Insider news & Analysis in Iran

By INU Staff  

INU - On Monday, the Wall Street Journal published a report on the increase of Iranian oil exports to Asia. It indicated that as of August, Indian imports of Iranian crude had increased by three times over the same period last year. Meanwhile, as Iran’s largest Asian buyer, China increased its exports by 50 percent compared to the prior year. The report specifies that these trends have been driven not only by the new economic environment created by sanctions relief under the Joint Comprehensive Plan of Action, but also by the high rates of economic growth in certain Asian markets, as well as the ease with which Asian oil industries can refine the familiar and geographically close Iranian crude.

By INU Staff  

INU - On Thursday, Reuters reported that a meeting had been planned to take place in Istanbul next week between Russia and the 14-member Organization of Petroleum Exporting Countries. It will be the latest in a series of efforts to implement collective oil production limits, with an eye toward stabilizing global oil prices, which have been stuck at unusual lows since last year. The framework for such an agreement was established early this year among the vast majority of OPEC countries, plus Russia. But more specific talks failed in April as a result of Iranian unwillingness to participate in an output reduction scheme, despite Saudi Arabia’s insistence upon unanimity.

By INU Staff

INU - On Tuesday, the Wall Street Journal reported upon Iran’s latest plans for its oil economy. The latest information reaffirms the Islamic Republic’s commitment to expanding its oil production and exports while avoiding cooperation with other members of the Organization of Oil Exporting Countries. Last week, it was announced that OPEC had arrived at a long-sought-after agreement to try to stabilize global oil prices by reducing overall output by as much as 700,000 barrels per day. But whereas Saudi Arabia had previously insisted that all participants in the negotiations also participate in the actual freeze, Iran has since been allowed to proceed with its plan to exempt itself from the multilateral agreement.

By INU Staff

INU - On Monday, Reuters reported that the German engineering giant Siemens had signed a contract to provide Iran with components for 50 diesel-electric locomotives, thus contributing to a post-nuclear deal Iranian plan to upgrade the country’s railway system and facilitate further economic development. The exact value of the contract was not immediately disclosed, but it was estimated to reach into the hundreds of millions. It is the latest in a long line of indicators of European eagerness to expand trade relations with the Islamic Republic, even as those relations continue to be strained by persistent economic sanctions and non-economic issues related to the activities of the Iranian regime.

By INU Staff

INU - Last week it was reported that Saudi Arabia had offered a new compromise to the Islamic Republic of Iran ahead of a meeting of OPEC nations in Algeria. The proposal called for Iran to freeze its oil output at current levels in exchange for an output reduction from Saudi Arabia and other members of the cartel. Riyadh had previously insisted upon Iran’s participation in across-the-board cuts, and last week’s change in tone seemed to contribute to growing optimism about the prospects for an agreement between the two regional rivals.

By INU Staff
INU - On Tuesday, Reuters issued another report on the prospects for cooperation among Iran, Saudi Arabia, and Russia over plans to freeze oil production and stabilize global prices. The report indicates that Russia and Saudi Arabia had signed an agreement describing such cooperation on Monday, but that little specific information had been released as to what the two countries would do to facilitate compromise with Iran.

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