Published on
by

Trump’s Economic War on Iran: 88% Reduction in Oil Exports, 6% Shrinkage of Economy

Iranian men monitor the stock market at Tehran Stock Exchange on July 1, 2019. - Iran's stock market is thriving, despite US sanctions which have battered its economy and an uncertain future as geopolitical tensions soar in the Gulf. Its main index, TEDPIX, has steadily risen over the last 12 months, accelerating in the most recent quarter to hit a historic high of 248,577 last week—more than twice its level a year ago. (Photo: Atta Kenare /AFP/Getty Images)

Iranian men monitor the stock market at Tehran Stock Exchange on July 1, 2019. - Iran's stock market is thriving, despite US sanctions which have battered its economy and an uncertain future as geopolitical tensions soar in the Gulf. Its main index, TEDPIX, has steadily risen over the last 12 months, accelerating in the most recent quarter to hit a historic high of 248,577 last week—more than twice its level a year ago. (Photo: Atta Kenare /AFP/Getty Images)

The United States is already at war with Iran, squeezing its economy down to nothingness. If another country tried to do this to the US just on a whim and with no UN or international-law basis, the US would certainly launch a war over it. Iran’s choices are much more limited because it is a small, weak, Third World country, with not so much as a proper air force. But countries without conventional military capabilities that are squeezed like this by an enemy reply with unconventional tactics.

Trump did this to Iran despite Iran’s adherence to the 2015 nuclear deal or Joint Comprehensive Plan of Action (JCPOA), as certified quarterly by the UN International Atomic Energy Agency.

Iran oil exports before Trump Breach of Treaty and Severe Sanctions of 2017:

  • 2.5 million barrels per day (# 6 exporter in world after Canada)

Iran oil exports in June 2019:

300,000 barrels a day

  • (# 27 in world, after Equatorial Guinea and Australia)

SCROLL TO CONTINUE WITH CONTENT

Never Miss a Beat.

Get our best delivered to your inbox.

Iran’s economy grew an incredible 12.9% in 2016 after the UN Security Council signed the nuclear deal with Tehran and lifted sanctions.

In 2019, Iran’s economy

  • under US sanctions will shrink an incredible 6%

Al-Jazeera English reports that “the rial, plummet[ed] by about 60% over the past year. Inflation is up to 37% and the cost of food and medicine has soared by 40% to 60%, according to EU figures.”

Note that Trump’s sanctions are unilateral. They haven’t even been approved by Congress, and are actively rejected by the United Nations Security Council.

They are a form of financial blockade. Physical blockades of this sort are considered legitimate causes for war in international law.

Juan Cole

Juan Cole

Juan Cole teaches Middle Eastern and South Asian history at the University of Michigan. His new book, The New Arabs: How the Millennial Generation Is Changing the Middle East (Simon and Schuster), will officially be published July 1st. He is also the author of Engaging the Muslim World and Napoleon's Egypt: Invading the Middle East (both Palgrave Macmillan). He has appeared widely on television, radio and on op-ed pages as a commentator on Middle East affairs, and has a regular column at Salon.com. He has written, edited, or translated 14 books and has authored 60 journal articles. His weblog on the contemporary Middle East is Informed Comment.

This is the world we live in. This is the world we cover.

Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news site. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Won't Exist.

Please select a donation method:



Share This Article