Tag Archives: Sanctions

Iran’s second largest airline. Mahan Air. has launched direct flights to the Venezuelan capital Caracas. marking a further strengthening of bilateral ties as the US tightens sanctions screws on both countries.

London-based Standard Chartered has been fined $1.1 billion by US authorities for allegedly breaching sanctions against Iran and other countries.

Iranian exports of crude oil and condensate have surged to levels near before sanctions. surprising market observers and affording the country an important victory in a US economic war on Tehran.

Libya is a significant supplier of oil to Europe. producing around 1.1 million barrels per day (bpd) of crude in March.

The recent flash floods across the country had mostly hit oil-rich provinces such as Khuzestan.

Iraq had a company like EIED which could establish ties with its Iranian opposite number.

Sanctions can cut 500.000 bpd of Venezuelan exports.

At the current price of USD 70 per barrel. the annual value of global oil output is USD 2.5 trillion.

The United States has already slapped Venezuela'.s state oil producer PDVSA with punitive measures.

Before sanctions. the US used to be the largest buyer of Venezuelan crude.