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US lawmakers in new drive to slash Iran's oil sales

ByREUTERS
June 6, 2013 08:00

NEW YORK/WASHINGTON - US lawmakers are embarking this summer on a campaign to deal a deeper blow to Iran's diminishing oil exports, and while they are still working out the details, analysts say the ultimate goal could be a near total cut-off.

Such an extreme goal would risk antagonizing China and India, the biggest remaining buyers of Iranian crude, and could push oil prices higher in a hit to the global economy.

Iran denies its nuclear program is aimed at building a bomb, but skeptical Western powers have become increasingly frustrated and Israel has said it could take military action if diplomacy and sanctions fail to rein in Tehran's nuclear ambitions.

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