BREAKING NEWS

US says sanctions slash Iran's oil exports

By REUTERS

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.

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