By Jubin Katiraie

US sanctions on Iran have caused major Iranian oil buyer India to switch to exports from Venezuela and America, despite a long-term trade relationship with Iran.

Iran has previously accounted for roughly 17% of India’s total crude imports, worth $11.1 billion between 2017-2018, because of India’s rising energy consumption and falling domestic oil output. But this fluctuated greatly depending on US-Iran relations.

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By Pooya Stone

Iranian oil exports to China in June were down 60% from June 2018, according to China’s customs authorities, with only a daily average of 208,205 barrels of Iranian oil coming into China.

A heavy decline began in May when the US removed sanctions waivers on Iranian oil, but even then China was still importing 254 thousand barrels per day (bpd), which is 46,000 extra bpd than in June.

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By Jubin Katiraie

The Iranian economy is in a much more precarious situation than was predicted just a few months ago, according to political scientist Dr Majid Rafizadeh.

He explained that in April, the International Monetary Fund (IMF) reported that inflation in Iran would reach 40%, while the World Bank estimated in June that Iran’s gross domestic product (GDP) would drop by 4.5% in 2019, which was 0.9% worse than its January prediction. However, Rafizadeh cited data from the Statistical Centre of Iran that paints a bleaker picture, which inflation reaching a huge 50%. This is even worse in rural areas, where inflation has reached 60%, and for food items, given that the cost of meat has risen by 95%.

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By Pooya Stone

Inflation in Iran has risen by 48%, compared with the same period last year, according to a report by the Iranian Statistical Center released on July 24, while the overall inflation rate for the 12-month period ending in July 2019 was 40.4%.

The point-to-point inflation rate, which was the first figure quoted, indicates the momentum of price rises by comparing the cost of various commodities now and during the same period in the previous calendar year. This can help show the depth of Iran’s economic crisis in a more transparent way.

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