As the United States and European Union (EU) consider new economic measures against Iran, the Islamic Republic is touting its resilience to Western boycotts. According to the government in Tehran, the country has exported more oil than ever in the last six years, despite massive sanctions imposed byformer US president Donald Trump in 2018.
Last month, Iran's Oil Minister Javad Owji said oil exports had "generated more than $35 billion [€32.8 billion]" in 2023. The British business daily Financial Times quoted him as saying that while Iran's enemies wanted to stop its exports, "today, we can export oil anywhere we want, and with minimal discounts."
To Iran's regime, the billions of dollars in oil revenue are instrumental in maintaining acquiescence at home. Much of the population is suffering the impact of international sanctions, which have led to a depreciation of the national currency, the rial.
Iranian inflation reached new heights recently, climbing to about 40% in February. Any exacerbation due to escalating geopolitical tensions will only stoke consumer prices further, Djavad Salehi-Isfahani, an economics professor at the Virginia Polytechnic Institute and State University, told DW.
He also noted that the US dollar had gained about 15% against the Iranian rial in recent weeks, amid expectations of heightened conflict with Israel.
"This exchange rate devaluation very quickly translates into higher prices, because Iran imports a lot of types of commodities, and many of the commodities it produces inside Iran also have an import component," the Middle East expert said, adding that the country is "bracing for higher inflation."
According to Salehi-Isfahani, the living standard of Iran's middle class has also steeply declined in recent years, and is now "back to 20 years ago."
India’s economy will become carbon neutral by the year 2070, the country’s prime minster has announced at the COP26 climate crisis summit in Glasgow. The target date is two decades beyond what scientists say is needed to avert catastrophic climate impacts. India is the last of the world’s major carbon polluters to announce a net-zero target, with China saying it would reach that goal in 2060, and the United States and the European Union aiming for 2050.
China's carbon emissions are vast and growing, dwarfing those of other countries. Experts agree that without big reductions in China's emissions, the world cannot win the fight against climate change. In 2020, China's President Xi Jinping said his country would aim for its emissions to reach their highest point before 2030 and for carbon neutrality before 2060. His statement has now been confirmed as China's official position ahead of the COP26 global climate summit in Glasgow. But China has not said exactly how these goals will be achieved.
China's carbon emissions are vast and growing, dwarfing those of other countries. Experts agree that without big reductions in China's emissions, the world cannot win the fight against climate change. In 2020, China's President Xi Jinping said his country would aim for its emissions to reach their highest point before 2030 and for carbon neutrality before 2060. His statement has now been confirmed as China's official position ahead of the COP26 global climate summit in Glasgow. But China has not said exactly how these goals will be achieved.
A crucial U.N. conference heard calls on its first day for the world's major economies to keep their promises of financial help to address the climate crisis, while big polluters India and Brazil made new commitments to cut emissions. World leaders, environmental experts and activists all pleaded for decisive action to halt the global warming which threatens the future of the planet at the start of the two-week COP26 summit in the Scottish city of Glasgow on Monday. The task facing negotiators was made even more daunting by the failure of the Group of 20 major industrial nations to agree ambitious new commitments at the weekend.