News : Economy

By Mahmoud Hakamian

On Wednesday, Market Watch reported that collective oil production by the Organization of Petroleum Exporting Countries had risen by 40,000 barrels per day, to an average of 33.08 million in the month of November. Such developments help global oil markets to avoid the sharp price increases that some people expected to result from US withdrawal from the 2015 Iran nuclear deal.

By INU Staff

INU- Iranian parliament speaker Ali Larijani admitted on Monday that Iran is currently facing "chronic challenges" that existed long before US sanctions were reimposed, including a water crisis and a "big, costly government".

By INU Staff

INU- Iran’s inflation rate has risen by nearly 35% from last year, according to the Iranian Statistical Centre, which calculated the rate based on price indexes for consumer goods and services between October 23 and November 22.

By Edward Carney

Earlier in November, Iranian Foreign Minister Javad Zarif made public remarks that acknowledged the prevalence of corruption and graft among government officials and highly-connected businesses in the Islamic Republic. Although Zarif declined to identify any organizations by name, he told the Khabar Online news agency that “a lot of people are benefiting” from the “reality” of money laundering, and that this had resulted in the misappropriation of “thousands of billions” of rials.

By INU Staff

INU- Sources in the Iranian judiciary system said on Tuesday November 6th that two individuals have been sentenced to death because of their involvement with “organized and systematic disruption” in the country’s banking network.

By Edward Carney

 In Iran today, people are having difficulties finding products like diapers and tomatoes. The economy continues to worsen under renewed US sanctions.