• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 3 hours The United States produced more crude oil than any nation, at any time.
  • 4 days Bad news for e-cars keeps coming
JPMorgan Analysts Cast Doubt on Tesla's Robotaxi Revenue

JPMorgan Analysts Cast Doubt on Tesla's Robotaxi Revenue

Tesla's robotaxi plans, unveiled ahead…

Iran Considers Allowing People To Invest In Oil On Local Exchange

Iran is considering letting residents invest in oil on the domestic energy exchange, Iranian President Hassan Rouhani said, as the Islamic Republic's economy and its people are struggling with the coronavirus outbreak, low oil prices, and U.S. sanctions on Iran's energy, shipping, and banking industries.   

"The government, especially the economic board, has always been trying to adopt and implement policies and measures to control liquidity and direct it to the right path and production cycle," the official website of the Iranian president quoted Rouhani as saying on Tuesday.

Iran's plan is to allow the public to invest in oil and its supply on the energy exchange, which would also be "an important step to counter the enemies' oil embargo," the Iranian president said.

"People should be confident in the government's efforts to stabilise the economy and know that we will spare no effort in protecting their livelihood and assets," according to the Iranian president.

However, the COVID-19 pandemic and the collapse in oil prices coincided with the maximum pressure campaign of the United States against Iran, whose oil exports have shrunk over the past two years, reduced oil revenues, and plunged the country into recession long before the pandemic hit all other economies in the world.

Iran is now desperate to raise revenues as its key budget source—oil income—is restricted due to the sanctions.

On Wednesday, Iranian President Rouhani told a cabinet meeting that "The stock market and oil -- not gold and the dollar -- are the places to be investing and we want to help people this way," Bloomberg quoted Iran's state TV as reporting.

Rouhani has not given many details about the plan to have Iranians invest in oil, but the semi-official website Eqtesad News reported earlier this week that the idea would likely involve "pre-selling" around 220 million barrels of oil on Iran's energy exchange, IRENEX, through Islamic bonds, which are securities similar to futures, Bloomberg notes.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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