Iran Declares Major Lender Bankrupt

The sun sets behind Milad Telecommunications Tower (C) and a row of electricity pylons in Tehran on October 20, 2025. (Photo by ATTA KENARE / AFP)
The sun sets behind Milad Telecommunications Tower (C) and a row of electricity pylons in Tehran on October 20, 2025. (Photo by ATTA KENARE / AFP)
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Iran Declares Major Lender Bankrupt

The sun sets behind Milad Telecommunications Tower (C) and a row of electricity pylons in Tehran on October 20, 2025. (Photo by ATTA KENARE / AFP)
The sun sets behind Milad Telecommunications Tower (C) and a row of electricity pylons in Tehran on October 20, 2025. (Photo by ATTA KENARE / AFP)

Iran declared one of the country's largest private banks bankrupt with its assets absorbed by the state, official media reported Saturday, in a rare move in the country grappling with international sanctions.

Founded in 2012, Ayandeh Bank had a network of 270 branches across the country, including 150 in the capital Tehran alone. But it had more recently been crippled by debt, with accumulated losses amounting to the equivalent of about $5.2 billion and roughly $2.9 billion in debts, according to the ISNA news agency.

On Saturday, queues of customers could be seen outside a former Ayandeh Bank branch in Tehran, with police also present, an AFP journalist reported.

The state-owned Melli Bank has absorbed the assets of the now-defunct Ayandeh Bank, following a decision by the Central Bank, which has given assurances that depositors will be able to recover their savings.

"The transfer from Ayandeh Bank to Melli Bank is now complete," said Melli director Abolfazl Najarzadeh on state television on Saturday.

On Thursday, Iranian Economy Minister Ali Madanizadeh said Ayandeh Bank customers had "nothing to worry about".

In September, the United Nations reimposed tough sanctions on Iran.

The move came after months of tense diplomacy aimed at reviving nuclear talks derailed since June, when Israeli and US forces bombed Iranian nuclear facilities.

The sanctions are a "snapback" of measures frozen in 2015 when Iran agreed to major restrictions on its nuclear program under a deal negotiated by former US president Barack Obama.

The United States already imposed massive sanctions when President Donald Trump withdrew from the deal in his first term.



Saudi Arabia’s AlUla Conference: A Global Platform for Shaping Future of Emerging Markets

The closing session with Georgieva and Aljadaan last year (AlUla Conference)
The closing session with Georgieva and Aljadaan last year (AlUla Conference)
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Saudi Arabia’s AlUla Conference: A Global Platform for Shaping Future of Emerging Markets

The closing session with Georgieva and Aljadaan last year (AlUla Conference)
The closing session with Georgieva and Aljadaan last year (AlUla Conference)

Saudi Arabia is preparing to host the second annual AlUla Conference for Emerging Market Economies, to be held on February 8 and 9 in AlUla Governorate.

The conference is organized in partnership between the Ministry of Finance and the International Monetary Fund (IMF), with broad participation from finance ministers, central bank governors, policymakers, leaders of international financial institutions, and economic experts from around the world.

The conference will take place amid rapid transformations in the global economy, requiring emerging-market economies to strengthen their resilience and seize new opportunities to ensure sustainable growth and improve living standards, contributing positively to global economic stability.

The conference underscores the strength of the strategic partnership between the Ministry of Finance and the IMF, and it reflects the Kingdom’s growing role in supporting international economic dialogue and enhancing global cooperation.

Minister of Finance Mohammed Aljadaan stressed that hosting the conference reflects the Kingdom’s continued commitment to supporting international efforts aimed at strengthening global financial and economic stability.

He noted that emerging-market economies are a pivotal component of the global economic system due to their direct impact on global growth and stability.

“AlUla Conference for Emerging Market Economies provides a unique platform for exchanging views on global economic developments and discussing policies and reforms that support inclusive growth and enhance economic resilience, through broader international cooperation to address shared challenges,” Aljadaan said.

Saudi Minister of Finance Mohammed Al-Jadaan speaks at the first edition of the conference last year (AlUla Conference)

IMF Managing Director Kristalina Georgieva noted that the conference offers a vital platform for emerging economies to discuss how to navigate risks and seize opportunities ahead.

She highlighted that sweeping global transformations — driven by technology, demographic shifts, and geopolitics — created a more complex and uncertain policy environment, underscoring the need for sound macroeconomic and financial policies to strengthen resilience.

Conference participants will exchange expertise, coordinate policies, and support economic reform pathways, enabling emerging-market economies to benefit from global economic transformations and achieve more inclusive and sustainable growth.

The conference also aims to raise international awareness of the challenges facing emerging-market economies, highlight successful experiences in developing innovative solutions, strengthen international cooperation, support investment attraction, and help improve living standards and achieve economic prosperity.


