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

By REUTERS
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.


Related Content

Breaking news
June 19, 2018
Report: Turkey indicts father of NBA's Kanter as terror group member

By REUTERS