Iran's oil exports were already limited by strict U.S. sanctions, now a massive price drop could add to the country's economic and political woes.
Iran appeared set to face its fourth looming crisis as global oil prices crash, further threatening the country's economic outlook as it simultaneously tackled U.S. sanctions, a deadly coronavirus epidemic and occasional outbreaks of political unrest.
In some ways, the embargo actually insulates Iran from the shock of oil prices collapsing, as Kamiar Mohaddes, a macroeconomist at Cambridge University's Cambridge Judge Business School, pointed out. He toldthat"sanctions have limited exports of oil severely, so Iran's economy is actually much more diversified than its neighbors."
Iranian Petroleum Ministry officials attend a videoconference in which they discussed with Minister Bijan Namdar Zangeneh ways to prevent the spread of the coronavirus at oil, gas, refining and petrochemical operations zones, March 6.And it could be some time before the so-called"price war" among members of a divided Organization of the Petroleum Exporting Countries and Russia is resolved.
In Iran, citizens have long had access to cheap fuel due to subsidies that partially bound the country's economy to its petroleum sector.
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