Oil Price Drop and Failure to Finalize Nuclear Deal Hits Iran’s Economy Hard
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by News Editor
US Secretary of State John Kerry shakes hands with Iranian Foreign Minister Javad Zarif in Geneva, November 2013. Photo: Wikicommons
Wall Street Journal – Plummeting oil prices and the failure so far to conclude a nuclear agreement are dealing a double blow to Iran’s economy just as it was starting to recover.
Oil prices, which have fallen about 50% since June, resumed their decline on Monday after Saudi Arabia, the world’s largest crude exporter, said it may boost production despite a global glut. The slide in prices is strangling revenues in Iran, a country dependent on oil money.
