FOX News: Iran hit hardest as oil price war, cornavirus cripples nation
The one-two punch of coronavirus and an escalating oil price war that is roiling world markets is hurting one country more than any other: Iran.
Already dealing with a deadly outbreak, the Islamic Republic, heavily dependent on oil revenues, is in no position to deal with the lowest per-barrel prices seen in decades.
"$20 oil in 2020 is coming," tweeted Ali Khedery, a former U.S. official in Iran and onetime Middle East expert with Exxon. "Huge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed/failing petro-kleptocracies Iraq, Iran, etc. - may prove existential 1-2 punch when paired with COVID19."
Iran's oil exports, its main economic lifeline, have been under siege for quite some time. Experts say the escalation of the global price war between Saudi Arabia, the world's top exporter, and Russia could cripple many nations outside Saudi Arabia, with Iran topping the list.
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WNU Editor: This is the same country that voted in nothing but "hardliners" to the parliament a few weeks ago. Here is an easy prediction. Life is going to get worse in Iran.
Update: The four crisis that Iran is currently facing are sanctions, unrest,the collapse of oil prices, and the coronavirus outbreak .... Iran Faces Fourth Crisis in Oil Crash Amid U.S. Sanctions, Coronavirus and Protests (Newsweek).
7 comments:
The collapse of Oil prices?
Are they selling that much oil that it makes a difference?
Bob,
“China is Iran’s largest crude oil customer, with total imports last year [2018] of approximately 29.3 million tons or about 585,400 bpd, according to customs data sourced by Reuters.” Iran’s economy was struggling already. The oil prices and corona virus maybe truly crippling .
Bob ever tilting @ windmills.
Yes I believed they were selling to China but what would their exports have been without US interference?
"Are they selling that much oil that it makes a difference?" asked the No load.
You can look it up.
Yes, the lower oil prices do make a difference even now to Iran with their current export levels.
Their oil revenue got cut by another 3rd or 1/2.
Soon you will be an out of work troll.
I have been out of work now for 25 years, having retired at 50.
Unless you are not, who you say you are.
And if if you are, it shows in you lack of ability.
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