Iran Economy

For the US, the question is not just whether sanctions are effective, but if they are backfiring. Sanctions might weaken economies, but they help autocratic regimes exploit public sentiment in order to stay in power.

Cash-strapped Sri Lanka said Wednesday it had exported tea worth $20 million to Iran to partially repay its $251 million oil debts, with Colombo saying Tehran's visiting foreign minister had expressed "satisfaction" at the deal.

The Israel-Hamas war is a reason for concern and will impact oil prices if the Middle East and Iran get involved, said PHD Chamber of Commerce & Industry's (PHDCCI) Executive Director Ranjeet Mehta.

Calling India a rising power and a powerful economy, Iranian Envoy to India Iraj Elahi said that India is strong enough to resist the pressure of the West as it resisted the pressure of buying oil from Russia.

Oil prices dipped in early trade on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.

Iran has submitted an application to become a member in the group of emerging economies known as the BRICS, an Iranian official said on Monday.

New President Ebrahim Raisi takes the oath before parliament Thursday, with Iran facing an economy battered by US sanctions, a grinding health crisis and thorny negotiations on its nuclear programme.

Iran has banned the energy-intensive mining of cryptocurrencies such as Bitcoin for nearly 4 months, President Hassan Rouhani said, as the country faces major power blackouts in many cities.

Currently, petrol and diesel prices in India are reviewed by oil marketing companies on a daily basis and any changes - to bring the prices at par with international crude oil and forex rates - are implemented at fuel stations at 6 am.

Petrol, diesel prices today: The price of petrol has been reduced by a total Rs 1.10-1.22 per litre in the four metros so far this month, and the rate of diesel cut by 87-99 paise per litre.

Here is a list of countries that could boost crude production to offset losses from Saudi Arabia in the event that the disruption to supplies from the attacks on its Abqaiq and Khurais processing facilities lasts longer than initially expected. It's not a long list and much may not be accessible.

Saudi Arabia drone attack: Explosions and towering fireballs struck the heart of Saudi Arabia's oil empire on Saturday in an apparent wave of drone attacks claimed by Yemen's Houthi rebels. The blows knocked out more than half the kingdom's oil output for days or more and threatened to drive up already high tensions between Iran and its foes in the...

Concerns over trade, conflict and oil will dominate a summit of the Group of 20 major economies in Japan this weekend, with attention focused on a meeting between the leaders of the United States and China, embroiled in a lengthy trade war.

U.S. President Donald Trump said on Saturday he would impose fresh sanctions on Iran but that he wanted to make a deal to bolster its flagging economy, an apparent move to defuse tensions following the shooting down of an unmanned U.S. drone this week by the Islamic Republic.

Oil imports from Iran in the past fiscal ended March amounted to about $9 billion, as per industry figures.

For the US, the question is not just whether sanctions are effective, but if they are backfiring. Sanctions might weaken economies, but they help autocratic regimes exploit public sentiment in order to stay in power.

Cash-strapped Sri Lanka said Wednesday it had exported tea worth $20 million to Iran to partially repay its $251 million oil debts, with Colombo saying Tehran's visiting foreign minister had expressed "satisfaction" at the deal.

The Israel-Hamas war is a reason for concern and will impact oil prices if the Middle East and Iran get involved, said PHD Chamber of Commerce & Industry's (PHDCCI) Executive Director Ranjeet Mehta.

Calling India a rising power and a powerful economy, Iranian Envoy to India Iraj Elahi said that India is strong enough to resist the pressure of the West as it resisted the pressure of buying oil from Russia.

Oil prices dipped in early trade on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.

Iran has submitted an application to become a member in the group of emerging economies known as the BRICS, an Iranian official said on Monday.

New President Ebrahim Raisi takes the oath before parliament Thursday, with Iran facing an economy battered by US sanctions, a grinding health crisis and thorny negotiations on its nuclear programme.

Iran has banned the energy-intensive mining of cryptocurrencies such as Bitcoin for nearly 4 months, President Hassan Rouhani said, as the country faces major power blackouts in many cities.

Currently, petrol and diesel prices in India are reviewed by oil marketing companies on a daily basis and any changes - to bring the prices at par with international crude oil and forex rates - are implemented at fuel stations at 6 am.

Petrol, diesel prices today: The price of petrol has been reduced by a total Rs 1.10-1.22 per litre in the four metros so far this month, and the rate of diesel cut by 87-99 paise per litre.

Here is a list of countries that could boost crude production to offset losses from Saudi Arabia in the event that the disruption to supplies from the attacks on its Abqaiq and Khurais processing facilities lasts longer than initially expected. It's not a long list and much may not be accessible.

Saudi Arabia drone attack: Explosions and towering fireballs struck the heart of Saudi Arabia's oil empire on Saturday in an apparent wave of drone attacks claimed by Yemen's Houthi rebels. The blows knocked out more than half the kingdom's oil output for days or more and threatened to drive up already high tensions between Iran and its foes in the...

Concerns over trade, conflict and oil will dominate a summit of the Group of 20 major economies in Japan this weekend, with attention focused on a meeting between the leaders of the United States and China, embroiled in a lengthy trade war.

U.S. President Donald Trump said on Saturday he would impose fresh sanctions on Iran but that he wanted to make a deal to bolster its flagging economy, an apparent move to defuse tensions following the shooting down of an unmanned U.S. drone this week by the Islamic Republic.

Oil imports from Iran in the past fiscal ended March amounted to about $9 billion, as per industry figures.