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