Don't miss the inspiring speeches at The Jerusalem Post Conference
US says sanctions slash Iran's oil exports
ByREUTERS
September 13, 2012 05:39

NEW YORK - US economic sanctions against Iran have slashed the country's crude exports and oil revenue, the US Treasury said on Wednesday as it vowed to keep up the pressure on Tehran to prevent the Iranian government from getting nuclear weapons.

Since the beginning of the year, the United States has threatened to block certain foreign financial entities from US markets unless Iran's major trading partners reduced their purchases of Iranian crude.



US efforts have paid off with Iranian crude exports down to about 1 million barrels of oil per day from the approximately 2.4 million barrels last year, the US Treasury said.

This hit to exports is costing Iran about $5 billion a month, "forcing the Iranian government to cut its budget because of a lack of revenue," Treasury Undersecretary David Cohen said at the New York University School of Law.

Share this article via
from around the web
Related Content
Breaking news
March 28, 2017
Egyptian president to meet Trump at White House on April 3

By REUTERS

Top Stories
Israel Weather
  • 11 - 24
    Beer Sheva
    12 - 20
    Tel Aviv - Yafo
  • 11 - 19
    Jerusalem
    11 - 20
    Haifa
  • 17 - 30
    Elat
    13 - 24
    Tiberias