Friday , 20 May 2022

Economy

U.S. Sanctions Have Idled A Quarter Of Iran’s Oil Rigs

Reuters – At least a quarter of Iran’s oil rigs are out of action as U.S. sanctions strangle the Islamic Republic’s vital oil industry, according to a Reuters review of financial documents and industry sources, dealing a potentially long-term blow to its oil industry. By Bozorgmehr Sharafedin​ The lack of rig activity could damage the OPEC member’s capacity to produce …

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Oil falls 25 pct after Saudi Arabia cuts prices

Al-Arabia – Oil prices plunged around 25 percent on Monday, heading towards their biggest daily loss since 1991 after Saudi Arabia slashed prices and set plans for a big increase in crude production in April.Prices fell as much as 31 percent following the Saudi move to start a price war after Russia balked at making the further steep output cuts …

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‘Business is finished’: Iranian merchants fear the worst as virus spreads

Reuters – Iranian merchants plying the busy Strait of Hormuz between Dubai and Iran fear their next trip home will be a one-way trip after the United Arab Emirates banned ferry services to prevent the spread of coronavirus.Workers load goods onto a dhow bound for Iran along the creek in old Dubai, United Arab Emirates, March 2, 2020. Picture taken …

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Iran’s Trade Dropped Dramatically In January Compared With 2019

Radiofarda – Iran’s trade with its main partners dropped dramatically in January 2020 compared with last year when U.S. sanctions on oil exports were only partial. India’s Ministry of Economy on March 3 issued its January trade report, which shows imports from Iran dropping by 97 percent compared with January 2019. Last year, India imported $1.2 billion of oil and …

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Khamenei Circumvents Parliament To Get Controversial Budget Bill Approved

Radiofarda – Iran’s Supreme Leader Ayatollah Ali Khamenei has issued a decree, circumventing parliament by allowing members of the budget committee of the Parliament (Majles) to decide on Iran’s budget bill for the next year. Based on Khamenei’s decree, the 45 members of the budget committee will decide on the budget bill rather than the 290 members of the Parliament. …

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Coronavirus puts more pressure on Iran’s already strained economy

Al-Monitor – The current crisis surrounding the spread of coronavirus in Iran is a complex and multilayered issue with political, social, health, environmental and economic consequences ranging from questions of how to sustain the economy to the notion of public trust in the government’s handling of the process. Yet with Iran already facing massive economic problems due to sanctions, mismanagement and …

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Iranian rial plunges as coronavirus threatens export lifeline

Reuters – Iran’s rial hit a one-year low against the dollar on Wednesday as a sharp rise in coronavirus cases forced the closure of most of its borders, threatening the non-oil exports that are its main economic lifeline.FILE PHOTO: Iranian women wear protective masks to prevent contracting coronavirus, as they walk in the street in Tehran, Iran February 25, 2020. …

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Coronavirus Outbreak To Hurt Ailing Iranian Economy

Radiofarda – After nationwide unrest in November, escalation with the U.S. following the killing of Qods Force Commander Qassem Soleimani and the Ukrainian airliner shot down by Iran’s Revolutionary Guards, all in a matter of three months, Iran’s economy has received yet another blow, this time from a coronavirus outbreak. The outbreak, officially announced on February 20 is likely to …

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Iran’s Currency Falls Again After Watchdog Decision To Strengthen Penalties

Radiofarda – Iran’s currency rial continued to lose value against major currencies on Saturday, reaching as low as 154,000 to the U.S. dollar at one point. The main reason for rial’s fall was the decision of an international financial watchdog to call on all countries for countermeasures against Iran for not ratifying legislation against money laundering and financing of terrorism. …

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Iran Faces Global Anti-Terrorism Financing Watchdog Blacklist – Sources

Reuters -A global dirty money watchdog is likely to place Iran on its blacklist on Friday after it failed to comply with international anti-terrorism financing norms, a move that would further isolate the country from financial markets, two diplomats said. The decision comes after more than three years of warnings from the Paris-based Financial Action Taskforce (FATF) urging Tehran to …

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