News

U.S.-led sanctions against Iran are
costing OPEC’s third-largest producer $133 million a day in lost
sales without raising global crude prices, handing President
Barack Obama an election-year foreign-policy victory.

Shipments from Iran have plunged by 1.2 million barrels a
day, or 52 percent, since the sanctions banning the purchase,
transport, financing and insuring of Iranian crude began July 1,
according to data compiled by Bloomberg. Annualized, that would
cost President Mahmoud Ahmadinejad’s country about $48 billion
in revenue, equivalent to 10 percent of its economy.

While Iran’s threats to disrupt the flow of oil through the
Persian Gulf sent crude to a three-year high in March, increased
production from Saudi Arabia, a U.S. output boom and the slowing
global economy have left prices 1 percent lower in 2012. That’s
helping Obama avoid steeper domestic fuel costs before the
November presidential election. Iran has to contend with a
weakening currency and rising unemployment.

“It’s been an unqualified success,”... >>>