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Iran’s Oil Sales to Reach $5 Bn in 2020

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)
    London, Tehran- Asharq Al-Awsat
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Iran’s Oil Sales to Reach $5 Bn in 2020

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)

Iran lost $115 billion in oil exports and non-oil revenues, and the country’s crude oil sales this year will reach five billion dollars at best, according to an Iranian economic official.

Iran’s total oil and non-oil exports will reach $35 billion this year, whereas its foreign currency expenditures amount to $50 billion annually, the chairman of Iran-China Chamber of Commerce, Majidreza Hariri, was quoted by ILNA news agency.

The official warned that his country will face a currency crisis for years if exports are not doubled, expressing concern that the income does not commensurate with spending.

Hariri indicated that statistics of the past six months show that export revenues will be $30 billion until the end of the year, noting that Iranian revenues had dropped to $10 billion, compared to $40 billion in the last year.

The Iranian official did not reveal the details of Iranian oil sales in light of the US sanctions that prevent Tehran from exporting oil.

Iranian Oil Minister Bijan Zangeneh had earlier refused to disclose details of oil exports as well.

Last June, Iran VP Eshaq Jahangiri said that his country's oil revenues fell from $100 billion to $8 billion last year.

Hariri believes that Iran will get between $35 and $40 billion at best, while foreign currency expenditures are $50 billion in the event of austerity.

He recommended reducing the government’s spending policy to be able to manage matters “in any way possible” until the end of the year.

The expert believes the government will not be able to do something under the sanctions, noting that political decisions in the country are taken by the regime. He warned that if the current situation persists, things will be more difficult in the coming year.

Last Saturday, Iranian President Hassan Rouhani said that Iran’s economy is in a better state than Germany’s, which was highly ridiculed on social media.

US President Donald Trump said last month he aims to bring Iranians back to the negotiating table due to the economic sanctions that brought Tehran on the brink of bankruptcy, indicating that the country’s GDP recorded negative growth of 24 percent.

Rouhani responded by saying the negative rate did not exceed 0.06 percent.

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World

US Forces Lift Blockade of Iran Ports

Iranians walk past a billboard at Enqelab square in Tehran, Iran, 18 June 2026. EPA/ABEDIN TAHERKENAREH
Iranians walk past a billboard at Enqelab square in Tehran, Iran, 18 June 2026. EPA/ABEDIN TAHERKENAREH
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US Forces Lift Blockade of Iran Ports

Iranians walk past a billboard at Enqelab square in Tehran, Iran, 18 June 2026. EPA/ABEDIN TAHERKENAREH
Iranians walk past a billboard at Enqelab square in Tehran, Iran, 18 June 2026. EPA/ABEDIN TAHERKENAREH

American forces on Thursday lifted their naval blockade of Iranian ports after more than two months of preventing ships from sailing from or to Iran, the US military said.

"Today, US forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas," US Central Command said in a post on X, adding that American warships "will remain in the general area to make sure that all aspects of the agreement are adhered to."

The move came after US President Donald Trump signed a deal to end the conflict.

The signing of the deal by Trump and Iranian President Masoud Pezeshkian set in motion a 60-day period for talks on wider issues between the two foes, including the Iranian nuclear program.

The US military, which had enforced its own blockade after Iran shut the Strait at the start of the war, has allowed at least 12 ships to pass through, Vice President JD Vance said.

Before the war, the strait saw around 120 transits per day, according to the shipping journal Lloyd's List.

Vance said he planned to go to Switzerland for "technical negotiations" with Iran "this weekend" rather than Friday, but emphasized that the plan "could change.”

In Iran, the Tasnim agency said "nothing has been confirmed" about the Iranian delegation's trip to Switzerland.

World

IOM Chief: Foreign Aid Cuts Push Up Migrant Flows

Men push a stuck cart toward Sudan at the Adre border post on June 8, 2026. (Photo by Joris Bolomey / AFP)
Men push a stuck cart toward Sudan at the Adre border post on June 8, 2026. (Photo by Joris Bolomey / AFP)
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IOM Chief: Foreign Aid Cuts Push Up Migrant Flows

Men push a stuck cart toward Sudan at the Adre border post on June 8, 2026. (Photo by Joris Bolomey / AFP)
Men push a stuck cart toward Sudan at the Adre border post on June 8, 2026. (Photo by Joris Bolomey / AFP)

Cuts in development aid by wealthy countries tend to drive up displacement away from the world's poorest regions, the head of the UN's International Organization for Migration warned in an interview with AFP on Thursday.

