Iran embargo

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Embargo Bleeds Iran of $133M a Day

As Obama takes that political capital to the bank

(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... More »

Iran's Secret Oil-Smuggling Ally: Tuvalu

US accuses Tuvalu of reflagging Iranian ships to avoid embargo

(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,... More »

Swamped With Unsellable Oil, Iran Stores It on Ships

Iran tries hiding oil ship identity, but sales still dropping

(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... More »

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