• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 35 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 6 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 2 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 6 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 6 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Islamic State Attacks Iraqi Oil Field

Islamic State Attacks Iraqi Oil Field

An attack with an explosive…

Aramco On Lockdown After Houthi Missile Attack

Aramco On Lockdown After Houthi Missile Attack

Saudi Arabia had intercepted a…

Is The TAPI Pipeline Finally Ready To Go?

Is The TAPI Pipeline Finally Ready To Go?

The Turkmenistan–Afghanistan–Pakistan–India (TAPI) natural gas…

James Hamilton

James Hamilton

James is the Editor of Econbrowser – a popular economics blog that Analyses current economic conditions and policy.

More Info

Premium Content

How are the Sanctions Against Iran Progressing?

The boycott of Iran has been more successful than I had anticipated, with Iranian oil production and exports down significantly from a year ago.

And even stronger additional sanctions may soon be agreed upon. The measures appear to be having a significant effect on the Iranian economy, with the IMF reporting an inflation rate of 20-25% and some observers claiming the true figure could be as high as 70%. There are some signs of growing political opposition to the regime.

The goal of the sanctions is to try to pressure Iran to abandon its nuclear enrichment program. There was at least one indicator last week of some progress toward that goal, as statements from Foreign Ministry spokesman Ramin Mehmanparast seemed to signal a modest move forward in negotiations.


Alternative estimates of Iranian oil production. Source: Early Warning.

Related Article: Smash the Rally in Oil

Of course, lower oil production from Iran has not been without cost for the oil-consuming countries. The combined effects of the loss in Iranian production and modest gains elsewhere have left total world oil production essentially flat since the start of the year.

Alternate Estimate of World Oil Production
Alternative estimates of world oil production. Source: Early Warning.

And where will this all end? Based on prices of Intrade contracts, bettors see a 12% chance of a U.S. and/or Israeli air strike against Iran before December 31, a 39% chance before June 30, and a 51% chance before December 31 of 2013.

Price in Cents of Promise to Recieve
Price in cents of promise to receive $1.00 in event of air strike before December 31, 2013. Source: Intrade.

Related Article: Is a Larger Middle East War Inevitable?

Those same Intrade markets, by the way, put a 40% probability on Mitt Romney winning the presidential election.

By. James Hamilton

Source: Econbrowser


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News