• 9 hours Bitcoin Lives Up To Its Safe Haven Status In A Big Way
  • 13 hours 14 Million People Will Lose Unemployment Benefits On December 31st
  • 2 days Why 12 Million American Millionaires Isn’t Good News
  • 3 days Big Oil Is Paying The Price For Investing In Renewables
  • 4 days The Banking Industry’s $35 Billion Gravy Train Could Disappear
  • 5 days Did Amazon Just Democratize Prescription Drugs?
  • 7 days The Private Space Race Just Got Very Real
  • 8 days Short Sellers Are Willing Big In This Turbulent Market
  • 10 days SpaceX Gets Go-Ahead To Send Humans Into Space
  • 10 days Saudi Arabia Lost $27 Billion In Oil Crash
  • 11 days China’s Big Tech Takes A Hit As Regulators Crack Down
  • 12 days Black Friday Could Be Retailers’ Only Hope
  • 13 days Why You Should Not Dump Your Stay At Home Stocks Just Yet
  • 14 days The Real Reason Why Uber And Lyft Stocks Have Soared Nearly 50%
  • 16 days Bitcoin Heads Towards $16,000 And No One’s Cashing In
  • 17 days Elon Musk’s $250 Tesla Tequila Is Already Sold Out
  • 18 days Will The San Francisco Wealth Tax Spark An Exodus Of The Rich?
  • 19 days The Fin-Tech IPO Of The Century Just Got Crushed
  • 20 days UK Bookies Report Largest-Ever Political Bet Ahead Of Election Results
  • 21 days Better Safe Than Sorry: 5 Alternative Investment Plays
Saudi Arabia Lost $27 Billion In Oil Crash

Saudi Arabia Lost $27 Billion In Oil Crash

The oil price collapse is…

Chinese Stocks Soar On Bullish Economic Data

Chinese Stocks Soar On Bullish Economic Data

Monday was a record-breaking day…

U.S.-China Tensions Are Reaching A Boiling Point

U.S.-China Tensions Are Reaching A Boiling Point

Global stocks slumped on Tuesday…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Markets
  3. Economy

Key Iranian Economic Officials Replaced Ahead Of Sanctions

Iran

Iran’s president Hassan Rouhani has replaced several senior economic officials a week before U.S. sanctions against Tehran come into effect, Sputnik reports, citing a statement by Rouhani from Sunday.

As part of the reshuffle, economist Farhad Dejpasand will take the helm of the Ministry if Economics and Finance and will work with a new team to find ways to weather the effect of the sanctions, which prompted the International Monetary Fund to revise down its outlook for Iran for this year from a 4-percent GDP expansion to a 1.5-percent contraction. For 2019, the IMF has forecast even deeper recession of up to 3.6 percent, versus an earlier estimate for growth of 4 percent in 2019 as well.

Meanwhile, Tehran officials remain relatively upbeat: the country’s Vice President Eshaq Jahangiri said this weekend, as quoted by IRNA, that Washington will not be able to reduce Iranian crude oil exports to below 1 million bpd.

“During the past months [before US sanctions threat], Iran was exporting 2.5 million barrels of oil per day,” the VP said. “now maybe we are exporting a few thousand barrels less, but we have always been determined that our oil exports should not become less than one million barrels per day.”

Jahangiri’s comments suggest Tehran has been preparing for a certain reduction in exports and higher oil prices—despite the recent slip on global economic growth concerns—will help it mitigate the effect of the sanctions.

The government’s efforts, however, face an internal division, as hardliners insist on greater self-sufficiency in the face of sanctions while more moderate factions are for greater cooperation with the countries who have opposed the sanctions, including the European Union, Russia, and China.

Rouhani himself has urged all factions to work together to deal with the sanctions, but he is firmly in the moderates’ camp, urging for closer trade contracts with allies.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment