Energy

Sanctions carried out on Iran regarding its nuclear program have sent the country into recession, a global association of financial services said on Monday.

Sanctions carried out on Iran regarding its nuclear program have sent the country into recession, a global association of financial services said on Monday.

Highlights from market news:

– Crude oil exports have dropped, the Iranian rial has plunged and inflation took off in 2012

– Iranian officials at first sought to downplay the effect of sanctions, but in recent months have acknowledged their impact on the economy

– In November the state budget for the next fiscal year may assume exports of just one million barrels of oil per day, about half volumes shipped in 2011.

Click here to read full Reuters article.

 

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