Iran’s economy could contract by as much as 14% this year as US sanctions strangle its oil exports and cut revenues by $50 billion, US State Department Iran envoy Brian Hook said Friday.  “Due to the staggering loss in oil revenue, it is nearly impossible for the regime to put forward a credible budget,” Hook said, adding that the country could soon face a banking crisis and potential hyperinflation. Tehran’s budget for the fiscal year starting in March assumes 1 million b/d in oil exports, which Hook called, “pure fantasy.” Iran’s Supreme Leader Ali Khamenei said earlier Friday that the country’s economy “must be strengthened,” and “reliance on oil should stop.” Hook said US sanctions have cut Iran’s oil exports by more than 2 million b/d and oil revenues by more than 80%. Eurasia Group […]