Novak Says Oil Demand to Gradually Rise in March, April

FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa
FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa
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Novak Says Oil Demand to Gradually Rise in March, April

FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa
FILED - 13 April 2015, Berlin: Then Russian Energy Minister Alexander Novak attends an event in Berlin. Photo: Britta Pedersen/dpa-Zentralbild/dpa

Russia’s Deputy Prime Minister Alexander Novak said on Tuesday there is currently a balance on the global oil market, while demand will be gradually rising in March and April.

Novak’s comments came when asked about the OPEC+ group’s plans for its production policy.

OPEC expects oil demand to rise by 1.34 million barrels per day in 2027, close to the 1.38 million bpd growth expected this year, it said in a monthly report on its website.

The outlook is OPEC's first 2027 projection in its monthly report.

The report forecast demand for OPEC+ crude will average 43 million bpd in 2026, unchanged from last month and close to what OPEC+ produced in December. The organization projected that demand for OPEC+ crude will average 43.6 million barrels per day (bpd) in 2027.

The main growth drivers are expected to be the US, Brazil, Canada, and Argentina.

Novak did not indicate possible decisions for the months following April.

“As shipping and travel intensify, demand will gradually increase starting in March and April. This will be an additional factor to ensure balance,” he noted.

Eight OPEC+ countries on Sunday agreed to maintain a planned pause in their oil output hikes for March.

The eight countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—reaffirmed their commitment to oil market stability, based on a stable global economic outlook and healthy market fundamentals reflected in declining inventory levels.

The OPEC+ countries reiterated that the 1.65 million barrels per day (bpd) reduction may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions.

Those countries raised output quotas by about 2.9 million barrels per day (bpd) from April through the end of December 2025, equivalent to nearly 3% of global demand.

India and Russian Oil

Separately, the Kremlin said on Tuesday it had heard no statements from India about halting purchases of Russian oil after US President Donald Trump said New Delhi had agreed to stop such purchases as part of a trade accord with Washington.

Kremlin spokesman Dmitry Peskov said Russia was carefully analyzing Trump's remarks on relations with India.

Asked directly if India had decided to stop buying Russian oil, Peskov said: “So far, we have not heard any statements from Delhi on this issue.”

US President Donald Trump announced a trade deal on Monday with India that slashes US tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.

Trump announced the deal on social media following a call with Indian Prime Minister Narendra Modi, noting that India would now buy oil from the US and potentially Venezuela.


Oil Extends Climb on Fears of Escalating Iran Tensions

This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)
This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)
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Oil Extends Climb on Fears of Escalating Iran Tensions

This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)
This image shows oil rigs in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (AFP)

Oil prices extended gains on Wednesday after the US shot down ​an Iranian drone and armed Iranian boats approached a US-flagged vessel in the Strait of Hormuz, rekindling fears of an escalation in tensions between Washington and Tehran.

Brent crude futures were up 56 cents, or 0.8%, at $67.89 per barrel at 0400 GMT. US West Texas Intermediate crude was up 63 cents, or 1.0%, at $63.84 per barrel.

Both benchmarks rose nearly 2% on Tuesday, as investors monitored developments between the US and Iran.

"Uncertainty about how these talks will play out ‌means the market will ‌likely continue to price in some risk ‌premium," said ⁠ING ​commodity strategists ‌on Wednesday.

The US military on Tuesday shot down an Iranian drone that "aggressively" approached the Abraham Lincoln aircraft carrier in the Arabian Sea, the US military said, in an incident first reported by Reuters.

Separately, in the Strait of Hormuz between the Arabian Gulf and the Gulf of Oman, a group of Iranian gunboats approached a US-flagged tanker north of Oman, maritime sources and a security consultancy said on Tuesday.

Meanwhile, Tehran ⁠is demanding that its talks with the US this week be held in Oman not Türkiye, and ‌that the scope be narrowed to two-way negotiations on ‍nuclear issues only, casting doubt on ‍whether the meeting will proceed as planned.

"Heightened tensions in the Middle East ‍provided support to the oil market," said Satoru Yoshida, a commodity analyst with Rakuten Securities.

OPEC members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the Strait of Hormuz, mainly to Asia. Iran was the third-biggest OPEC ​crude producer in 2025, according to US Energy Information Administration data.

Oil prices also found support from industry data showing a sharp drop in US ⁠crude stockpiles. Inventories in the top producing and consuming nation fell over 11 million barrels last week, sources said, citing American Petroleum Institute figures.

Official data from the US Energy Information Administration is due on Wednesday at 10:30 a.m. EST (1530 GMT). Analysts polled by Reuters were expecting a rise in crude inventories.

On Tuesday, oil prices were also buoyed by a trade agreement between the US and India that raised hopes of stronger global energy demand, while continued Russian attacks on Ukraine added to concerns that Moscow's oil would remain sanctioned for longer.

"India's trade agreement with the US to halt purchases of Russian crude, along with the ongoing Russia-Ukraine war, is also providing support," ‌Yoshida said, projecting that WTI would likely continue to trade around $65 a barrel for now.