01182019Fri

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.

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.

British Airways and Air France

Iran Focus

London, 24 August - British Airways and Air France confirmed on Thursday that they would stop commercial flights to Iran from September for business reasons; mere months after US President Donald Trump announced he would re-impose sanctions on Tehran and the companies that continued to work there.

British Airways, which is owned by the Spanish-registered IAG, said that its London to Tehran service "is currently not commercially viable”, which is why they will halt the flight. The last BA flight from London to Tehran will be on September 22, while the last inbound flight from Tehran will be on September 23.

Iran’s Oil Exports

Iran Focus

London, 25 August - The threat of US sanctions is already beginning to affect the demand for crude from some of Iran's key customers. According to preliminary tanker tracking data, oil exports from Iran have fallen steeply during the first half of August.

S&P Global Platts trade flow software’s initial estimates show that Iran oil crude and condensate exports have fallen to 1.68 million b/d in the first 16 days of August, which is down over 600,000 b/d from loadings in July.

Platts cFlow software estimates show that this compares with exports averaging 2.32 million b/d in July as a whole, and 2.10 million b/d in the first 16 days of August. These preliminary numbers show key buyers of Iranian oil are beginning to cut back before US sanctions against Iran's oil sector go in to effect, sources said.

US oil sanctions on Iran will hit hard

Iran Focus

London, 17 August - Following the imposition of the first round of US sanctions on Iran, there is little evidence of either side changing its stance, which means that the second round of sanctions (this time targeting Iran’s oil exports) will likely go ahead in November and create a much bigger impact on the Iranian economy.

Indeed, Donald Trump has already made clear that he wants all of Iran’s oil exports reduced to zero by November 5, when sanctions would take place.

Any buyers that are granted sanctions waivers by the US (and Trump has so far denied that any will be given out) will still have to make sweeping cut to their Iranian oil and gas imports.

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