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Oil Price Drop and Failure to Finalize Nuclear Deal Hits Iran’s Economy Hard

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.

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Source:: The Algemeiner

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Posted by on December 23, 2014. Filed under Breaking News,Israeli News,Slider,World News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.