03202019Wed

Iran Oil

Iran Focus

London, 10 Sep - As Donald Trump continues to increase pressure on Iran ahead of the incoming November sanctions on Iranian oil, most recently by scheduling a UN Security Council meeting on Iran for later this month, global oil markets have gone into overdrive.

At the meeting, Trump is likely to address the problems he sees with Iran, including terrorism, regional interference, and human rights abuses, while outlining the need for the other UNSC members to join in with his sanctions against Iran.

In response to this, Iran has resorted to its traditional threats of closing off the Hormuz Strait, where a third of global oil exports pass through, which could well lead to higher oil prices.

Currency Crash In Iran

Iran Focus

London, 7 Sep - On Wednesday, residents of Tehran lined up outside moneychangers as Iran’s rial fell to a record low, a 140-percent drop in value since America exited the nuclear deal last May.

The Iranian week begins on Saturday, and by the end of the day on Wednesday, the Iranian peoples’ money had lost a quarter of its value.

“Everyone’s just nervous,” said one resident. However, state media has not acknowledged the drop.

As U.S. Reimposes Sanctions, Iran’s Rial Hits New Low against US Dollar

Iran Focus

London, 3 Sep - According to reports, on the unofficial market amid continued economic difficulties following the reimposition of nuclear sanctions by the United States, Iranian currency has hit another record low against the dollar. In the past three days, the rial has lost around 15 percent of its value on the open market, according to Bonbast.com, which tracks Iran's rates it is trading at 128,500 to $1 by September 3rd.

After Central Bank Governor Abdolnaser Hemmati announced that tighter restrictions on allocating foreign exchange reserves on September 1st, according to financial journalist Maziar Motamedi, the rial latest drop occurred. "Hemmati said that he wishes to be much more careful in allocating foreign currencies at government rates, signaling a potential forthcoming shortage of hard currency," Motamedi said in an interview.

Hassan Rouhani

Iran Focus

London, 6 Sep - Hassan Rouhani was summoned by parliament to answer questions on the country’s mounting economic crisis last week. He blamed the economic problems on an “American conspiracy”, but his argument was rejected, and he is now facing a judiciary review. Putting further pressure on him, is the fact that two of his ministers were impeached last month.

In May, US President Trump exited the 2015 nuclear deal and reimposed the sanctions the deal had lifted. Following this, Iran’s economy plummeted, with Trump’s warnings to foreign companies that they will face penalties for continuing to do business with Iran.

Iran’s oil exports drop below 70 million barrels

Iran Focus

London, 29 August - Iran’s exports of crude oil and condensate are set to drop below 70 million barrels in August, for the first time since April 2017, months ahead of the incoming US economic sanctions that specifically target Iran’s oil industry.

According to data from Thomson Reuters Eikon, Iran’s total volume of exported crude and condensate (an ultra-light oil from natural gas fields) is about 64 million barrels in August or 2.06 million barrels per day (bpd). This shows a significant drop compared with their peak in April of 92.8 million barrels or 3.09 million bpd, which came just a month before Donald Trump pulled the US out of the nuclear deal and announced the reintroduction of sanctions against the country.

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