A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015. REUTERS/Raheb Homavandi/TIMA
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Iran is likely to ride out the storm from U.S. oil sanctions, suffering recession but no economic meltdown, thanks to rising crude prices and deepening divisions between the United States and other major powers, officials and analysts say.Iran emerged in early 2016 from years of global sanctions under a deal with world powers that curbed its disputed nuclear program. The broadly united front of world powers that enforced sanctions on Iran previously, pushing Iran into nuclear restraint, has unraveled since Trump took office and clashed with allies over everything from trade to collective security.The International Monetary Fund has forecast that Iran's economy will contract in 2018 by 1.5 percent and by 3.6 percent in 2019 due to the dwindling of oil revenues.Iranian officials are defiant, citing Trump's isolation in repudiating the nuclear deal, climbing oil prices and Trump's agreement to grant sanctions waivers to eight countries especially dependent on Iranian crude.
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