U.S.-led sanctions against Iran [1] are
costing OPEC’s third-largest producer $133 million a day in lost
sales without raising global crude prices, handing President
Barack Obama [2] an election-year foreign-policy victory.
Shipments from Iran have plunged [3] 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 [4]’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
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Links:
[1] //topics.bloomberg.com/iran/
[2] //topics.bloomberg.com/barack-obama/
[3] //www.bloomberg.com/quote/OPCRIRAN:IND
[4] //topics.bloomberg.com/mahmoud-ahmadinejad/
[5] //topics.bloomberg.com/mike-wittner/
[6] //topics.bloomberg.com/new-york/
[7] //topics.bloomberg.com/mitt-romney/
[8] //www.bloomberg.com/quote/3AGSREG:IND
[9] //www.bloomberg.com/quote/DOESCRUD:IND
[10] //topics.bloomberg.com/strait-of-hormuz/
[11] //www.eia.gov/countries/cab.cfm?fips=IR
[12] //topics.bloomberg.com/international-energy-agency/
[13] //topics.bloomberg.com/asia/
[14] //topics.bloomberg.com/international-monetary-fund/
[15] //topics.bloomberg.com/china/
[16] //topics.bloomberg.com/japan/
[17] //topics.bloomberg.com/india/
[18] //www.bloomberg.com/quote/BELF:IQ
[19] //topics.bloomberg.com/united-nations/
[20] //www.bloomberg.com/quote/RDSA:LN
[21] //topics.bloomberg.com/international-group/
[22] //www.bloomberg.com/quote/CCCIIQIR:IND
[23] //topics.bloomberg.com/international-atomic-energy-agency/
[24] //topics.bloomberg.com/ayatollah-ali-khamenei/
[25] //topics.bloomberg.com/middle-east/
