Blog posts tagged by tag: Iran
On 1 January, the U.S. escalated tensions with Iran, by assassinating a top Iranian general, which sent oil prices and demand for safe-haven assets soaring. The latest escalation put the 2015 nuclear accord and the de-stabilization of the Middle East at further risk. This interview outlines the economic impact the U.S.-Iran dispute is having on the Iranian economy.
As Iran ordered a ramping up of production by 500,000 on Monday, Persian tankers were already filling their hulls with millions of barrels of low-sulphur crude, destined mostly for European markets. Although there are some factors restricting the accessibility of Iranian crude to foreign markets, especially given that U.S. institutions are still barred from Iranian oil transactions, Iran will want to regain market share it has either lost, or never had access to. This will most likely translate to more supply of high-quality hydrocarbons and downside pressure on prices.
Major economic changes could be in store for both Iran as well as much of the Middle East as a result of the 17 July landmark nuclear agreement that includes the eventual removal of the economic sanctions that have plagued Iran in recent years. Recent opposition from within the United States threatens to derail the agreement, which could have significant implications for the economies of the country and the Middle East.
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