Iran’s crude oil production will not rise until worldwide sanctions against it have been lifted, a senior Iranian oil official was cited as saying on Tuesday.
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Iran has said it hopes to secure almost $200 billion worth of oil and gas projects with foreign partners by 2020.
On July 14, Iran and the P5+1 group of world powers – the US, the UK, Germany, France, China, and Russian Federation – reached the conclusion of negotiations over Tehran’s civilian nuclear program, with the Islamic Republic and the sextet sealing an agreement, known as the Joint Comprehensive Plan of Action (JCPOA).
The US Treasury and State departments in a recently published report have ensured that Tehran’s oil customers can continue to purchase Iranian crude during an interim period before the terms of what Iran and six world powers agreed on in Vienna last month can be fully implemented and sanctions lifted.
Sanctions, meanwhile, resulted in an economic contraction of 5.8 percent in 2012-13, though Iran emerged from recession in late 2014. “The Persian carpet is like the Iranian flag, known all over the world”.
On the other hand, the return of petrodollars to the country and an inflow of investments after the removal of sanctions are expected by some to have negative effect on the Iranian economy.
“Individuals within the carpet enterprise have begun to supply carpets suiting the style of the American market, receiving orders and negotiating with clients”, he stated.
The Islamic republic was as soon as the world’s largest carpet exporter however the business has been hampered by the sanctions and competitors from cheaper Indian, Pakistani and Chinese language copies of conventional Iranian patterns.
While A.M. Best expects the lifting of the sanctions to present an opportunity for reinsurers, the report cautions it could also expose them to additional risks.
“Americans and Canadians prefer light colors but the older generations go for darker ones”.
“The Persian hand-woven carpet is Iran’s ambassador”.
In 2000, Iran shipped an enormous hand-woven carpet to the king of Oman value $5.2 million. The statement allows countries and oil companies to buy crude oil from Iran by the full implementation of the JCPOA.
As a part of the deal, the U.S. will resume imports of Iranian carpets, which have been halted in 2010.
He is assured, although, that Iranian pistachios have a particular benefit.
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“It’s very hard in my state to explain why we should lift sanctions against Iran when we’re sanctioned in America in terms of our exports”, Heitkamp said.
