By Pooya Stone
It has been reported in Iran that the National Iranian Oil Company’s (NIOC) owed almost $50 billion at the end of the Iranian year (21st March 2019).
Over the years, Iran has brought in nearly $2 trillion in oil revenues. But years and years of mismanagement, neglect and corruption have destroyed the country’s oil infrastructure.
By Jubin Katiraie
The US Treasury’s Office of Foreign Assets Control has placed Iran’s petrochemicals industry on its anti-terrorism sanctions list, which deals a heavy blow to the Iranian economy and further diminishes Iran’s revenues.
The US has previously imposed sanctions on a number of Iranian petrochemical companies, but this is the first time that the industry as a whole, which is Iran's largest source of non-petroleum revenues, has been targeted.
Iran Focus
London, 31 May - As a result of U.S. sanctions, Iranian crude exports have fallen abruptly in May to around 400,000 barrels per day (bpd), tanker data displayed and two industry sources told Reuters, after the United States tautened the screws on Tehran’s main source of income.
By Jubin Katiraie
The World Bank is now predicting that Iran will experience a worse recession in 2019 than was previously thought, as US sanctions tighten around the oil exports that are the main revenue source for the Middle Eastern country.
In the Washington-based institution’s latest Global Economic Prospects report, published on Wednesday, it revealed that it expects Iran’s Gross Domestic Product to fall by 4.5% this year, compared with its previous estimate of a minus 3.6% GDP growth.
By Jubin Katiraie
According to Bloomberg, the Treasury Department’s undersecretary for terrorism and financial intelligence, Sigal Mandelker, sent a letter on May 7 warning that Instex, the European SPV to sustain trade with Tehran, and anyone associated with it could be barred from the U.S. financial system if it goes into effect.
.jpg){kind=icon}
