BREAKING NEWS

Iran MPs draft law to cut oil exports by a third

By REUTERS

NOVEMBER 7, 2012 16:00

DUBAI, Nov 7 (Reuters) - Iranian parliamentarians have prepared a draft law to reduce the country's crude exports by up to a third this year in retaliation for western sanctions against Iran's oil sector, the semi-official Fars news agency said on Wednesday.

The bill drawn up by the Iranian parliament's Energy Commission is waiting to be put to parliament for approval, Fars said. Iran's assembly has little say in making policy, where Supreme Leader Ayatollah Ali Khamenei has the last word.

The International Energy Agency (IEA) estimates that Iranian oil exports have slumped from 2.2 million bpd at the end of 2011 to just 860,000 bpd in September 2012 - a fall of 60 percent.

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