03202019Wed

Iran’s oil export

Iran Focus

London, 26 Sep - Oil exports by Iran are declining ahead of the second round of US sanctions that is due to be imposed from November 4, which will likely lead to the Iranian economy contracting by 3% this year and 4% in 2019, according to the Institute of International Finance.

On Tuesday, the IIF, which represents major banks and financial institutions from around the world, said that exports of crude oil and condensates from Iran had dropped by 0.8 million barrels per day (bpd) from April to September 2018, according to their estimates.

Iran currency

Iran Focus

London, 26 Sep - Reports indicate that the Iranian currency is continuing to drop in the days following the recent incidents which Iran regime’s officials immediately blamed Saudi Arabia, the United States and the United Arab Emirates for it. A video was posted on social media in which the Iranian regime threatened the United Arab Emirates and Saudi Arabia with missile attacks on their capital cities.

The price of gold has shot right up and the value of the Rial, the national currency of Iran, has dramatically dropped. It has been reported that the dollar has hit the 150,000 Rial mark.

Iranian Oil Exports

Iran Focus

London, 22 Sep - In April, a month before US President Trump announced America’s exit from the Iran nuclear deal — more formally known as the Joint Comprehensive Plan of Action (JCPOA) — and the re-imposition of sanctions, Iranian oil exports dropped by 35 per cent. In August, the first round of sanctions against Tehran went into effect. The next round of sanctions are expected to be the toughest in history.

Bloomberg reports that Iran’s oil exports have already dropped substantially, causing “severe economic damage” to Iran.

OPEC Production

Iran Focus

London, 25 Sep - In the coming days, the Organization of the Petroleum Exporting Countries (OPEC) will hold a meeting in Algiers to assess the current state of the oil market and decide their next steps, with Iran being a major concern due to US sanctions that aim to drive Iran’s oil exports to zero.

The obvious solution is for OPEC to allow its members to increase their production levels to make up for the loss in Iranian oil, but Iran’s oil minister has claimed that he will block any attempt at this.

Iran oil

Iran Focus

London, 20 Sep - The island nation of Sri Lanka has stopped its crude imports from Iran and is switching to other sources, according to Petroleum Resources Development Minister Arjuna Ranatunga.

Minister Ranatunga told reporters in Fujairah, the United Arab Emirates that Sri Lanka stopped importing Iranian crude as soon as US sanctions were announced.

He said: “We didn’t buy [directly] from Iran. We buy from Singapore, Dubai, Fujairah. We’re looking at signing government-to-government agreements over the next couple of months. We’re looking at long-term agreements.”

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