers from dozens of U.S. firms to Iranian entities, including the country’s central bank. The sanctions relate to Informatics Services Corporation (ISC), the technology arm of the Central Bank of Iran (CBI), the Treasury Department said in a statement Friday. It …

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Iranian Workers Left Hanging As Talks On Minimum Wage Stall

iranintl – Negotiations to determine the minimum wage have stalled, leaving workers dangling about their future just five days before the Iranian New Year. Mehdi Bagheri, the workers’ representative in Iran’s Supreme Council of Labor, said the council’s meeting on Wednesday failed to reach a final decision regarding the minimum wage as both the representatives of employers and the government …

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Biden’s Sanctions Waiver Can Award Billions To Iran

iranintl – Republican lawmakers are outraged by President Joe Biden’s decision to renew a US sanctions waiver that benefits Iran, despite the regime’s continued attacks on US interests. The waiver, signed and transmitted to the US Congress late Wednesday, allows Iraq to purchase electricity from Iran for billions of dollars and pay for it by transferring hard currencies to accounts in third …

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Iran’s Economy Falls Behind Regional Competitors Over Past Half-Century: Report

Iranwire – Iran’s economy has significantly fallen behind its regional competitors over the past half-century, according to a new report by the data analysis group Iran Open Data. The report highlights a stark contrast between Iran’s economic standing in the 1970s and its current position. Just seven years before the 1979 Islamic Revolution, Iran boasted an economy twice the size …

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Iran Defense Minister Boasts Of Increasing Arms Exports

iranintl – Iran has increased arms exports four to five times in the past two years, Minister of Defense Mohammad-Reza Ashtiani was quoted as saying by media in Tehran on Wednesday. “Certainly, in the future, these exports will increase even more, considering the innovations being made and the new armaments we are pursuing and unveiling,” Ashtiani was quoted as saying by …

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Biden Faces Critical Decision On $10 Billion Iran Sanctions Waiver

iranintl -This week, US President Joe Biden is confronted with a critical decision regarding a $10 billion sanctions waiver for Iran – and whether to renew it, or not. With the ongoing war in Gaza and continued attacks by the Iran-backed Houthis in the Red Sea, the deadline could not come at a worse moment for the administration. Last year, …

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Limitations Abound On Iran’s Ability To Boost Oil Output

iranintl – Bijan Zanganeh, Iran’s former oil minister, has made bold assertions regarding Iran’s potential to significantly increase its oil production, despite minimal investments and limited access to technology. Iran’s crude oil production stood at an estimated 3,163,000 barrels per day as of January 2024, showing a slight decrease from December 2023’s output of 3,168,000 barrels per day. This is notably lower …

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Iranians Voice Deep Concern Over Exorbitant Rents

iranintl – An analysis of posts on Persian social media indicate that fast-growing residential rents have turned into one of the most serious economic concerns among Iranians. After enduring a more-than-40% annual inflation rate for the past five years and seeing their purchasing power slashed to a fraction of what it was in 2018, Iranians now have to struggle with …

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Alarm Raised In Iran As Exports To Syria Shrink By 50%

iranintl – Despite tens of billions of dollars Iran spent in Syria to save Bashar al-Assad’s regime from being overrun by rebels, its exports to the Arab country have dwindled to negligible levels. Abdolamir Rabihavi, Director General of Iran’s Trade Promotion Organization for Western Asia, said Iran’s exports to Syria have plummeted by 50 percent to just $120 million annually. …

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