Iran central bank chief says oil exports have fallen to zero
Iran is currently exporting no oil, the country’s central bank chief has said, warning of tighter access to foreign exchange reserves that he said had been blocked by the US. Abdolnaser Hemmati said Tehran faced severe restrictions on oil exports as Washington steps up economic pressure while efforts to resolve the war remain deadlocked . “There is no doubt that we have restrictions on oil…
The head of Iran's central bank has announced that the country's oil exports have reached zero, attributing the cessation to restrictions imposed by the United States. This development, disclosed on state television, underscores the severe economic burden Iran faces due to the ongoing conflict. According to the Central Bank of Iran governor, Abdolnaser Hemmati, he has communicated with overseas counterparts, who have confirmed that oil revenue has effectively ceased.
This marks a significant blow to Iran's economy, which relies heavily on oil exports for foreign exchange. Hemmati warned that Iran's access to foreign exchange reserves is increasingly constrained, raising questions about the country's capacity to continue importing essential goods. The situation has been exacerbated by the 60-day framework agreed upon by Washington and Tehran, which expired without a resolution.
This impasse, coupled with inflation, currency weakness, energy shortages, and sanctions, has contributed to growing economic pressure in Iran. The country's Parliamentary Speaker, Mohammad Bagher Ghalibaf, acknowledged the validity of economic grievances but emphasized the need for national unity, warning against using the streets for political competition.
He cautioned against raising petrol prices, fearing that economic discontent could lead to unrest and undermine national cohesion. Meanwhile, the US has imposed unprecedented economic sanctions, stating that Iran has been given the greatest opportunity to reach a deal. These measures include restricting financial institutions and businesses from supporting Iran, and calling for an end to activities like oil smuggling and cash transfers.
Despite these actions, the Strait of Hormuz saw no change in shipping traffic, with nine vessels passing through, while Bab Al Mandeb saw a significant drop to 27 vessels. The release of Iran's frozen funds under a recent agreement with the US remains blocked, adding another layer of complexity to the ongoing economic stalemate.
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