Iran embargo

(Newser) - Mahmoud Ahmadinejad's country is missing out on some $133 million a day as much of the globe shuns its oil, and Barack Obama is making bank on it. As Bloomberg reports, the US-led embargo on Tehran's oil has proven devastatingly effective since it began July 1, dropping the...

(Newser) - Swamped with unsellable oil thanks to an ever-tightening embargo, Iran has found an unlikely ally—the tiny Pacific island nation of Tuvalu, which has been helping Tehran reflag its oil tankers, reports Reuters . Up to 22 ships owned by the National Iranian Tanker Company have been registered in Tuvalu,...

(Newser) - With ever-tighter sanctions clamping down on Iran, the oil-rich nation is finding itself awash with oil it simply cannot sell, reports the New York Times . Iran has already reduced production by 1 million barrels a day to 2.8 million, but reducing production too much could damage its wells, and...