The Latest from Iran (12 June): Three Years Ago Today
Tuesday, June 12, 2012 at 8:15See also Remember Iran: An EA Special
Remember Iran: A Day That Changed the Country, the Region, and the Media
Iran Feature: The Week in Civil Society --- From Political Prisoners in Danger to Pepsi's Logo on the Moon
Remember Iran: A Preview of the Presidential Election (11 June 2009)
Remember Iran Flashback: "How Not to Cover Iran's Elections --- The Awards Ceremony" (12 June 2009)
The Latest from Iran (11 June): A Fraud Case Reaches the Government
Photo: AFP/Getty1940 GMT: Economy Watch. The World Bank has projected that Iran’s economy will shrink 1% this year.
“Product boycotts and financial sanctions are expected to exact a toll on growth over 2012 and 2013,” the Bank said in a report published Tuesday. It predicted a further contraction of 0.7% next year.
1900 GMT: The Oil Squeeze. In a further sign of a strategy moving Turkey away from imports of Iranian oil, Ankara has begun discussions with Saudi Arabia on long-term crude purchases.
Minister of Energy Taner Yildiz said today, "Talks with Saudi Arabia on long-term crude oil purchases have started. This doesn't concern only [Turkish refiner] Tupras but also concerns Saudi Arabia's Aramco. Talks are still going on; they will discuss the quantities between them."
On Monday, the US said it would exempt Turkey from financial sanctions because it has cut purchases of Tehran's oil. A report this week indicated that Turkish imports fell 45% between March and May.
A US diplomat indicated that Washington granted the waiver with the expectation of further cuts, "So Turkey now has 180 days, Tupras has 180 days to take a look at its oil situation to decide - can it reduce further, can it get to zero? - what it needs to do."