IRAN SANCTIONS

Feeling the pressure

August 2010

Iran's most critical source of revenues is being squeezed - will Asia pick up the slack, or is the Iranian energy sector facing dangerous neglect?

IRAN’S dilapidated oil industry was last month targeted by a new round of US and European sanctions, making it even more difficult to maintain output capacity and domestic supplies of fuel.

The United States, seeking to halt Tehran’s nuclear enrichment activities, passed unilateral sanctions that for the first time allow it to punish the US operations of international firms who supply fuel to Iran.

Although the world’s fifth-largest oil exporter, Iran lacks the refining capacity to meet domestic fuel demand and relies on imports to meet up to 40 per cent of its gasoline needs.

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