"When we see cuts in development assistance, we're actually just making the likelihood that people will have to leave in search of safety, in search of stability, so much higher," Amy Pope said.

"We've seen it in places like Sudan, which is the world's largest displacement crisis as a result of the war there," she added.

"With decreasing support for humanitarian assistance, we then see more Sudanese look for safety, look for opportunity further afield."

Several rich Western countries -- particularly the United States but also many European nations -- have cut their development aid budgets in recent years, while also tightening migration policies and strengthening border controls.

Pope was speaking on the sidelines of the Berlin Climate Mobility Forum.

"In order to respond to domestic political pressures", many countries are making "short-term decisions... that may not ultimately serve (them) in the long term", he said.

"The more we can connect assistance to the movement of people in ways that are humane and dignified, ways that give people agency and opportunity, the less likely we're going to see large patterns of movement," she said.

Shortly after entering the White House for a second time, US President Donald Trump cut 83 percent of the programs run by USAID. Before the cuts, the US development agency managed some 42 percent of global government humanitarian aid.

Germany has slashed its development budget under successive governments to just over 10 billion euros this year from nearly 14 billion in 2022.

Climate change is having an "enormous impact on migration around the world", Pope said.

Small Pacific island states such as Tuvalu are threatened by rising sea levels, while some 10 million people are estimated to have been displaced because of storms in the Philippines, the IOM chief said.

Several regions of Africa have been affected by prolonged drought.

Pope called on policymakers in the wealthiest countries, which bear the greatest responsibility for climate change, to offer more help for people forced to leave their homes.

"What are they willing to invest now to ensure more stability, more options, less likely occurrence of unplanned migration in the future?" she said.

"Let's not wait for the emergency... Let's make the investments now."

Contrary to the narratives being pushed by some political leaders about migration, most displacement happens within countries rather than across borders, Pope said.

By mid-2024 there were an estimated 304 million international migrants, according to the IOM, and more than 700 million internal migrants worldwide.

"In the first instance, people will stay in their country. They will go somewhere in their country if they can find resources or safety. Then they move in the neighboring countries," Pope said.

Providing support within the countries most affected "actually is a lot less expensive... and will have a more stabilizing effect", she added.

"Really, as policymakers, we should be looking at the issue in terms of where can we provide the most support in a way that saves the most lives."

World

Zelenskiy Says 'Moscow will Burn' if Russian Strikes Continue

Ukrayna Devlet Başkanı Volodimir Zelenskiy (EPA)
Ukrayna Devlet Başkanı Volodimir Zelenskiy (EPA)
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Zelenskiy Says 'Moscow will Burn' if Russian Strikes Continue

Ukrayna Devlet Başkanı Volodimir Zelenskiy (EPA)
Ukrayna Devlet Başkanı Volodimir Zelenskiy (EPA)

Ukrainian President Volodymyr Zelenskiy said on Thursday heavy drone attacks on Russia were retaliation for a strike that damaged a historic monastery in Kyiv this week, and that "Moscow will burn" if attacks continue.

Scores of drones targeted Moscow overnight, hitting the Russian capital's oil refinery for the second time this week.

"We don't want this war, we never did, and everyone knows it, and our partners know it," Zelenskiy said in a voice message sent to reporters on a WhatsApp group. "But if Ukraine burns, your Moscow will burn."

At least 10 people were killed on Monday across Ukraine in a drone and missile attack that damaged the 1,000-year-old Kyiv Pechersk Lavra monastery, Reuters reported.

Zelenskiy was due to attend a meeting of Ukraine's military allies in Brussels on Thursday. He said the supply of air defences to Ukraine through a NATO programme and the creation of an anti-ballistic missile system by Ukraine and its allies would be discussed at the meeting.

Zelenskiy called on Europe and the United states to increase pressure on Russia through sanctions on Russia's defence and energy sectors and broader economy to force President Vladimir Putin into ending the war.

"Everyone need to put pressure on Putin: Ukrainians, absolutely all the Europeans, Americans, and Russians - it's time to sober up and put pressure on their leader."