Economy

Radiofarda – The unprecedented floods that have devastated large parts of Iran since March 19 have finally affected its oil production. The oil-producing Khuzestan province in the southwest has seen waves of floods, with the latest inundation the result of maximum outflows from two large dams that have reached full capacity. Karim Zobaydi a member of Iran’s National Oil Company …

Radiofarda – Iran’s oil exports to its five clients rose to 1.7 million barrels per day (mb/d) in March, the highest level since the United States imposed sanctions on Iran in November 2018, Platts reported April 9. Along with the sanctions, the U.S. also gave a six-month exemption or wavier to eight friendly countries: China, India, Japan, South Korea, Taiwan, …

CNBC – Just one month ago, President Donald Trump’s top envoy for Iran told a major energy conference that oil market conditions are making it easier to choke off the Islamic Republic’s crude exports without causing a price spike. “When you have a better supplied oil market, it allows us to accelerate our path to zero,” U.S. Special Representative for …

Al-Monitor – Hours before the United States designated the Islamic Revolutionary Guard Corps (IRGC) a Foreign Terrorist Organization (FTO) on April 9, worries about renewed economic pressure sparked a fresh plunge in the value of Iran’s national currency. In a matter of 24 hours, the rial lost around 7.5% of its value. Hovering near 145,000 rials against the greenback, worries were fueled of yet another …

Radiofarda – The representative of a travel trade association in Iran says that because of the fall in the value of the Iranian currency, travel abroad declined 45 percent during Nowruz holidays last month. The official government IRNA news agency quoted Hormatollah Rafiei as saying that both ground and air travel declined as the U.S. dollar rose against the Iranian …

Radiofarda – The World Bank (WB) and the International Monetary Fund (IMF) released new reports, saying Iran’s GDP growth is worse than what they had predicted in their last forecasts. The World Bank says Iran’s GDP would shrink 3.8% in 2019 and IMF predicts even a worse forecast; 6% contraction. World Bank’s new forecast is 0.2% less than its latest …

radiofarda – Iran’s Oil Minister Bijan Zanganeh says Iran and Iraq have agreed to jointly develop two natural gas fields at their border areas. Official news agency IRNA quoted Zanganeh on Sunday as saying “initial agreements have been made on developing the two natural gas fields in Naft Shahr and Khorramshahr.” He said Iraq is a developing country where several …

VOA — Three of the eight countries to which Washington granted waivers to import Iranian oil have now cut their shipments from Iran to zero, a U.S. special representative said on Tuesday. While the United States has set a target of driving Iranian oil exports to zero, it granted temporary import waivers to China, India, Greece, Italy, Taiwan, Japan, Turkey …

RFL/RE – Washington is considering additional sanctions against Iran, a senior U.S. administration official has said. The United States intends to follow through with new sanctions around the first anniversary of the U.S. withdrawal from a landmark international nuclear deal, the official, who was speaking on condition of anonymity, said on April 1. President Donald Trump announced in May that …

Radiozamaneh – The number of foreign tourists visiting Iran has increased 31 percent during Iranian New Year (Nowruz) 2019, Vali Teymouri deputy head of Iran’s cultural Heritage, Handcraft and Tourism organization told IRNA news agency. Foreign tourists are visiting Tomb of Hafez in Shiraz, September 2018 According to Teymouri, more than 64 thousands foreign tourists visited Iran in the first …