Oil & Gas Saudi and Kuwait reassert claims to Durra oil field Both Saudi Arabia and Kuwait have made renewed claims that they own the disputed Durra offshore oil and gas field. The state news agencies of each country cited unidentified government sources saying they are the sole owners. The statements reignited a decades-old quarrel with Iran, which also asserts sovereignty over part of the area. Saudi’s […] July 5, 2023
Aviation UAE and Iran sign air transport deal The UAE has signed an air transport services agreement with Iran as the two countries look to enhance trade and tourism relationships. The tie-up aims to better organise air transportation and strengthen air connections. A meeting in Dubai between Sheikh Abdullah bin Zayed Al Nahyan, UAE minister of foreign affairs, and Hossein Amir-Abdollahian, Iran’s minister […] June 23, 2023
Energy Iran’s oil exports hit 5-year high despite US sanctions Iran’s crude exports and oil output have hit new highs in 2023 despite US sanctions, according to consultants, shipping data and a source familiar with the matter, adding to global supply when other producers are limiting output. Tehran’s oil exports have been limited since former US president Donald Trump in 2018 exited a 2015 nuclear […] June 18, 2023
OPINION Energy Crisis looms for the Iranian natural gas sector While the world’s attention has been focused on the sanctioned Iranian oil industry, another vital part of the country’s energy infrastructure is deteriorating – its natural gas sector. Iran’s domestic economy and its consumers depend far more on gas than they do on oil. But if urgent financial, technical and commercial support is not provided […] June 2, 2023
Energy Opec ‘would welcome’ Iran once sanctions lifted Iran has the capacity to add “significant production volumes within a short period of time” and would be welcomed back to Opec when sanctions are lifted, its secretary general said on Monday. Iran is a member of Opec – the Organization of the Petroleum Exporting Countries – but its oil exports are subject to US […] May 30, 2023
Economy Indonesia and Iran sign preferential trade pact The leaders of Indonesia and Iran have signed a preferential trade agreement to expand economic relations during an official visit by Iranian President Ebrahim Raisi. Indonesian President Joko Widodo, speaking after a signing ceremony that was streamed online by his cabinet secretariat, hoped the agreement “would increase trade between Indonesia and Iran” but did not […] May 24, 2023
Economy Iran growth forecasts cut but Gulf trade could rally Growth forecasts for Iran’s economy have been cut as analysts see US sanctions remaining in place “for the foreseeable future”, but expanding trade with the UAE and improved relations with Saudi Arabia may help to cushion the blow. Fitch sees growth slowing to 2.3 percent in 2023-24 from a previous forecast of 5.8 percent because […] April 27, 2023
Opinion Economy Iran rapprochement marks a return to Saudi pragmatism The biggest question mark is over the US's attitude on the new power balance April 24, 2023
Iran invites Saudi king to visit Tehran Iran has invited Saudi Arabia’s king to visit the country after the regional rivals agreed to end years of hostility following a China-brokered agreement in March. King Salman bin Abdulaziz Al Saud was officially invited to Tehran, the Iranian Foreign Ministry said in a TV news conference, Reuters reported. The talks in Beijing followed by […] April 17, 2023
Opinion Energy Mining the Middle East’s rich seam of copper Red metal can put a shine on the region's diversification from oil wealth April 17, 2023
Economy Iranian and Saudi envoys meet in China as ties resume The foreign ministers of Iran and Saudi Arabia met in Beijing on Thursday for the first formal gathering of their top diplomats in more than seven years. The meeting was ahead of moves to resume travel, official and economic ties between the Middle East’s top powers. China brokered a deal last month to restore relations […] April 6, 2023
Finance Iran-Saudi deal offers hope for increased Middle East stability The immediate economic impact of renewed relations between Saudi Arabia and Iran is expected to be minimal, but the agreement brokered by China is likely to have far reaching ramifications for the wider Middle East region, according to economists. The two countries agreed to re-establish ties after four days of talks last week in Beijing. […] March 13, 2023
Banking & Finance Iran’s rial climbs 6% after accord to restore ties with Saudi Arabia The Iranian rial recouped some of its recent losses on Saturday, gaining more than six percent amid prospects of diminished regional tensions after Iran and regional rival Saudi Arabia agreed to resume diplomatic ties. Iran and Saudi Arabia agreed on Friday to re-establish relations after years of hostility that had threatened stability and security in […] March 12, 2023
Banking & Finance Iran’s currency falls to record low as sanctions to continue Iran’s troubled currency broke below the psychologically key level of 500,000 rial per US dollar on Monday, as market participants saw no end in sight to sanctions. The Iranian rial plummeted to a new record low of 501,300 against the US dollar, according to Bonbast.com which gathers live data from Iranian exchanges. Facing an inflation […] February 21, 2023
Development Iran seeks global investors for $200bn worth of projects Iran is undertaking projects worth $200 billion and seeking the participation of global investors, Ahmad Asadzadeh, Iran’s deputy minister for international affairs, said at the India Energy Week conference on Wednesday. He said many of the projects were related to climate change issues, such as gas flaring, as well as improving oil recovery and security […] February 9, 2023
Energy Iran to start revamp at Venezuela’s largest refining complex shortly State firms from Iran and Venezuela will start in the coming weeks a 100-day revamp of the South American nation’s largest refining complex to restore its crude distillation capacity, four sources close to the plan said. The effort by state oil firm Petroleos de Venezuela (PDVSA) and the state-owned National Iranian Oil Refining and Distribution […] February 7, 2023
Energy Iranian oil exports hit new high in 2022 despite US sanctions Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite US sanctions, according to companies that track the flows, on higher shipments to China and Venezuela. Tehran’s oil exports have been limited since former US President Donald Trump in 2018 exited a 2015 […] January 16, 2023
Economy German exports to Iran rise despite diplomatic tensions German exports to Iran rose last year, according to data seen by Reuters, despite Western condemnation of Tehran’s months-long crackdown against protests. German exports to Iran climbed 12.7 percent year-on-year from January to November 2022 to around €1.5 billion ($1.6 billion), data from the federal statistics office showed. That exceeded the full-year volume for 2021 […] January 11, 2023
Tech Elon Musk says around 100 Starlinks now active in Iran SpaceX chief executive Elon Musk said on Monday that the company is now close to having 100 active Starlinks, the firm’s satellite internet service, in Iran, three months after he tweeted he would activate the service there amid protests around the Islamic country. Musk said, “approaching 100 starlinks active in Iran”, in a tweet on […] December 27, 2022
Economy Dozens of merchant ships stuck off Iran as payment snags bite Dozens of merchant ships with grains and sugar are stuck outside Iranian ports after weeks of delays as payments snags disrupt flows of goods into the country, according to trade sources and shipping data. Food is exempt from the West’s sanctions on Iran over its nuclear programme, but the impact of the sanctions on Iran’s […] December 22, 2022
Analysis Business of Sport Qatar scores, with vital assists from Iran, Turkey and the UAE Alongside the massive investment and the 12 years of preparation, Qatar has called in more than a few favours to aid the smooth running of the World Cup. While its allies have proved keen to help, Doha has had to tiptoe carefully around the geopolitical faultlines that run through the Gulf. Turkey has sent more […] November 21, 2022
Banking & Finance Binance helped Iranian firms trade $8bn despite sanctions Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite US sanctions intended to cut Iran off from the global financial system, blockchain data show. Almost all the funds, some $7.8 billion, flowed between Binance and Iran’s largest crypto exchange, Nobitex, according to a review of data from leading […] November 6, 2022
